JLL launches sale for Good Class Bungalow in Nassim Road enclave

SINGAPORE, 16 January 2024 – JLL, as the exclusive sole marketing agent, today launched the sale by Expression of Interest for No. 4A Lermit Road (the “Property”), a prestigious Good Class Bungalow (GCB).

The freehold bungalow sits on an expansive land area of close to 30,000 sq ft, is located at a cul-de-sac in the upper echelon of the Nassim Room enclave. Notably, the surrounding GCBs have since been subdivided and redeveloped on smaller land thereby leaving very few plots that is close to 30,000 sqft or larger.

Within this exclusive enclave, the neighborhood proudly hosts the residences of high commissioners and ambassadors, making it the coveted GCB address for Ultra-High Net Worth families. Beyond the intrinsic allure of prestige, rarity, and exclusivity, the property's charm is further accentuated by its inherent qualities for wealth preservation. The scarcity of GCBs in this location significantly amplifies their desirability, making them as highly sought-after investments. The most recent transactions in the vicinity are three GCBs owned by Cuscaden Peak Investments (former Singapore Press Holdings) were sold last year at $4,500 psf on land area with each GCB of about 15,000 sq ft land.

Completed in 1995, the existing two-storey bungalow features an inground pool, uniquely designed to wrap around the house, providing an unblocked view towards the Singapore Botanic Gardens. The prospective owners also have potential to redevelop or carry out a major additions and alterations work to suit their family needs.

The property features a predominantly regular-shaped site with a short driveway access, ensuring not only exclusivity and optimal privacy but also accommodating multiple vehicles. The expansive land offers a myriad of possibilities, providing flexibility to adapt and reconfigure the existing space or construct a new residence with a spacious garden, perfectly tailored to one's unique lifestyle.

“The property was previously on the market for private sale last year amid a challenging economic landscape marked by high interest rates, escalating costs, and ongoing geopolitical tensions. Despite notable interest, market uncertainties somewhat tempered buyers' willingness to submit competitive offers. Now, with a more stabilized economic landscape this year, including the likelihood of steady interest rates and costs, coupled with robust fundamentals in Singapore's residential and GCB markets, the vendor decided to put the Property back onto the market through JLL conducting a structured EOI exercise,” said Mr Tan Hong Boon, Executive Director, Capital Markets, JLL Singapore.

The Property boasts an enviable location, located 480m from the Singapore Botanic Gardens - Singapore’s first UNESCO World Heritage Site. It is bounded by Cluny Road and Nassim Road, providing a direct route to Orchard Road. Additionally, its proximity to Gleneagles Hospital and Dempsey Hill, a sophisticated F&B hub cherished by the affluent residents, adds to its allure. The accessibility of No. 4A Lermit is further elevated by the completion of Thomson-East Coast Line MRT Line. The nearest MRT stop, Napier, is in close proximity to the Property, ensuring seamless connectivity for residents.

The Expression of Interest exercise will close on 22 February 2022 (Thursday), at 3.00 p.m.