Saturday, April 20, 2013

Six more posh Nassim Hill homes up for sale

The Straits Times  |  15 April 20, 2013
All in one lot, they are expected to be sold for a total of up to $59m

After last week's buzz over a lavish Nassim Road bungalow on a vast plot with a price tag of up to $300 million, the swanky neighbourhood is in the news again.

Another six posh homes in the Nassim Hill district are up for sale - all in one lot - with a total guide price of up to $59 million.

Developed by Shing Kwan and BBR Holdings, the freehold project, called 8 Nassim Hill, is offering its remaining six unsold units for $58 million to $59 million - or between $2,400 per sq ft (psf) and $2,500 psf.

The portfolio, up for bulk sale through an expression of interest, comprises three penthouses and two townhouses, of between 3,218 sq ft and 4,338 sq ft, as well as a 5,759 sq ft corner townhouse. Each of the six homes comes with a private swimming pool.

Savills deputy managing director and head of investment sales Steven Ming said the developer had planned to keep the units as an investment property for recurring rental income. However, in recent weeks, they have had unsolicited expressions of interest to acquire the units.

"We are formally mandated to make the units available for sale to interested bulk purchasers and, at the right price, the developer will sell the property," he added.

Savills is the sole marketing agent for the sale.

In the past 15 months, the average price of all freehold non-landed residential units in this area was $3,046 psf with the highest price of $4,290 psf lodged for the sale of a 2,852 sq ft unit at Sage on Nassim, said the firm.

It estimates there are only about 400 freehold non-landed homes currently with a Nassim address. Other than another 65 units that may come from two future developments, Savills does not expect more freehold non-landed projects in the area in the near future.

"We believe that this is the right time to be investing in the high-end residential market," said Mr Ming. "We do not think that any supply growth of physical residential units in the prime areas can match up to a potential uplift in demand that can be underpinned by population growth over the medium to long term."

This listing comes on the back of a good-class bungalow in Nassim Road, owned by Wing Tai Holdings chairman Cheng Wai Keung, being put up for sale. Mr Cheng is asking for up to $300 million for his 85,000 sq ft plot in a tender launched last week.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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