09 Apr '13, 8am

Singapore Downtown Mansion on Sale at Record $242 Million

Wing Tai Holdings Ltd. (WINGT) Chairman Cheng Wai Keung is seeking a record S$300 million ($242 million) for a home near Singapore ’s Orchard Road shopping belt, betting that developers may profit from dividing the site. The 85,000-square-foot site on an elevated lot at 33 Nassim Road, near the city’s Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to Jones Lang LaSalle Inc., the sole marketing agent. “These kinds of assets come onto the market once in 10, 15 or even 20 years,” Karamjit Singh, head of investments and residential at Jones Lang LaSalle in Singapore, said in a phone interview yesterday. “The potential buyers of this league would be able to recognize the opportunity.” Singh estimated the property, located in an area that includes the residence of the British high commissioner and embassies of Japan and Russia , could fetch...

Full article: http://www.bloomberg.com/news/2013-04-09/singapore-bungal...

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