World’s priciest private home for sale

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Tycoon Cheng Wai Keung is selling his private Singapore mansion at a hefty price tag

The most expensive private property worldwide , a villa in Singapore near the Orchard Road shopping area owned by tycoon Cheng Wai Keung, chairman of property developer and lifestyle company Wing Tai Holdings, is up for sale for no less than $242 million.

The mansion on 85,000 square feet site on an elevated lot at 33 Nassim Road, near the Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to property firm Jones Lang LaSalle Inc. which is the sales agent.

The asking price is about $2,400 per square foot, which is a 50 per cent premium from the last transacted price in the area. The property was put on sale only days before Singapore posted a surprise economic contraction in the first quarter of 2013. Gross domestic product fell an annualised 1.4 per cent from the previous quarter, the government said, and so Singapore has technically entered recession.

However, property experts said that it is unlikely that the mansion plus land will go for the asking price. Singapore restricts foreigners from buying most landed property. Only residential houses can be built on the plot and it cannot be converted for other use, according to local rules.

singapore mansion
The object of desire

Singapore is Asia’s most expensive housing market after Hong Kong, Knight Frank and Citigroup Inc.’s private bank said in a 2012 report that compared 63 locations globally.

Meanwhile, a wave of Singaporean money is set to hit the Dubai prime property market as the city at the Arabian Gulf recovers from the financial crisis, Knight Frank said, indicating the Singapore investors believe that they are better off when buying outside their own country.

Singapore, together with Iran, is expected to lead the international investor pack in 2013, targeting prime properties.

 

 

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Reading Time: 2 minutes

Tycoon Cheng Wai Keung is selling his private Singapore mansion at a hefty price tag

The most expensive private property worldwide , a villa in Singapore near the Orchard Road shopping area owned by tycoon Cheng Wai Keung, chairman of property developer and lifestyle company Wing Tai Holdings, is up for sale for no less than $242 million.

Reading Time: 2 minutes

cheng-wai-keung
Tycoon Cheng Wai Keung is selling his private Singapore mansion at a hefty price tag

The most expensive private property worldwide , a villa in Singapore near the Orchard Road shopping area owned by tycoon Cheng Wai Keung, chairman of property developer and lifestyle company Wing Tai Holdings, is up for sale for no less than $242 million.

The mansion on 85,000 square feet site on an elevated lot at 33 Nassim Road, near the Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to property firm Jones Lang LaSalle Inc. which is the sales agent.

The asking price is about $2,400 per square foot, which is a 50 per cent premium from the last transacted price in the area. The property was put on sale only days before Singapore posted a surprise economic contraction in the first quarter of 2013. Gross domestic product fell an annualised 1.4 per cent from the previous quarter, the government said, and so Singapore has technically entered recession.

However, property experts said that it is unlikely that the mansion plus land will go for the asking price. Singapore restricts foreigners from buying most landed property. Only residential houses can be built on the plot and it cannot be converted for other use, according to local rules.

singapore mansion
The object of desire

Singapore is Asia’s most expensive housing market after Hong Kong, Knight Frank and Citigroup Inc.’s private bank said in a 2012 report that compared 63 locations globally.

Meanwhile, a wave of Singaporean money is set to hit the Dubai prime property market as the city at the Arabian Gulf recovers from the financial crisis, Knight Frank said, indicating the Singapore investors believe that they are better off when buying outside their own country.

Singapore, together with Iran, is expected to lead the international investor pack in 2013, targeting prime properties.

 

 

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