World’s priciest private home for sale

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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[caption id="attachment_8384" align="alignleft" width="240"] Tycoon Cheng Wai Keung is selling his private Singapore mansion at a hefty price tag[/caption] 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...

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.

 

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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