8 August 2023, Singapore – PropNex Realty has been appointed as a joint marketing agent for the sale of a freehold good class bungalow (GCB) in Lermit Road in the prime District 10 for an indicative price of $137,165,000 via private treaty. Lermit Road, is located off Nassim Road and a stone’s throw from the Singapore Botanic Gardens.
Lermit Road GCB, PropNex
The property – which was built in the 1990s – is located in the Cluny Park GCB Area (GCBA) zoning and it has an estimated land area of 2,770.2 sq m (approx. 29,818 sq ft). The indicative price works out to a unit price of $4,600 psf based on land area. The freehold detached house property has a swimming pool, and a two-storey building with a basement car park spanning an estimated built-up area of about 10,000 sq ft. Under the URA Master Plan 2019, the site is in the Tanglin planning area and is zoned for residential use.
Henry Benjamin Lim, Head of Good Class Bungalows and Prestige Landed at PropNex, said, “Lermit Road in the Nassim planning sub-zone in the prized District 10 is among the landed residential enclaves synonymous with luxury and exclusivity in Singapore. There are only 16 detached houses in Lermit Road and transactions for sizable properties with land area of above 1,500 sq m are rare, with only one unit being sold twice in the last 30 years. The subject GCB that is being marketed is a rare opportunity for the well-heeled ultra-high net worth individuals and top business executives to acquire a large freehold landed residential property in one of Singapore’s most sought-after areas. In recent years, several GCBs in nearby Nassim Road have fetched more than $100 million to $200 million each – reflecting the value and demand of such properties amongst astute buyers.”
In July 2019, it was reported in the media that a freehold bungalow at 33 Nassim Road, spanning 84,543 sq ft in land area was sold for $230 million ($2,721 psf on land area). More recently, another GCB in Nassim Road with a freehold land area of 32,159.6 sq ft changed hands for $128.8 million ($4,005 psf on land area) in March 2021. Meanwhile, in April 2023, Cuscaden Peak Investments reportedly sold its three freehold bungalows in Nassim Road for a total price of $206.7 million (at a record unit price of $4,500 psf on land area).
Mr Lim added, “Landed home prices in Singapore have moved up substantially from the second half of 2021. According to the URA property price index for landed homes, prices rose by about 25% cumulatively in the last eight quarters from Q3 2021 to Q2 2023. Freehold landed properties, especially GCBs, are highly valued by buyers owing to their limited stock and sprawling land area in a land-scarce country. These factors will continue to help to underpin the prices of landed homes amidst still healthy interest for such properties.”
The Lermit Road GCB that is placed for sale is located near the Singapore Botanic Gardens (Singapore’s first UNESCO World Heritage site), the Napier MRT station on the Thomson-East Coast Line, the Dempsey Road lifestyle cluster, Tanglin Mall, Gleneagles Medical Centre and Hospital, as well as the Napier Road area where many embassies are situated.