A NASSIM Road bungalow, owned by Wing Tai Holdings chairman Cheung Wai Keung, was put up for sale today.
If sold, the plum 85,000 sq ft site is expected to attract offers of between $250 million to $300 million and could be one of the largest bungalow deals here, sole marketing agent Jones Lang LaSalle (JLL) said.
The two-storey bungalow in one of Singapore's most exclusiive enclave is sited on elevated grounds and has a swimming pool and tennis court.
Offers of up to $300 million are expected, which works out to up to $3,529 per sq ft of land area, said Mr Karamjit Singh, JLL's head of investments and residential.
This is, however, significantly higher than the previous benchmark set for the area.
A vacant freehold plot at Nassim Road sold by motoring tycoon Peter Kwee in February last year fetched $47.8 million - or $2,000 psf based on the land area of about 23,922 sq ft.