Singapore 20 June 2016 – The sale of part of the land at Eden Hall is being officially relaunched for Tender sale. CBRE, the sole marketing agent, acting on instructions from the British government’s Foreign & Commonwealth Office, has re-launched for sale two adjoining freehold Good Class Bungalow land plots on Nassim Road, one of Singapore’s most exclusive residential addresses.
Sammi Lim, Director, Investment Properties said: “We received very strong interest in the previous tender exercise, but the highest bid fell short of the internal reserve price as a result of the weak market sentiment early in January brought about by the global stock market volatility and concerns about China’s slowdown. Upon our advice, the owner decided to withdraw the property from the market at that point to wait for the next opportunity. Buyers have been following up very closely on this property and eagerly awaiting the re-launch.”
Ms Lim added “From the previous Tender sale exercise held in January this year, we received a mixture of responses from the market with buyers who are keen to purchase either the individual smaller plots or two plots combined. The two combined plots are attractive because buyers have the flexibility to reconfigure the site in any manner they wish; either to keep it as a combined site for a larger site, or to subdivide the two plots. It is essentially working on a blank canvas as buyers can work around the space creatively to rework the site to suit their own requirement. Offered on a vacant site basis, it also allows the buyer to commence development immediately.”
The guide prices are now tagged competitively at $1,700 psf for the front plot and $1,630 psf for the rear plot. “This competitive pricing should make any savvy investor sit up. We expect buyers who have been observing and waiting at the sidelines to now come forward and evaluate this purchase seriously. At this attractive price level, this sale is one of the most compelling purchase options in the superior freehold GCB site at Nassim currently.” Ms Lim commented.
The two land plots located at Nassim Road, which currently form part of the garden land at Eden Hall, are offered to the market as two individual plots or on a combined plot basis. Plot A, which is the front plot that commands approximately 34 metres of extensive Nassim Road frontage, has a site area of approximately 18,618 sq ft. Plot B has a site area of approximately 15,634 sq ft, and this is the rear plot which sits on elevated land. Together, the two plots form a combined area of approximately 34,252 sq ft. The sites are zoned for residential use within the designated Good Class Bungalow Area (GCBA) of Nassim Road.
Eden Hall is steeped in history and the sale of these plots represents a landmark sale in the GCB market. Buyers understand the rarity of a Nassim Road GCB sale and the fact that Nassim Road consistently sets new benchmarks for this prestigious asset class. Being in a class of its own, good class luxury bungalows in prime areas have displayed great resilience with values holding up strongly.
Nassim’s tree-lined boulevard set against lush greenery on ample grounds offer owners total privacy, right in the heart of town. It remains one of the key draws for savvy investors who aspire to own a slice of this esteemed neighbourhood. Land for Good Class Bungalows within the prestigious Nassim Road area is tightly held and rarely available for sale. Numerous mansions are occupied by Embassies, High Commissions and ultra-high net worth families, presenting potential buyers with a unique and luxurious living experience. The last caveat lodged for a GCB sale at Nassim Road was in February 2012, and in total over the last nine years, there have been only 3 GCB sales at Nassim Road. This evidences that sale opportunities at Nassim Road are hard to come by.
Land Are (Sq Ft)
Price Per Sq Ft
20B Nassim Road
The plots are a short five-minute walk from the UNESCO World Heritage Botanic Gardens where the prospective buyer can enjoy leisurely strolls or watch musical performances at the Symphony Lake.
This window of opportunity to invest is narrow as the GCB market has picked up pace in recent months. In the first half of this year alone, the GCB market has seen 13 transactions worth approximately $280 million, and we expect buying activity to continue steadily as buyers take the opportunity to lookout for their ideal sites to upgrade to better locations, bigger plots and more prestigious addresses.
The Public Tender for this Property will close on 3 August 2016, Wednesday at 4 pm.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.