Oil tycoon shifts focus to real estate

By
/ EdgeProp Singapore
|
July 26, 2019 9:00 AM SGT
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American-turned-Singapore citizen, businessman and race-car driver Nasrat Muzayyin turns passion for property development into a business with the launch of his latest series of houses on Narooma Road
Three detached houses on Narooma Road in Dunearn Road, designed by acclaimed architectural firm K2LD Architects, were launched for sale in March this year. One of the houses was sold for $13.28 million last month; another is on the market for $13.9 million; and the third has a price tag of $14.2 million.
The developer of the trio is American-turned-Singapore citizen Nasrat Muzayyin. He may be developing houses in Singapore’s prime districts that command eight-digit prices today, but he remembers a time when he and five friends from school bought houses in Los Angeles for just US$15,000 to US$20,000 apiece. “They were real dumps,” he recalls. “We would do them up and flip them for US$40,000 to US$50,000. We were happy if we made US$20,000, and we would spend our money celebrating.”
They were carefree 17- to 18-year-olds who flipped six to seven houses before entering university. “In the US, everything is do-it-yourself,” says Muzayyin. “So, we did everything – roofing, timber flooring, stonework, tiling and even plumbing. The only thing I didn’t do was electrical work because I was afraid of being electrocuted.”
Muzayyin graduated with a Chemical Engineering degree from the University of Southern California and a Master of Science in Mechanical & Chemical Engineering from California State University. An avid sports car racer, Muzayyin is a regular participant in the Blancpain GT World Challenge Asia and Asian Le Mans Series. Married to a Singaporean, Muzayyin is also a father of three (two sons and a daughter).
His family has had a long history of acquiring and redeveloping or retrofitting mansions and luxury apartments across the US and Europe, primarily in posh neighbourhoods in Los Angeles, London and Geneva. “Oil and real estate have been part of my family’s DNA for three generations,” says Muzayyin.
When he moved to Singapore 28 years ago, Muzayyin continued the family tradition. He retrofitted luxury apartments and houses in the prime districts, including a...