Super rich in Nassim

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Singapore’s most prestigious address just saw a Good Class Bungalow sold for $230 million. It is the latest in a string of record-breaking bungalow and luxury penthouse deals. Why are the ultra-rich flocking to Singapore?

The Good Class on Nassim Road which was sold recently for a record-breaking $230 million or $2,720 psf
The Good Class Bungalow (GCB) at 33 Nassim Road has an old-world grandeur: sprawling 84,544 sq ft grounds with a tennis court and inground swimming pool, a guard post at the gate and a winding road leading up to the double-storey mansion perched at the top. The house is also shielded from prying eyes by a thick hedge of tall trees.
The GCB was sold for $230 million, making it the biggest GCB deal in terms of absolute price. Even in terms of price psf, it is one of the highest today – at $2,720 psf. “Given the land size of the Nassim Road GCB, the magnitude of the price – both in absolute and psf terms – is astounding,” says a source who declined to be named.
The seller is Winright Investment, a private company set up for holding property investments and owned by property magnate Cheng Wai Keung, chairman of Singapore-listed Wing Tai Holdings, and his wife Helen Chow. Cheng declined to comment when contacted by EdgeProp Singapore.
A property title search showed that the contract for the purchase was exercised on May 10, with the transfer to the buyer completed and registered on July 4.
The buyer, SG Casa, is a trust, and based on records, the trustee is Leon Kwong Wing, a partner in the private client and tax team of law firm Withers KhattarWong.
The beneficiary or beneficiaries of the trust are believed to be Singapore citizens. “The Land Dealings Approval Unit (LDAU) of the Singapore Land Authority will require the trustee and all beneficiaries to be Singapore...