August 1, 2019 / 7:06 AM / 4 months ago

Singapore mansion sets record with $167 million sale

SINGAPORE (Reuters) - A Singapore mansion sitting on a sprawling plot of land has been sold for a record S$230 million ($167 million), the latest in a string of eye-catching property deals in the wealthy city-state.

The home was sold by Winright Investment, whose listed shareholders are tycoon Cheng Wai Keung - chairman of developer Wing Tai Holdings (WTHS.SI), and his wife, according to business and property records reviewed by Reuters.

The 85,000 sq ft (7,900 sq m) plot - rare in land-starved Singapore - is near the glitzy Orchard Road shopping belt, the UNESCO-listed Botanic Gardens and where British inventor James Dyson is set to buy his second lavish Singapore property.

Cheng declined to comment via Wing Tai. Records show that the Nassim Road property was transferred to SG Casa, a firm offering trustee and fiduciary services, on July 4.

Citing sources, financial newspaper Business Times said the firm was linked to Facebook (FB.O) co-founder Eduardo Saverin, a Singapore resident. Reuters was unable to reach Saverin for comment.

The sale has set a record for a Singapore home in terms of the total transacted price, said Christine Li, head of Singapore and Southeast Asia research at property services firm Cushman and Wakefield.

The deal adds to a recent spate of luxury property transactions, including Dyson’s purchase of Singapore’s priciest penthouse.

Real estate prices in Singapore have staged a recovery in recent months, and Chinese investors have been leading a return of foreigners to the safe-haven market despite hefty levies.

Reporting by Aradhana Aravindan; Editing by John Geddie and Stephen Coates

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below