A Home for the Really Rich: Singapore Mansion Listed for $242 Million

A mansion in the heart of Singapore’s central shopping district has just gone on the market – for the low, low price of $242 million.

  • Share
  • Read Later
Jones Lang LaSalle Property Consultants

The 85,000-square-foot site on an an elevated lot at 33 Nassim Road includes a two-story home, swimming pool and tennis court.

A mansion in the heart of Singapore’s central shopping district has just gone on the market – for the low, low price of $242 million.

The 85,000-square-foot site lies just near the city’s Botanic Gardens, next to the city state’s main shopping district, Orchard Road. Included in the price is a two-story home, swimming pool and tennis court. The house is also next door to the Russian and Japanese embassies and a few streets away from the home of the British high commissioner.

The property is being sold by a holding company belonging to Cheng Wai Keung, chairman of the Hong Kong property developer Wing Tai Holdings.

(MOREAmerica’s Most Expensive Home Listed for $135 Million)

“These kinds of assets come onto the market once in 10, 15 or even 20 years,” Karamjit Singh, head of investments and residential at real estate company Jones Lang LaSalle in Singapore, told Bloomberg.

“This is beyond economics,” said Alan Cheong, a senior director of property broker Savills (Singapore) Pte, of the astronomical asking price. “It’s mind boggling and probably one of the highest in the world.”

Cheong speculates that the property could prove attractive to a foreign billionaire — perhaps an Indian or Russian tycoon — but the market for such a pricey chunk of real estate isn’t huge. “It’s no small change even for the ultra-high net worth [individual],” he said.

Others speculate that the property could be broken up and sold in several lots.

Comparatively, the most expensive home for sale in the U.S., a Dallas mansion belonging to former Texas Rangers owner Tom Hicks, is on the market for  a mere $135 million. It offers 42,500 sq. ft. of living space spread across a five-story main residence, three-story pool house and two-story guesthouse, all nestled amid 25 acres of lush landscaping. (By contrast, the Singapore property’s footprint is just under two acres.)

Singapore and Hong Kong, Asia’s largest financial hubs, are the most expensive housing markets in the region and have some of the highest property prices in the world.

MORE: Bruce Lee’s Hong Kong Home for Sale for $23 Million

39 comments
Tara St Wood
Tara St Wood

you could probably buy the whole of Singapore for that price

AlvinAlston
AlvinAlston

@TIME @TIMENewsFeed u will laugh if u know the company's real reason for selling whatever. They even changed their headquarters into homes!

Sandra Ankenbrand
Sandra Ankenbrand

Cool... even more than in London... how can anyone just sleep well giving away such an amount for a house, while there are still people starving?

Anne Lim
Anne Lim

this is nuts! twisted if u r a working class citizen in s'pore... grr!!!

Amy Wang
Amy Wang

What a bargain, lemme put down a deposit!

Eric Still
Eric Still

Very, very affordable. I wonder if my part-time job at Walmart could pay for that... ;)

John Adamowicz
John Adamowicz

Quinn knows of a location in which houses only cost $242.00 and he wont tell us

Tanmay Patil
Tanmay Patil

really affordable..m gonna buy it tommorow

Laura Sierra
Laura Sierra

because its in Singapore...they could care less about the poor

Quinn Still Living Lee
Quinn Still Living Lee

that must be the pool house, where is the mansion. $242 million to blow on a house must be nice but why don't they take that same $242 million and come invest it in my neighborhood; they can build a million houses, get the homeless off the streets and get their money back

merylhaddad
merylhaddad

@HeyItsBassam Sure, let me just fish out the millions I'm always carrying around -y'know, just in case another house drops onto the market

sruthykumar
sruthykumar

@stuti90 Really makes me want to run far away from this country. What I earn is peanuts next to how much that house is worth!

stuti90
stuti90

@sruthykumar We'll all runaway. This country is bound to turn everyone into a materialistic nut if even basic needs cost so much. Sigh.