Motoring tycoon Peter Kwee (pictured) is said to have sold a 23,920 sq ft plot located along Nassim Road for about S$47.8 million, which works out to around S$2,000 psf.
The psf land price is slightly below the S$2,081 psf island-wide price for a Good Class Bungalow (GCB) area, but the transaction is apparently a new record for Nassim Road.
KH Tan, Managing Director at Newsman Realty, confirmed that the company brokered this latest deal and that the buyer was a Singaporean businessman.
The parcel was originally part of a bigger site spreading 114,981 sq ft, which Kwee bought in 2011 with Sam Goi, Executive Chairman of Tee Yih Jia, from the British High Commission for S$50.4 million (S$438 psf).
The net site area of 109,059 sq ft, which remained after setting aside land for drainage and roadworks, was worked out to a higher price of S$462 psf.
When the two men divided the plot, Kwee took a larger share of 63,300 sq ft. He then divided his land into two parcels: a 39,383 sq ft plot sold in 2003 to Sukmawati Widjaja for S$25.5 million (S$647 psf) and the plot that was recently transacted.
Meanwhile, Goi built a home on his plot.
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