Singapore mansion sets record with $167 mln sale

Wing Tai Holdings

01/08/2019 07:41

SINGAPORE, Aug 1 (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.
 urn:newsml:reuters.com:*:nL8N24R04J
    Cheng declined to comment via Wing Tai. Records show that
the Nassim Road property was transferred to SG Casa, a firm
offering trustee and fidiciary 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.  urn:newsml:reuters.com:*:nL4N24B0Z8 
    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.
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    ($1 = 1.3754 Singapore dollars)

 (Reporting by Aradhana Aravindan; Editing by John Geddie and
Stephen Coates)
 ((aradhana.aravindan@thomsonreuters.com; +65 6403 5659; Reuters
Messaging: aradhana.aravindan.thomsonreuters.com@reuters.net))