Lermit Road GCB on the market for $137.2 mil

A rare opportunity for ultra high net-worth individuals to acquire a large freehold residential property in one of Singapore’s most sought-after neighbourhoods is now up for sale. Putting it up for sale is PropNex Realty, the marketing agent, for an indicative price of $137.2 million.

The freehold detached house is located on Lermit Road, off Nassim Road, in the Cluny Park GCB Area. Its 29,818 sq ft land area works out to a unit price of $4,600 psf. The two-storey building with a basement car park and swimming pool was built in the 1990s.

Lermit Road is known for its luxury and exclusivity. According to PropNex’s Head of Good Class Bungalows and Prestige Landed, Henry Benjamin Lim, this is only the second time ever that a property with a land area of above 16,140 sq ft (1,500 sq m) is being sold in 30 years.

Lim says, “In recent years, several GCBs in nearby Nassim Road have fetched more than $100 million to $200 million each – reflecting the value and demand of such properties amongst astute buyers.”

The GCB is close to a host of amenities and landmarks, including the Singapore Botanic Gardens, Napier MRT station, Dempsey Road lifestyle cluster, Tanglin Mall, Gleneagles Medical Centre and Hospital, and Napier Road.

It is indeed a golden opportunity to own the large piece of land in one of Singapore’s prime locations. The sale of this property in a private treaty reflects this rarity and its potential value.