The world's most expensive listing just debuted in the global real estate market. A double story mansion located in the heart of Singapore's central shopping district has been listed for a whopping $242 million.
The property is being sold by a holding company of Cheng Wai Keung, co-owner of Wing Tai Holdings, one of the largest real estate firms of Hong Kong. Apparently, Keung hopes to snag a foreign buyer for the home, particularly Indian or Russian, reports TIME Newsfeed.
Sitting on an 85,000 square feet site, the home is just near the Botanical Gardens on 33 Nassim Road, just along the shopping belt on Orchard Road. The property includes a two-level single family residence, ample green space, a swimming pool and a tennis court.
The property is set in an exclusive neighborhood. The home is just a stone's throw away from the Russian and the Japanese embassies and the British High Commissioner's residence, reports South China Morning Post.
"These kinds of assets come onto the market once in 10, 15 or even 20 years. The potential buyers of this league would be able to recognize the opportunity," Karamjit Singh, head of investments and residential at Jones Lang La Sale, said in an interview with Bloomberg.
While some experts believe that the mansion would sell to a single buyer, others think that the lot could be broken up and sold piece by piece. Some have also opined that the deal will prove profitable only if the current land values correspond with the humongous price tag, reports International Business Times.
"If the land is worth $150 million to $200 million, then this might be a legitimate buy," Douglas Newby, a real estate broker said to Bloomberg.
Newby is representing the firm that is marketing the Crespi-Hicks estate in Dallas, which has been listed for $135 million. Other recent pricey residences to hit the market are Martin Zweig's penthouse atop the Pierre Hotel in New York, which is now officially asking $125 million and another condo at the Bloomberg Tower owned by billionaire Steven A. Cohen, who just listed it for $115 million.
The luxury real estate market is doing particularly well in the Asia-Pacific Region. In a recent wealth report released by real estate intelligence firm, Knight Frank- Bali and Jakarta topped the list of cities where prices of luxury residences rose the most in 2012.
Of the 80 cities analyzed, Jakarta ranked first accounting for a 38 percent increase while Bali tied in with Dubai for the second place with prices rising by 20 percent.
