Nanofilm Founder’s Wife Purchases Nassim Road Good Class Bungalow at a Record Price
The latest owner of a Nassim Road Good Class Bungalow (GCB) is Jin Xiao Qun, the wife of Nanofilm Technologies International founder and executive chairman Shi Xu.
According to local media reports and an Integrated Land Information Service (Inlis) property title search, the GCB, sitting on a massive freehold land area of 32,159 sqft, was purchased at a record $4,005 per square foot (psf)—making it $128.8 million in total.
This is a significant increase from the $3,311psf GCB that sits on a 15,101sqft area on Cluny Road, purchased by billionaire James Dyson in 2019.
Known as the Ladyvale Bungalow, the house sits next to the British High Commissioner's residence, Eden Hall. Ladyvale was built in 1964 and was sold by the British High Commission in 2000 for $19.3 million.
The previous owner that Jin purchased from was Oei Siu Hoa, also known as Sukmawati Widjaja. Oei is the younger sister of billionaire investor Oei Hong Leong, and she currently serves as the executive director at property group Top Global Limited.
The business heavyweight had purchased the house in 2003, having paid $647psf, or $25.5 million in total, for the house. According to Edgreprop, Oei is also the owner of a neighbouring GCB down the road, located on a larger freehold plot of 39,383 sqft.
Shi is the current lead shareholder at Nanofilm Technologies, holding a stake of around 55 per cent, which encompasses both his direct holdings and deemed interests with Jin.
Before Jin’s purchase, the previous buzz at Nassim was property developer OUE’s executive chairman Stephen Riady, who made headlines for his GCB purchase at Nassim Hill for $95 million in 2019.
(Related: Stephen Riady Acquires $95million Good Class Bungalow: All You Need To Know About These Prestigious Homes)
GCBs are incredibly rare and prestigious, as there are only 2,800 GCBs located within Singapore’s 39 gazetted GCB areas. To classify as a GCB, the property must be at least 15,070sq ft.
As stipulated by the Singapore Government, only Singapore citizens are eligible to purchase GCBs. Foreigners and permanent residents who wish to acquire one will have to apply for approval with the Singapore Land Authority.