Tycoon Tests Singapore Market With Priciest Home: Southeast Asia

Tycoon Cheng Wai Keung’s plan to sell Singapore’s most expensive private property faces the dual challenge of additional government taxes designed to cool the market and restrictions limiting the sale to locals.

Wing Tai Holdings Ltd. Chairman Cheng is seeking a record S$300 million ($242 million) for a home near the Orchard Road shopping belt. The 85,000-square-foot site on an elevated lot at 33 Nassim Road, near the Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to Jones Lang LaSalle Inc., the sole marketing agent.