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Andy Mukherjee

The Beverly Hills of Singapore Shows Signs of Froth

Will the city state have to impose new restrictions? Or will the US Fed?

Luxurious homes in the area around Nassim Road.

Luxurious homes in the area around Nassim Road.

Photographer: Bloomberg/Bloomberg

Les Maisons is a low-rise development of just 14 units coming up on Nassim Road, a leafy street nestled between the bustling shopping district of Orchard Road on one end and the expansive quiet of the Singapore Botanic Gardens on the other. As Business Insider described it, Nassim is the Lion City’s very own Beverly Hills. And right now, property prices along this mile-long stretch of hyper-exclusivity are scorching hot.

In May, a 6,092 square-foot apartment in Maisons Nassim was sold by its Hong Kong-based developer Shun Tak Holdings, which is run by the late Macau gambling tycoon Stanley Ho’s daughters Pansy, Daisy and Maisy. It went for S$37 million ($27 million), the fourth-highest per square foot price on record for a new Singapore condo, according to OrangeTee & Tie, a property brokerage.