Road signage at Nassim Road in Singapore on April 29, 2023. (Photo: Bloomberg)

A luxury mansion in Singapore’s most exclusive neighbourhood is being put on the market for S$308 million (US$236 million), following at least two unsuccessful attempts to sell it previously.

Known as a "good class bungalow," the property at Nassim Road — which sits near the city-state's premier shopping belt — spans a total land area of more than 58,000 square feet (5,388 square metres). The property is labelled as a conservation bungalow, which means it needs to be preserved, and houses a front garden that can be split into two more plots to construct more mansions.

A successful sale would be a record absolute price for such assets, according to the Business Times, but it will not be easy securing a buyer at that price tag.

The Nassim Road mansion is being marketed by Realstar Premier Group Pte. It is owned by Cheong Pin Chuan, joint chief executive of Singapore property investment firm Hong Fok Corp Ltd and his wife.

The property was on sale for S$175 million in 2019 and again marketed by property consultancy CBRE Group Inc in 2022. It failed to sell in both instances.

Singapore's mansion market is seeing a recovery in interest, with some high-profile transactions, although many local buyers are still wary of big-ticket transactions. Some assets have seen their asking prices slashed, including a convicted oil tycoon's mansion that was sold for nearly S$4 million off its original asking price in August.