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Singapore Downtown Mansion on Sale at Record $242 Million

85,000-square-foot property in downtown Singapore has hit the market for a record price of $242 million, Bloomberg reports.

Chairman Cheng Wai Keung is seeking a record S$300 million ($242 million) for a home near Singapore’s Orchard Road shopping belt, betting that developers may profit from dividing the site.

 It includes a two-story home, a tennis court, and a pool, the marketing agent says—though sellers are betting developers may want to divide up the property, which is in a prime shopping location near Singapore's Botanic Gardens. Why it's remarkable: The price trounces anything for sale stateside.

Singh estimated the property in an area that includes the residence of the British high commissioner and embassies of Japan and Russia could fetch between S$250 million to S$300 million. The site may be sold as two lots, which can yield a total of five homes, he said.

The price is 79 percent higher than the $135 million listing for the Crespi-Hicks Estate in Dallas, according to broker Douglas Newby, which is marketing the property. The home on the 25-acre site, owned by former Texas Rangers owner Tom Hicks, is touted as the most expensive property for sale in the U.S., according to a report by Time Magazine on Jan. 31.

The Singapore listing "is beyond economics. It’s mind boggling and probably one of the highest in the world," says an analyst. "It’s no small change even for the ultra high net worth. It could be an Indian tycoon or a Russian oligarch that might bid for it."