A 4,284 sq ft four-bedroom flat at Nassim Park Residences changed hands on 27 February for $20.5 million, equivalent to $4,785 per sq ft. This is the highest ever price for a luxury condominium with 100 freehold units.
The seller, an Indonesian, purchased the unit from the developer in September 2009 for $14 million ($3,268 per square foot). The sale price of $20.5 million today represents a capital appreciation of $6.5 million over 14 years.
The previous high price was for a 3,466 sq ft four-bedroom unit on the third floor of the same residential building, which the developer sold in July 2010 for a whopping $14.28 million (or $4,120 per sq ft).
Nassim Park Residences was developed by a consortium of Singapore-listed real estate company UOL Group, billionaire Wee Cho Yaw's private investment firm Kheng Leong Co, and Tokyo-based investment firm Orix Corp. and was launched in late May 2008 and completed in 2011.
Nassim Park Residences is a luxury project by the UOL Group, and the developer has collaborated with three international designers: Singaporean architect Chan Soo Khian of SCDA Architects, Japanese monk and landscape designer Shunmyo Masuno and the late French minimalist interior designer Christian Liaigre.
It is not really surprising that The Nassim Park Residences has recently reached a price of $4,785 per square foot.
A four-bedroom 5,307 sq ft unit in the neighbouring 55-unit luxury condominium The Nassim, a freehold development on Nassim Hill, was recently listed for sale at $23 million ($4,334 per sq ft).
The highest price per square foot for The Nassim was achieved in May last year when a 4,069 square foot four-bedroom unit changed hands for $20 million (or $4,915 per square foot). The condominium was developed by CapitaLand and completed in 2015. Singapore's award-winning architect, Mok Wei Wei of W Architects, was the architect of The Nassim.
There are not many new and completed luxury condominiums in the Nassim area with large four-bedroom units available for sale. Buyers want updated, finished flats with beautiful entrances, a luxurious ambience and surrounded by amenities that are lacking in older developments.
