A SPRAWLING penthouse unit at the 14-unit, ultra-luxury freehold condominium Les Maisons Nassim, developed by Shun Tak Holdings, fetched S$75 million in late October, based on caveat data seen by The Business Times (BT).
The price tag translates to S$6,210 per square foot (psf), given the strata area of about 12,077 square feet (sq ft), the Urban Redevelopment Authority’s Realis database showed.
The apartment is the larger of the 2 penthouses at the low-rise Nassim Road property development. Including this transaction, 3 caveats have been lodged for units at the 5-storey project.
List Sotheby’s International Realty executive director Lewis Cha told BT that based on known transactions in the past 20 years, the latest purchase “could well be the priciest penthouse ever sold in Singapore”. Its absolute price quantum of S$75 million beat the S$73.8 million reportedly forked out by James Dyson and his wife for the super penthouse at Wallich Residence in 2019, he noted.
On a psf basis, the Nassim penthouse deal may have also smashed price records for non-landed private homes in recent years. It beat the S$5,930 psf achieved in early May for a S$39 million, third-storey apartment at Les Maisons Nassim, which BT had reported was scooped up by an overseas buyer.
Another unit, on the first storey of the same project, was sold in early August this year for S$5,786 psf or S$35 million, the Realis platform showed.
Still, The Marq on Paterson Hill appears to hold the all-time record for psf prices of new sales. In 2011, the developer SC Global moved a 3,089 sq ft unit for S$6,650 psf or about S$20.5 million, as well as another unit of the same size for S$6,215 psf or S$19.2 million, based on caveats lodged. In addition, a 3,003 sq ft four-bedroom apartment there reportedly transacted at more than S$6,800 psf.
For Les Maisons Nassim, SRI has been appointed as the exclusive marketing agent.
Expected to be completed in H1 2023, the project is located in the coveted Nassim enclave and houses 14 residences across 3 blocks.
Of these, 8 units are simplex apartments sized at 6,049 sq ft or larger; 4 are duplex units of between 8,633 sq ft and 8,730 sq ft. The smaller of the 2 penthouses is about 12,066 sq ft in size.
Recent property listings seen by BT on PropertyGuru and 99.co had indicated asking prices ranging from S$70 million to S$80 million for a 12,077 sq ft, 7-bedroom unit at Les Maisons Nassim.
Besides the Nassim Road project, Hong Kong-listed conglomerate Shun Tak is marketing its maiden residential development, the 54-unit freehold Park Nova, also located in prime District 10.
In September, ERA head of research and consultancy, Nicholas Mak, noted that the developer held the record for the most expensive condominium unit sold in each of the previous 4 months in Singapore.
From May to August 2021, the priciest new non-landed homes were units at either Les Maisons Nassim or Park Nova, Mak wrote. ERA is one of the marketing agents for the latter project.
Units at Park Nova fetched S$4,837 psf and S$5,048 psf in June and July respectively, Mak said. Prior to that, Shun Tak announced in May that it had sold the project’s biggest penthouse for about S$34.4 million or S$5,838 psf.
As at Friday (Nov 5), the median unit price over the last 6 months stood at S$2,364 psf for private homes in District 10, the Realis database showed.