On the weekend of July 20 and 21, City Developments Ltd (CDL) released 30 units at luxury, freehold project, Nouvel 18. To date, 16 units or more than half of the units released have been sold, according to CDL. Units sold were predominantly three- and four-bedroom apartments.
For price trends, recent transactions, other project info, check out the Nouvel 18 and Ardmore Park project details page
About 90% of the buyers are said to be foreigners. “The foreign buyers were predominantly from Hong Kong and China,” says Dominic Lee, head of luxury team at PropNex Realty, the marketing agent for Nouvel 18. The other marketing agents of Nouvel 18 are Edmund Tie & Co., ERA, Huttons Asia and SRI.
The 156-unit, freehold Nouvel 18 is located on Anderson Road, just off the prestigious neighbourhood of Ardmore Park. Completed in 2014, the luxury residential twin-tower development was designed by renowned French architect, Jean Nouvel.
The project has a mix of units, ranging from two-bedroom-plus-study with sizes from 1,335 to 1,530 sq ft (26 units); three-bedroom of 1,582 to 1,679 sq ft (23 units); three-bedroom-plus-study of 1,765 to 1,862 sq ft (33 units); four-bedroom-plus-study of 2,476 to 3,337 sq ft (69 units); to four-bedroom sky suites and penthouses of 4,301 to 6,318 sq ft (five units).
Selling prices start from $4.016 million for a two-bedroom-plus-study; $4.88 million for a three-bedroom unit; $5.28 million for a three-bedroom-plus-study; and from $7.63 million for a four-bedroom-plus-study.
In October 2016, CDL announced that it had exited the entire stake in Summervale Properties, the entity that owned Nouvel 18, through a profit participation securitisation (PPS) for $977.6 million.
The deal valued the property at $965.4 million, or $2,750 psf based on Nouvel 18’s saleable area of about 351,000 sq ft.
According to CDL, the average selling price of Nouvel 18 is $3,300 psf. This reflects a 20% premium to the valuation price of $2,750 psf in the PPS.
CDL, through its wholly-owned subsidiary, Ventagrand Holdings Ltd, has subscribed to $140 million in notes or 14.3% of the shares in the PPS.
Trentwell Management, another wholly-owned subsidiary of CDL, is the exclusive asset manager and marketing agent of Nouvel 18 for five years, with an option to extend to seven years. As the asset manager, Trentwell manages the property and handles the leasing, marketing and selling of units in Nouvel 18. In return, Trentwell will receive an incentive fee when a performance benchmark is met.
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