On Sept 14, a 2,906 sq ft unit on the fourth floor of The Nassim sold for $9.9 million ($3,400 psf). The buyer of the three-bedroom-plus-family unit is believed to be a Singaporean. Meanwhile, in May, a 9,300 sq ft, five-bedroom penthouse fetched $25.75 million ($2,750 psf). The buyer is said to be a foreigner.

These two units were sold by Kheng Leong Co, the privately held real estate property firm of Wee Cho Yaw, tycoon and chairman emeritus of United Overseas Bank. Kheng Leong had acquired a 100% stake in Nassim Hill Realty, which owned the remaining 45 unsold units at The Nassim, a freehold, ultra-luxury condominium with 55 units.

The purchase of Nassim Hill Realty amounted to $411.6 million and was paid in cash, according to an announcement in January by CapitaLand, developer of The Nassim. Kheng Leong’s purchase price for the units translated into $2,300 psf, based on saleable area, and reflected an 18% discount to the average transacted price of $2,846 psf for the initial 10 units that were sold.

The recent resale prices at $2,750 psf for the penthouse unit and $3,400 psf for a three-bedroom unit at The Nassim therefore translate into a mark-up of 19.6% and 47.8%, respectively. Since acquiring the remaining 45 units at The Nassim, Kheng Leong is said to be embarking on enhancing the landscaping within the development.

The Nassim was completed in August 2015 and designed by renowned architect Mok Wei Wei of W Architects.

At the 84-unit luxury condo Ardmore Three by Wheelock Properties, prices for units above the 30th floor have been sold at more than $4,000 psf in recent months. Two units were sold earlier this month: one on the 34th floor that fetched $7.25 million ($4,157 psf) and another on the 32nd floor that went for $7.1 million ($4,077 psf), according to caveats lodged.

Eight units at Ardmore Three have crossed the $4,000 psf mark. According to marketing agents’ websites, the developer is offering a deferred payment scheme for two years and rebates of up to 18% for those who opt for a regular payment scheme.

This article appeared in the EdgeProp Pullout, Issue 799 (Oct 2, 2017)