More luxury condos sold for above $3,000 psf

Between Jan 23 and 30, two units at The Nassim fetched prices above $3,500 psf, according to caveats lodged with URA. The first was a 3,897 sq ft, four-bedroom unit on the fourth floor, which was sold for $14 million, or $3,593 psf, the highest psf price seen at the project since its launch in 2015.
The other unit, a 1,927 sq ft, three-bedroom unit on the third floor, went for $6.78 million, or $3,519 psf, the second-highest psf price in the development since its launch.
Prices at The Nassim so far in 2018 have averaged $3,179 psf, compared with $3,068 psf from its launch date until 2017. According to URA caveat data as at Feb 7, seven caveats have been lodged this year, while 18 caveats were lodged between its launch and end-2017. This means prices this year are about $100 psf higher than before.
According to PropNex’s Lee, $3,100 to $3,200 psf is the new average for units at The Nassim (Credit: The Edge Singapore)
According to Dominic Lee, head of The Luxury Team at PropNex Realty, this also means that $3,100 to $3,200 psf is the new average for units at The Nassim. Completed in 2015, the 55-unit luxury freehold condominium is located at Nassim Hill, near the Nassim Road and Cluny Park Good Class Bungalow Areas. It sits on the site of the former ANA Hotel, which DBS Land (now part of CapitaLand) bought in 1999.
It is not just The Nassim that has seen higher average psf prices in 2018. Prices at the 174-unit Gramercy Park have also risen this year. Based on URA caveat data as at Feb 7, five units at the freehold condos were sold this year at an average of $3,114 psf. This is about 13% higher than the $2,753 psf average for the 134 units sold between its launch in May last year and end-2017.
The new asking price for units at Gramercy Park is now $3,000 psf and above, says developer City Developments.
As prices of other freehold condos such as Ardmore Three and Reignwood Hamilton Scotts have also crossed $3,400 psf and $3,500 psf, respectively,...