The Nassim four-bedroom deluxe apartment at $5,530 psf
By Cecilia Chow
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - A tastefully furnished, spacious apartment at The Nassim has emerged on the market for sale. The 4,069 sq ft, four-bedroom unit underwent a two-month refurbishment that was completed at the end of December. It has been fitted out with many statement pieces, such as a gold ceiling lamp in the dining room by the late visionary architect Zaha Hadid, Poltrona Frau armchairs, Jacob writing desk and furniture from Minotti. The linen wallpaper in all the rooms was selected by the homeowner and imported from New York.
The refurbishment included the installation of a new whiskey bar and customised wine storage display cabinet for the owner’s wine collection. The wine display cabinet was inspired by a visit to a fine dining restaurant at Dempsey Hill: the owner was so impressed by the wine display cabinet that he promptly asked the owner of the restaurant for the contact of the maker, relates Tricia Ang, vice president of CBRE Residential Singapore, the exclusive marketing agent for the apartment at The Nassim.
In fact, the owner is said to have renovated and furnished the apartment with the intention of selling it. “Very few owners would want to put in so much effort in renovating the property before selling,” she says. “But this owner did.”
The living room and spacious balcony of the 4,069 sq ft, four-bedroom apartment on the third floor of The Nassim (Photo: Samuel Isaac Chua/EdgeProp Singapore)
A rarity
The owner had purchased the third-floor unit back in February 2018, according to a caveat lodged then.
He bought his unit from Kheng Leong Co, and the latter had purchased the 45 remaining units at the 55-unit The Nassim from CapitaLand in January 2017. At $411.6 million, Kheng Leong’s bulk purchase price translates to about $2,300 psf.
Completed in 3Q2015, The Nassim was designed by local design architect Mok Wei Wei of W Architects. The development is exclusive, with five-storey blocks featuring only a mix of three- and four-bedroom apartments and five-bedroom penthouses.
The living and dining area (Photo: Samuel Isaac Chua/EdgeProp Singapore)
There are three different categories of three-bedders, from standard to those with private enclosed space, and those with a family room. Sizes range from 1,927 to 3,391 sq ft.
There are also three different types of four-bedders: those with private enclosed space, with attic or deluxe units. Sizes range from 3,897 to 6,598 sq ft. Five-bedroom penthouses make up the remaining four units, and they have sizes from 7,061 to 9,300 sq ft.
Kheng Leong has already fully sold its 45 units. Hence, the only units that are available for sale are those from individual sellers such as the owner of this deluxe four-bedroom unit. The price tag for the apartment is $22.5 million or $5,530 psf. “There are very few four-bedroom units above 4,000 sq ft available for sale and that are in move-in condition,” says CBRE’s Ang.
The formal dining room with ceiling light by the visionary late architect Zaha Hadid (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Strong interest
According to Ang, the property has generated strong interest among foreigners and they are a wide mix of nationalities — Chinese, European, Indonesians, Japanese, Taiwanese among others, including permanent residents who are looking for their first home or want to upgrade to a bigger home.
In order to find “the right match” for the unit, CBRE is also doing due diligence and screening potential buyers before arranging viewings, notes Ang. To date, she has conducted about half a dozen viewings for “serious potential buyers”.
The luxury residential market has not been severely impacted by the property cooling measures imposed by the government from Dec 16, 2021, notes Ang. These included a hike in additional buyer’s stamp duty (ABSD) by 5% to 10%. She sees viewing activity resuming right after the festive period spanning Christmas, New Year and Lunar New Year.
The corridor leading to the family room; with concealed doors that allow it to be closed for privacy (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The apartment enjoys a well-designed regular layout and a spacious balcony that allows indoor-outdoor living, according to Ang. Beyond the living room, there is a family room that can be closed off by sliding doors for privacy. In addition to the private lift, the unit has two separate emergency entrances: one leading to a service lift, and the other to a staircase.
As the apartment is a corner unit, it enjoys natural light throughout the day, notes Ang. “With most of us adopting hybrid work and spending more time working from home, demand for large units is expected to remain strong, with homeowners placing a greater premium on space,” she adds.
Vying for space
Given the apartment’s size of over 4,000 sq ft, it is expected to appeal to owner-occupiers. However, with rental rates on the uptrend, investors will also find the unit enticing, notes Ang.
Family room (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The latest transaction at The Nassim was last October when a 3,122 sq ft three-bedder changed hands for $13 million ($4,165 psf). Not only is it the highest psf price achieved at The Nassim, but it was also the first transaction to cross the $4,000 psf threshold.
Rental rates have also headed northwards. A 4,273 sq ft, four-bedroom unit at The Nassim was leased at $24,000 a month a year ago, while similar-sized, four-bedroom units at the neighbouring Nassim Park Residences have fetched an average monthly rental rate of $30,000. Meanwhile, a 6,879 sq ft, five-bedroom duplex penthouse at Nassim Park Residences was leased last October at $41,000 a month.
The 100-unit Nassim Park Residences was developed jointly by UOL Group, Kheng Leong and Orix Capital, and was completed in 2011. The luxury condo contains predominantly four-bedroom units, with sizes starting from 3,175 sq ft. Ground-floor units come with a private pool, patio and garden, and have sizes of up to 6,315 sq ft. (Discover insightful data of any Singapore condominium with our condo directory)
The 100-unit Nassim Park Residences was completed in 2011 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
There are only 11 penthouses at Nassim Park Residences, and these are five-bedroom duplexes, with sizes from 6,867 to 8,073 sq ft.
If buyers are looking for large-format, four-bedroom units that they can move into almost immediately, it would be The Nassim, especially if they want something that is under 10 years old, points out CBRE’s Ang.
Bigger impact of cooling measures?
Due to the bigger impact of the cooling measures on investors and foreigners, however, the transaction volume and prices in the Core Central Region might be more affected compared to the other market segments, says Tricia Song, CBRE head of research for Southeast Asia. “Nonetheless, prices are unlikely to collapse due to strong economic fundamentals, a record low unsold inventory (14,333 units as of 4Q2021) and high occupancies,” she adds.
Ang: There are very few four-bedroom units above 4,000 sq ft available for sale and that are in move-condition (Photo: CBRE)
Dominic Lee, PropNex head of luxury team, does not expect prices at the top-end of the market to correct either, especially given rising construction cost on top of land prices. He expects the level of activity to pick up later this year, “perhaps in 2H2022”.
Typically, after being bitten by cooling measures, home buyers will pause to monitor the situation before leaping back in, Lee observes. “If history repeats itself, once they get used to the latest ABSD rates, selective amnesia sets in and they are likely to start buying again,” he adds.
This spells good news for CBRE’s Ang. As the four-bedder at The Nassim is in move-in condition and is fully furnished, she reckons it will have an advantage over other units on the market that are either bare or just partially furnished. If it is sold at the asking price of $22.5 million, it will certainly establish a new benchmark pricing for the project at $5,530 psf.
Check out the latest listings near The Nassim, Nassim Park Residences
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