Triplex penthouse at 8 Nassim Hill for sale at $15 mil
By Timothy Tay
/ EdgeProp Singapore |
The freehold three-storey penthouse at 8 Nassim Hill will be put up for auction on April 25.
SINGAPORE (EDGEPROP) - A three-storey penthouse at the luxury development 8 Nassim Hill will be on the block at ERA Realty’s upcoming auction on April 25. An owner’s sale, the guide price of this 4,176 sq ft unit is $15 million, which translates to $3,591 psf on the floor area.
The four-bedroom apartment occupies the fourth to sixth floors and is a corner unit. The top floor features the master bedroom with a walk-in wardrobe and en suite bathroom. The master bedroom opens to an outdoor pool and deck.
The fifth floor features the home’s social spaces, like the living room with an attached outdoor balcony and a dining area that leads to an outdoor terrace. The kitchen is connected to the dining area and opens to a smaller patio. This floor also comprises a bomb shelter, a helper’s room and a utility room. Meanwhile, the lowest floor features a central family area that leads to two en suite bedrooms and an en suite junior master bedroom.
According to Alison Lee, head of auction and sales at ERA Realty, demand for large-sized apartments and homes in Singapore from high net-worth buyers has increased in the last three years. "However, there are not many of these luxury properties available in the market. Usually, the profile of owners who come into such desirable properties are high net-worth individuals with strong holding power," she says.
Located on Nassim Hill in prime District 10, the freehold 8 Nassim Hill is a 16-unit project in the upscale Tanglin and Nassim Road residential neighbourhood. Comprising eight penthouses and eight townhouses, it was completed in 2010 by Singapore-listed BBR Holdings and privately-held Shing Kwan.
The view of the Nassim residential enclave, one of the most exclusive neighbourhoods in Singapore. (Picture: Samuel Isaac Chua/The Edge Singapore)
The development is close to Tanglin Mall on Tanglin Road and Forum The Shopping Mall on Orchard Road. Other nearby buildings include Gleneagles Hospital and Medical Centre on Napier Road and Camden Medical Centre on Orchard Boulevard.
The recently completed Napier and Orchard Boulevard MRT Stations on the Thomson-East Coast Line serve the area, while nearby main roads include Orchard Road, Grange Road, Napier Road and Holland Road.
The triplex penthouse at 8 Nassim Hill comes into the resale market a year after two intermediate townhouses at 8 Nassim Hill were sold in February and March last year. Both were put up for sale by the Sheriff’s Office of the Singapore Courts and were sold at auction by Knight Frank Singapore.
The larger of the two penthouses, a 4,542 sq ft unit, was auctioned on Dec 8 for $9.1 million ($2,003 psf). Based on URA caveats, the sale price of the townhouse represented a 25.4% markdown from its previous price of $12.2 million ($2,686 psf) in January 2011.
The second townhouse, a 4,208 sq ft unit, was auctioned by Knight Frank on Feb 24 with an opening price of $8.55 million ($2,032 psf). The property was eventually sold to the highest bidder for $9.79 million ($2,327 psf). This was 14.5% higher than the opening price and 11.25% above the auction’s guide price of $8.8 million ($2,091 psf).
URA caveats show that the 4,176 sq ft penthouse under ERA’s auction team was purchased from the developer for $13.58 million ($3,252 psf). The guide price of $15 million is 10% higher. However, the sales data shows that the most expensive unit at 8 Nassim Hill is a 6,028 sq ft townhouse that the developer sold for $19.99 million ($3,316 psf) in November 2007. This was followed by a 4,704 sq ft townhouse that fetched $14.58 million ($3,100 psf) when the developer sold it in November 2007.
A tabulation of resale prices of nearby condos in the Nassim Road and Tanglin areas. (Map: EdgeProp Singapore)
Considering those high prices, the average resale price at 8 Nassim Hill of the development is likely significantly higher than most surrounding developments, like Tanglin Residences ($1,947 psf) and St Martin Residence ($2,211 psf). Only a few ultra-luxury projects in the Nassim area see their prices match or exceed 8 Nassim Hill. These projects are The Nassim at Nassim Hill, where units cost approximately $4,664 psf. In contrast, units at Nassim Park Residences on Nassim Road have an average price of about $4,201 psf, while Grange Residences at Grange Road has recorded an average price of $3,035 psf per unit.
The availability of this townhouse on the market is a 'golden opportunity' for prospective buyers who have been scouring the market for such a luxury property, says Lee, especially if they have had an eye on this Tanglin/Nassim Road area.
"We do not expect this unit to stay on the market for very long. In fact we have already received several enquiries, and we expect to receive more interest from propestive buyers in the coming weeks. With limited supply of these large luxury units in the resale market, prospective buyers who want to own a unit in the Nassim area should not miss out on this opportunity," says Lee.
Check out the latest listings near 8 Nassim Hill, The Nassim, Nassim Park Residences, Tanglin Residences, St Martin Residence, Grange Residences, Orchard Boulevard MRT Station
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles