Unit at Nassim Park Residences asking for $13.98 mil

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - A 4,822 sq ft unit at luxury condo, Nassim Park Residences has been put on the market at a price tag upwards of $13.98 million or $2,899 psf.
Jointly developed by Kheng Leong, the private property arm of banking tycoon Wee Cho Yaw, listed property company UOL Group and Orix Capital, the project is located on Nassim Road, one of the most exclusive Good Class Bungalow (GCB) enclaves in Singapore.
Nassim-Park-Residences - EDGEPROP SINGAPORE
Nassim Park Residences, with 100 units, where every unit has a view of the swimming pool or landscaped garden (Photo: PropNex)
The project features just 100 units in five-storey blocks and boasts three acclaimed designers: Chan Soo Khian, principal of SCDA Architects, as the design architect; Zen monk and Japanese landscape architect Shunmyo Masuno and French interior designer, Christian Liaigre.
When it was launched in March 2008, it set a new benchmark in terms of design for luxury condos in the area. For instance, every apartment has four en suite bedrooms, with sizes of at least 3,175 sq ft. Units come with a study and utility room, with living room of full height glass with a view of the swimming pool or landscaped gardens. All units are served by a private lift. The kitchen has luxury Italian fittings by Boffi, complemented by the top-end range of Miele appliances. Bathrooms are full marble, with luxury Dornbracht fittings and sanitaryware.
The 4,822 sq ft, apartment is a rare unit as it comes with a private balcony and a private pool of 964 sq ft, says Loyalle Chin, associate division director of PropNex Realty, the exclusive marketing agent. “The tenant had wanted to renew the lease, but as the owner intended to sell the apartment and had already received expressions of interest for the unit, it had to be vacated and restored,” he says.
The $2,899 psf asking price is attractive, given that the latest transaction at Nassim Park Residences was for a mid-floor unit that changed hands for $10.6 million ($3,058 psf) in May this year, notes Chin.
Nassim-Park-Residences-interior - EDGEPROP SINGAPORE
The living room of the 4,822 sq ft unit at Nassim Park Residences that is currently on the market (PropNex)
Nearby is The Nassim, with just 55 units of three- to five-bedroom apartments, and located on Nassim Hill. The latest transactions in June this year were: a 3,208 sq ft, three-bedroom unit on the second level that changed hands for $10.9 million ($3,398 psf) and a 6,060 sq ft, four-bedroom unit on the first level that was sold for $14.88 million ($2,455 psf).
According to Chin, there is a park connector from Nassim Park Residences that leads directly to Tanglin Road. The project is sought-after not just for its address, but proximity to the Orchard and Tanglin Road shopping strip.
“There are a lot of Chinese buyers shopping for luxury homes today,” says Chin. At Boulevard 88, a 154-unit luxury development on Orchard Boulevard, recent transactions include a three-bedroom unit of 1,777 sq ft that was sold for $6.67 million ($3,754 psf) and a 2,777 sq ft, four-bedroom unit that went for $10.37 million ($3,733 psf), based on caveats lodged in late October and early November.
Meanwhile at Le Nouvel Ardmore, an exclusive development with just 43 units located in the Ardmore Park neighborhood, a 4,015 sq ft, four-bedroom unit on the 19th floor fetched $16.89 million ($4,207 psf), according to a caveat lodged in October while another four-bedroom unit of 3,821 sq ft on the 28th floor was sold for $16.24 million ($4,259 psf) in September.
No doubt, Nassim Park Residences may have been completed in 2011, compared to some of the newer luxury projects, notes Chin. “But it has a Nassim Road address,” he points out. The apartment next door to the unit at Nassim Park Residences that is currently on the market, changed hands last November for $13.8 million ($2,855 psf). The 4,833 sq ft unit comes with a private balcony and private pool too.
“This is a motivated seller,” says Chin. The asking price for the 4,822 sq ft unit is close to the bank's valuation of about $14 million. The property has been put up for sale by tender, which will close on December 8.
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