Units at Nassim Park Residences cross $3,500 psf

By Tan Chee Yuen / The Edge Property | May 25, 2016 12:00 PM SGT
At Nassim Park Residences, a 100-unit luxury condominium on Nassim Road, two units changed hands recently. One unit is located on the fourth level of one of the five-storey blocks, while the other is directly below it. While both units fetched prices above $11 million, the fortunes of the sellers diverged.
The 3,175 sq ft, four-bedroom unit on the fourth level was sold for $11.7 million ($3,685 psf), according to a caveat lodged on May 5. The unit last changed hands for $10.9 million ($3,433 psf) in a sub-sale, based on the caveat in April 2011. Hence, the owner saw a gain of $800,000 (7.3%) after holding the property for five years. The previous owner paid $9.79 million ($3,082 psf) to the developer for the unit in August 2009.
The unit on the third level was sold for $11.2 million ($3,527 psf), based on a caveat lodged on May 10. The property last changed hands in a sub-sale for $12.38 million ($3,900 psf) in October 2011. Hence, the owner registered a loss of $1.18 million (9.5%) over a 4½-year period. Prior to that, the 3,175 sq ft unit had fetched $10.27 million ($3,233 psf) in June 2008.
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Prices at the 100-unit Nassim Park Residences continue to hold
The luxury condo project developed jointly by UOL Group, sister company Kheng Leong and Orix Corp was launched in mid-2008, just months before the global financial crisis. Despite that, the project has been fully sold since its completion in 2011. All typical apartments in the project are four-bedroom units of at least 3,175 sq ft, while the penthouses are from 6,803 and 8,008 sq ft.
At the prestigious Ardmore Park, Wheelock Properties’ Ardmore Three saw brisk sales with its 15% discount and additional buyer’s stamp duty assistance package. This has spurred interest in the landmark condo of Wheelock’s Ardmore series, namely the 330-unit Ardmore Park Condo, with three 30- storey towers on a sprawling eight-acre freehold site. Although it was completed in 2001, the project continues to be held as the benchmark for luxury projects.
There were two recent transactions at Ardmore Park Condo. According to a caveat lodged on May 3, a 2,885 sq ft, four-bedroom unit on the sixth floor of one of the towers changed hands for $8.5 million ($2,947 psf). The seller made $3.53 million in capital gains as the unit was purchased for $4.97 million ($1,723 psf) in July 1996.
The other transaction at Ardmore Park Condo was in March, when a 2,885 sq ft unit on the 21th floor fetched $8.18 million ($2,836 psf). The unit last changed hands for $8 million ($2,773 psf) in a resale in December 2009. When the project was first launched in mid- 1996 — the peak of the last property boom two decades ago — the unit was sold by the developer for $5.37 million ($1,861 psf), according to a caveat lodged in August 1996.
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This article appeared in the City & Country, Issue 729 (May 23, 2016) of The Edge Singapore.