A 12,066 square foot (sq ft) penthouse at ultra-luxury freehold condominium Les Maisons Nassim has been sold for about S$59.77 million, or S$4,953 per square foot (psf).
Published in SRX by Shuk Tak on MAR 31, 2022
Developer Shun Tak Holdings had negotiated and agreed upon the price of the unit at a nascent stage of the project in early 2021, Shun Tak’s associate director (sales and marketing), Joanne Goh, told The Business Times.
She said: “The buyer had some requests for customisation. It’s only of late that we were able to confirm that the customisation could be done and the option was issued.” The buyer is understood to be a permanent resident.
The fifth-floor unit has also been sold on a “bare shell” basis without finishings and fittings so that the buyer can kit out the unit to his own preference. At S$4,953 psf, this is the lowest price (in terms of psf) for the 6 Les Maisons Nassim transactions to date listed on the Urban Redevelopment Authority’s Realis platform. The sale date for the latest transaction is listed as Mar 18, 2022.
With this, both penthouses at 14-unit Les Maisons Nassim have been sold. In October 2021, Shun Tak moved a 12,077 sq ft penthouse at the low-rise project for S$75 million, or S$6,210 psf. Another transaction was concluded in February this year for a 6,717 sq ft unit which went for S$34.61 million (S$5,153 psf).
Property agency SRI is the marketing agent for Les Maisons Nassim.
The development sits on a 66,453 sq ft site which was formerly a landed property that Shun Tak purchased in 2018 for S$218 million. Located at the coveted Nassim enclave, the freehold project in district 10 consists of 3 blocks, with 14 residences. It is expected to reach its temporary occupation permit (TOP) in the first half of 2023.
The Hong Kong-listed conglomerate, which was founded by casino tycoon Stanley Ho, is concurrently marketing Park Nova, a super-luxury freehold development at Tomlinson Road. Shun Tak is presently helmed by Ho’s daughter, Pansy.
In December last year, Shun Tak clinched the collective sale deal for a 59-unit High Point condominium at Mount Elizabeth in Orchard for nearly S$556.7 million, or S$2,537 psf per plot ratio (including the development charge).
However, it pulled out of the deal just days after the government rolled out fresh cooling measures, which included a higher additional buyer’s stamp duty (ABSD) rate of 30 per cent for foreign buyers, up from 20 per cent. High Point went back on the market last week with a similar reserve price of S$550 million.
Bruce Lye, the co-founder of SRI, said there is still interest in residential properties from ultra-high net worth (UHNW) foreign buyers looking to set up a base in Singapore.
He added, however, that high net worth (HNW) buyers may adjust their budgets accordingly, following the hike in the ABSD.
Earlier this month, SRI represented a buyer who transacted a 2,842 sq ft unit at City Developments’ Cliveden at Grange for S$9.378 million (S$3,300 psf).
“While things have slowed down a little bit compared to last year, enquiries and viewings have picked up after Chinese New Year,” Lye said, adding that inventory is tight, especially above the S$10 million range.
Although Singapore is doing away with the vaccinated travel lanes, prospective buyers from China and Hong Kong are waiting for quarantine measures to be removed on their side. “(Then) we will probably see a big uptick in the market here,” he added.
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