Le Nouvel Ardmore unit sold above $4,000 psf
By Tan Chee Yuen
/ The Edge Property |
Transactions in the luxury condominium market are gaining traction. At Wing Tai Holdings’ Le Nouvel Ardmore, a 5,242 sq ft, four-bedroom unit on the seventh floor of the 33-storey condo tower was sold for $21 million ($4,006 psf), according to a caveat lodged on June 3. The buyer is reportedly an Indonesian tycoon.
A unit at Wing Tai’s Le Nouvel Ardmore was sold recently for $21 million
The last transaction at Le Nouvel Ardmore was almost a year ago, when a 3,961 sq ft, four-bedroom unit on the fifth floor fetched $15.84 million ($4,000 psf) in July 2015. The buyer was believed to be from China. Prior to that, the duplex penthouse of 13,875 sq ft on the 32nd and 33rd floors fetched $51 million ($3,676 psf). The 32nd floor contains five en suite bedrooms, a study and family area as well as the living and dining area, while the 33rd level has a private pool, entertainment area and roof terrace. The buyer was reported to be Sun Tongyu, one of the co-founders of Alibaba and former president of Taobao, a consumer- focused e-commerce site.
The 43-unit Le Nouvel Ardmore contains mainly three- and four-bedroom units that start from 3,800 sq ft. The freehold condo was designed by celebrated architect Jean Nouvel and completed in 2014.
Since the introduction of the 15% discount and additional buyer’s stamp duty assistance package in mid-April, Wheelock Properties has been steadily moving units at Ardmore Three, lo cated down the road at Ardmore Park. The most recent transaction was that of a 1,744 sq ft unit on the 19th floor of the 36-storey tower. It went for $5.78 million ($3,315 psf), according to a caveat lodged on June 1. This brings the latest tally of units sold to 39 out of 84 in the freehold condo, based on caveats lodged to date. The project was completed in December 2014.
A second transaction was recorded at CapitaLand’s The Nassim on Nassim Hill. The latest transaction was for a 3,294 sq ft, three-bedroom- plus-family unit on the second level that was sold for $9.97 million ($3,028 psf), based on a caveat lodged on June 3. Last month, a ground-floor 2,809 sq ft unit fetched $7.66 million ($2,725 psf) according to a caveat lodged on May 24.
The latest transaction at The Nassim was for the sale of a unit at close to $10 million
The Nassim is a redevelopment of the former ANA Hotel and has 55 units. The freehold project obtained Temporary Occupation Permit (TOP) last August. It comprises a mix of three-, four- and five-bedroom units as well as penthouses and groundfloor duplexes with dedicated private parking spaces. The units range from 2,809 to 9,300 sq ft.
At City Developments’ luxury condo project Gramercy Park, two caveats were lodged in early June. One was for a 1,959 sq ft, three-bedroom unit on the 21st floor that was sold for $5.5 million ($2,807 psf), while the other was for an adjacent two-bedroom unit of 1,292 sq ft that fetched $3.68 million ($2,849 psf). These marked the fourth and fifth units sold at the 174-unit freehold development on Grange Road. Three other units at Gramercy Park on the fourth, fifth and 16th floors were sold last month at prices ranging from $2,499 to $2,689 psf.
Two adjacent units on the 21st level of Gramercy Park were sold at $3.68 million and $5.5 million, respectively
Gramercy Park has not previewed in Singapore yet. However, it was showcased in Jakarta and Surabaya in Indonesia, as well as in Hong Kong last month. Unlike Ardmore Three, where the clock is ticking towards the expiry of the Qualifying Certificate (QC) in December — which will mean the developer has to pay extension charges for unsold units — Gramercy Park is expected to receive TOP in 2Q2016.
This means the project has another two years to sell the remaining units in the development under the QC conditions. Incidentally, Gramercy Park is designed by New York-based architecture firm NBBJ, which also designed the distinctive The Sail at Marina Bay.
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