Unit at The Nassim sold for $20 mil
By Tan Chee Yuen
/ The Edge Property |
Another three units at CapitaLand’s The Nassim were sold over the week of June 28 to July 5, based on caveats lodged with URA Realis. The biggest unit transacted at the 55-unit luxury condominium at Nassim Hill is a 9,009 sq ft, five-bedroom apartment on the first level that went for $20.25 million ($2,248 psf). Dubbed “The Pavilion House”, the unit is on the ground floor. It overlooks the swimming pool and has a generous private enclosed space that is ideal for entertaining. The unit comes with three dedicated parking spaces in the basement.
The total number of units sold at The Nassim is six, based on caveats lodged. All the buyers are believed to be foreigners, with the majority being Indonesians
In the meantime, two units on the fourth level of the same six-storey block were also sold. One is a 4,273 sq ft, four-bedroom unit that fetched $13.73 million ($3,214 psf), while the other is a 3,003 sq ft, three-bedroom unit that went for $9.24 million ($3,077 psf), according to two caveats lodged on June 30.
This brings the total number of units sold at The Nassim to six. All the buyers are believed to be foreigners, with the majority being Indonesians. According to agents, there were several other sales, although caveats have yet to be lodged.
“The buyers are the very affluent, as the developer is very sticky about discounts and is not offering any deferred payment schemes, as seen in some of the other projects,” says a property agent who declines to be named.
The freehold project was completed in August 2015. Under the conditions of the Qualifying Certificate, CapitaLand will have to sell all the units within two years of completion, that is, by August 2017, to avoid incurring extension charges.
The recent sale of the unit at The Nassim for $20.25 million is only the second transaction this year to cross the $20 million mark. From January 2015 to date, only half a dozen sales hit this price threshold. Prior to the sale of the unit at The Nassim, a 5,242 sq ft, four-bedroom unit at Le Nouvel Ardmore fetched $21 million ($4,006 psf), according to a caveat lodged on June 3. The buyer was also an Indonesian. The 43-unit Le Nouvel Ardmore was developed by Wing Tai Holdings and completed in 2014.
Another transaction that crossed the $20 million threshold was made last August, when a 6,082 sq ft townhouse unit at Bishopsgate Residences fetched $21.07 million ($3,465 psf). The buyer is believed to be a Hongkonger. The 31-unit freehold Bishopsgate Residences was developed by Kajima Overseas Asia and completed in 2012.
At Nassim Park Residences, a 6,878 sq ft penthouse went for $22.5 million ($3,271 psf) in April 2015. The 100-unit Nassim Park Residences on Nassim Park Road is located adjacent to The Nassim. The freehold development was completed in 2011 and fully sold. It was jointly developed by UOL Group, Kheng Leong and Orix Corp.
Marina Bay Suites’ biggest penthouse of 8,514 sq ft was sold in May last year for $19.5 million ($2,293 psf). It is a five-bedroom duplex on the 65th floor with a swimming pool atop the 66-storey tower. The 221-unit luxury condo block was completed in 2013 and was the second residential tower within the Marina Bay Financial Centre mixed-use project developed by a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Property Holdings. The total number of units sold at The Nassim is six, based on caveats lodged. All the buyers are believed to be foreigners, with the majority being Indonesians.
This article appeared in the The Edge Property pullout of Issue 737 (July 18, 2016) of The Edge Singapore.
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