Four-bedder at Nassim Park Residences sold for a record high of $4,785 psf

The recent $20.5 million sale at Nassim Park Residences, coupled with the $23 million asking price for the unit at The Nassim, signifies that the psf prices for luxury projects in the area are rising.” Landed property prices in the area are exorbitant and extremely limited. With the Nassim area being prime and prices supporting high per square foot rates, the area definitely presents an attractive market niche for the wealthy homebuyer,” says Eyo.

Recently, the fourth-ever condo unit to cross the $4,000 psf threshold at Nassim Park Residences sold for $20.5 million. Representing a new high for the ultra-luxury 100-unit, freehold building, the transaction was lodged on Feb 27 and amounts to $4,785 psf.

The owner of the four bedroom, 4,284 sq ft property is Subodh Mithu Chanrai, the youngest of three sons who co-own the Chanrai Summit Group. The family-owned conglomerate has extensive global business interests, ranging from trading and manufacturing to asset management, primarily in seven countries, such as Nigeria, Ghana, Dubai, India and Singapore. Subodh heads the West African businesses.

It turns out that the condo was originally bought by an Indonesian at “$3,268 psf”, back in September 2009 according to a caveat lodged then. This latest transaction results in a capital appreciation of $6.5 million for the seller over 14 years.

Samuel Eyo, managing director of Lighthouse Property Consultants, commented on this impressive deal. He pointed out that buyers are seeking out modern, completed luxury condos with glamorous entrances and amenities. This is driving up the psf prices for luxury projects in the Nassim area.

Landed property prices in the area are expensive and limited, making up a lucrative and attractive market for wealthy homebuyers. These factors likely helped to contribute to the most recent sale of ownership at the Nassim Park Residences, plus the additional listing of a four-bedroom, 5,307 sq ft unit at The Nassim for $23 million ($4,334 psf).

Developed by a consortium including Singapore-listed firm UOL Group, billionaire Wee Cho Yaw’s privately-held investment vehicle, Kheng Leong Co., and Tokyo-based investment firm Orix Corp, the Nassim Park Residences was launched in late May 2008 and completed in 2011, with the help of Singapore-based architect Chan Soo Khian, Japanese monk and landscape designer Shunmyo Masuno, and French minimalist interior designer Christian Liaigre.

Over at The Nassim, Singapore-based award-winning architect Mok Wei Wei of W Architects designed the freehold condo. The highest psf price achieved at The Nassim was in May of last year, when a 4,069 sq ft, four-bedroom unit sold for a noteworthy $4,915 psf.

The recent sale at Nassim Park Residences, along with the $23 million asking price for The Nassim, has pushed the psf prices for luxury projects in the area to previously unimaginable heights. The area is quickly becoming an attractive destination for the wealthy due to the abundance of completed and luxurious condos Tengah Plantation EC on offer.