• Unit at Les Maisons Nassim sold for a high of $5,930 psf
Acaveat was recently lodged for a unit at the ultra-luxury Les Maisons Nassim by Hong Kong-listed property developer Shun Tak Holdings, controlled by billionaire businesswoman Pansy Ho. Les Maisons Nassim is a low-rise, fivestorey development with just 14 units sitting on a prime freehold site spanning 66,452 sq ft in the prestigious Nassim Road enclave.
The sole caveat lodged on May 5 was for a third-floor unit of 6,577 sq ft that fetched $39 million or $5,930 psf. The deal is said to be brokered by Bruce Lye, managing partner of SRI, one of the marketing agents for Les Maisons Nassim. “The buyer was drawn to the location, given the prestigious Nassim Road address, the reputation of the developer among foreign buyers and the large-format units,” he says.
While the identity of the buyer has not been disclosed, it is believed to be a Chinese national. Unit sizes at Les Maisons Nassim range from 6,049 to 12,077 sq ft, with four to seven bedrooms each. All the units are said to enjoy a 21m frontage with a view of Kinloss House at Lady Hill Road. Kinloss is a 25,833 sq ft mansion built in the early 1900s and sits on a 1.9ha (204,516 sq ft) freehold site. It was once said to be part of Scottish merchant Angus Gilbert’s Ladyhill estate. It has since been restored and is now the AXA University Asia Pacific Campus.
Several other units at Les Maisons Nassim are said to have been reserved, pending finalisation of documentation. The price achieved for the recently transacted unit is the highest in a decade — in terms of psf price, based
on caveats lodged to date.
Where lofty psf prices are concerned, the reigning record-holder in Singapore’s prime districts is The Marq on Paterson Hill, where a 3,089 sq ft, four-bedroom unit on the 20th floor, just below the penthouse level, fetched $20.54 million or $6,650 psf, according to a caveat lodged in November 2011. The buyer was said to be a Chinese national too.
Still, the unit at Les Maisons Nassim has achieved an all-time-high in psf price in the past
decade. Coming close on its heels is another luxury project by Shun Tak Holdings: the 54-unit Park Nova at the corner of Tomlinson Road and Orchard Boulevard. The highest price achieved in both absolute and psf terms at the luxury condo was by the largest of three penthouses in the development: the 5,899 sq ft, triplex penthouse that fetched $34.438 million ($5,838 psf) on first day of launch in May.
The second highest price achieved at Park Nova was by another smaller penthouse of 4,899 sq ft. It was sold for $26.026 million ($5,784 psf). The buyers are also believed to be Chinese nationals. The other units at Park Nova were sold at prices ranging from $4,693 psf to $5,320 psf. About 13 units have been taken up at Park Nova, based on caveats lodged to date.
SRI’s Lye expects to see more of such eye-popping deals from ultra-high-net-worth investors from abroad in this top end of the market.