Luxury project 19 Nassim sees prices cross $3,800 psf for the first time
New sales at 19 Nassim, a luxury project on Nassim Hill in prime District 10, have propelled psf prices in the development to a new high. The condominium recorded the sale of a 538 sq ft, one-bedroom unit for $2.09 million ($3,876 psf) on Jan 4 — the highest psf price among all condos that achieved a psf-price high in Singapore for the period of Jan 3 to 19.
The previous psf-price high at 19 Nassim had been set by the sale of a 1,410 sq ft, three-bedroom unit for $5.29 million ($3,751 psf) on Oct 8, 2021.
Also on Jan 4, a 1,475 sq ft three-bedroom unit at 19 Nassim was sold for $5.63 million ($3,815 psf). The two Jan 4 sales mark the first time that units at the project were sold by the developer for more than $3,800 psf, based on submitted URA caveats.
19 Nassim is a luxury 101-unit condo by Keppel Land and is a redevelopment of its former project, Nassim Woods. The new development lies within the exclusive Nassim Road residential enclave, a neighbourhood with several luxury developments such as Nassim Park Residences and the upcoming Les Maisons Nassim.
19 Nassim is located next to the Interpol Global Complex and in the vicinity of Singapore’s embassy row along Napier Road. The condo is also close to the Singapore Botanic Gardens, Gleneagles Hospital, Tanglin Mall, and the Orchard Road shopping belt. Nearby transport nodes include the newly operational Napier and Orchard Boulevard MRT Stations on the Thomson-East Coast Line.
There are only six recorded transactions to date at 19 Nassim despite the project being launched for sale in March 2020. However, it is possible that given the highly exclusive character of the project, some sales may not be reflected in caveats.
Elsewhere, One Bernam also saw a new psfprice high during the period in review when a 441 sq ft, one-bedroom unit was sold by the developers for $1.45 million ($3,295 psf) on Jan 16. The figure trumped the previous high that was set by the sale of another 441 sq ft one-bedder for $1.4 million ($3,168 psf) on Nov 10, 2022.
One Bernam is a mixed-use building at 1 Bernam Street in the Tanjong Pagar area in District 2. The entire development comprises a two-storey retail podium, 351 condo units, and 13 serviced apartments. The project is under development by Singapore’s MCC Group and Hao Yuan Investment.
The 99-year leasehold project was first launched in May 2021. According to submitted developer sales data, it is about 40% sold as of end-December 2022.
Prices at the project have been steadily increasing over the past few months. In August 2022, the psf-price hit a high of $2,971 when a 441 sq ft one-bedder was transacted for $1.31 million. In December, a new psf-price high was reached when a 829 sq ft, two-bedroom unit was sold for $2.57 million ($3,100 psf).
The only new development within close proximity of One Bernam is Sky Everton on Everton Road. That freehold 262-unit project was launched in May 2021 and is nearly fully sold, clocking 99% sales as of end-December 2022. However, the average selling price at Sky Everton is about $2,859 psf, whereas One Bernam’s average price is about $2,543 psf.
On the other hand, Sloane Residences in prime District 10 once again set a new psf-price low when a 1,249 sq ft, three-bedroom unit was sold by the developers for $3.15 million ($2,526 psf) on Jan 7. This comes less than a month after the previous low of $2,664 psf was set on Dec 16, when a 1,249 sq ft three-bedder fetched $3.46 million.
Coincidentally, the developer also moved three other units at Sloane Residences on Jan 7.
These transactions involved a pair of neighbouring 743 sq ft two-bedders that fetched $1.97 million ($2,659 psf) and $1.93 million ($2,598 psf), as well as a separate 1,249 sq ft, three-bedroom unit that was sold for $3.23 million ($2,585 psf).
Sloane Residences is now fully sold, based on URA caveats. The project, which is jointly developed by Tiong Seng Holdings and Ocean Sky International, attained its temporary occupation permit last November.