Four-bedder at Nassim Park Residences sold for a record high of $4,785 psf
A4,284 sq ft, four-bedroom condo at Nassim Park Residences recently changed hands for $20.5 million, according to a caveat lodged on Feb 27. The price translates to $4,785 psf, a new high for the luxury 100-unit, freehold condo on Nassim Road.
According to a property title search, the buyer is Subodh Mithu Chanrai, the youngest of three sons who co-own the family-owned conglomerate Chanrai Summit Group, whose flagship company is Fareast Mercantile Co, according to the company’s website. Chanrai Summit Group has a sprawling business ranging from trading, manufacturing and asset management and is present in seven countries, including Nigeria, Ghana, Dubai, India and Singapore.
Subodh, the new owner of the four-bedroom unit at Nassim Park Residences, is said to head the West African businesses.
The seller is an Indonesian who purchased the unit from the developer in September 2009 for $14 million ($3,268 psf), according to a caveat lodged then. The sale price of $20.5 million translates to a capital appreciation of $6.5 million over 14 years.
Based on caveats lodged with URA Realis, this latest transaction at $4,785 psf marks the fourth in Nassim Park Residences to cross the $4,000 psf threshold. The previous high was for a 3,466 sq ft, four-bedroom unit on the third floor of the same block that the developer sold for $14.28 million or a high of $4,120 psf in July 2010.
Developed by a consortium comprising Singapore-listed property firm UOL Group, billionaire Wee Cho Yaw’s privately-held investment vehicle Kheng Leong Co, and Tokyo-based investment firm Orix Corp, Nassim Park Residences was launched in late May 2008 and completed in 2011.
Nassim Park Residences was UOL Group’s luxury project that saw the developer collaborate with three international designers: Singapore-based architect Chan Soo Khian of SCDA Architects, Japanese monk and landscape designer Shunmyo Masuno and the late French minimalist interior designer Christian Liaigre.
Samuel Eyo, managing director of Lighthouse Property Consultants, is not surprised by the recent $4,785 psf price achieved at Nassim Park Residences. At the neighbouring luxury condo, The Nassim, a 55-unit freehold development one street away on Nassim Hill, a four-bedroom, 5,307 sq ft unit was recently listed for sale at $23 million ($4,334 psf).
The highest psf price achieved at The Nassim was in May last year, when a 4,069 sq ft, four-bedroom unit on the third floor of a five-storey block changed hands for $20 million or $4,915 psf. The freehold condo was developed by CapitaLand and completed in 2015. Singapore-based award-winning architect, Mok
Wei Wei of W Architects, was the design architect for The Nassim.
“There are not many new, completed luxury condos in the Nassim area with sizeable four-bedroom units for sale,” says Eyo. “Buyers want newer, completed condominiums with a grand entrance, luxurious feel and amenities, which older developments lack.”