Luxury project 19 Nassim sees prices cross $3,800 psf for the first time

It is located next to the former Pines condominium at the junction of Grange Road and Paterson Road.

New sales at 19 Nassim, a luxury condominium on Nassim Hill in prime District 10, has pushed the psf prices in the development to a new high. On the 4th of January, a 538 sq ft, one-bedroom unit was sold for $2.09 million ($3,876 psf) – the highest psf price for any condo in Singapore for the period of Jan 3 to 19. This broke the previous psf-price high at 19 Nassim – set by the sale of a 1,410 sq ft, three-bedroom unit for $5.29 million ($3,751 psf) on October 8, 2021.

On the same day, another 1,475 sq ft three-bedroom unit at 19 Nassim was sold for $5.63 million ($3,815 psf). These two January 4th sales marked the first time that units at the project were sold by the developer for more than $3,800 psf, according to URA caveats.

19 Nassim is a 101-unit luxury condo by Keppel Land and is a redevelopment of its former project, Nassim Woods. The development lies in the exclusive Nassim Road residential enclave, a neighbourhood with several other luxury developments such as Nassim Park Residences and the upcoming Les Maisons Nassim.

The condo is conveniently located next to the Interpol Global Complex, near Singapore’s embassy row along Napier Road, Singapore Botanic Gardens, Gleneagles Hospital, Tanglin Mall, and the Orchard Road shopping belt. The nearby MRT stations, like the newly-operational Napier and Orchard Boulevard stations of the Thomson-East Coast Line, provide easy access to the area.

Despite its launch for sale in March 2020, only six recorded transactions have occurred at 19 Nassim. It is possible, however, that given the highly exclusive character of the project, some sales may not be reflected in URA caveats.

Meanwhile, One Bernam set a new psf-price 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 January 16. This figure trumped the previous high of $3,168 psf set by the sale of another 441 sq ft one-bedder for $1.4 million on November 10, 2022.

One Bernam is a mixed-use building at 1 Bernam Street in the Tanjong Pagar area of District 2. It consists of a two-storey retail podium, 351 condo units, and 13 serviced apartments. The 99-year leasehold project was first launched in May 2021 by Singapore’s MCC Group and Hao Yuan Investment. According to developer sales data, it is 40% sold as of end-December 2022.

Prices at the project have been on the rise since August 2022, when a 441 sq ft one-bedder was transacted for $1.31 million at a psf-price of $2,971. In December, the highest psf-price was achieved 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. Sky Everton has achieved an average selling price of about $2,859 psf, whereas One Bernam’s average price is about $2,543 psf.

The psf-price at Sloane Residences in Prime District 10 also hit a new low on January 7, when a 1,249 sq ft, three-bedroom unit was sold by the developers for $3.15 million ($2,526 psf). This was less than a month after the previous low of $2,664 psf was set on December 16, when a 1,249 sq ft three-bedder fetched $3.46 million.

Notably, three other units at Sloane Residences were moved on the same day – a Tengah EC 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). Now fully sold according to URA caveats, Sloane Residences is a joint development by Tiong Seng Holdings and Ocean Sky International, and attained its temporary occupation permit last November. It is located next to the former Pines condominium at the junction of Grange Road and Paterson Road.