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

Recently, a four-bedroom condo at Nassim Park Residences changed hands for $20.5 million, or $4,785 psf – a new high for the luxury 100-unit, freehold condo. The buyer is Subodh Mithu Chanrai, the youngest of three sons who co-owns the family-owned conglomerate Chanrai Summit Group. The owner of the 4,284 sqft unit purchased the unit from the developer in 2009 for $14 million ($3,268 psf), making for a capital appreciation of $6.5 million over 14 years.

The success of the sale at Nassim Park Residences can likely be attributed to the unique blend of three international designers, suitable amenities and tight security of the 100-unit freehold condo. 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 collaborated in the development of Nassim Park Residences. The successful combination of Chan Soo Khian of SCDA Architects, Japanese monk and landscape designer Shunmyo Masuno, and the late French minimalist interior designer Christian Liaigre formed the unique selling point of the condo.

Singapore-based award-winning architect Mok Wei Wei of W Architects was the design architect for The Nassim, a 55-unit freehold development one street away from Nassim Park Residences. In May last year, a 4,069 sqft, four-bedroom unit on the third floor of a five-storey block changed hands for $20 million or $4,915 psf. Recent listing of a similar 4,000 sqft four-bedroom unit at The Nassim has prompted speculation of the increasing demand and selling prices of Nassim area luxury villas.

Samuel Tengah EC Eyo, Managing Director of Lighthouse Property Consultants, commented on the trend, stating that buyers are after a more luxurious feel with a grand entrance and adequate amenities. As such, newer, completed condominiums seem to be the preferred choice, rather than older villas.

Clearly, the sale of Subodh Mithu Chanrai’s condo at $4,785 psf is indicative of the robust demand for luxury residences in the Nassim area. With the recent sale, there are now four units that have crossed the $4,000 psf threshold at Nassim Park Residences. Alluding to the potential returns from investing in such properties, it looks like the trend is here to stay.