The only penthouse at luxury project Le Nouvel Ardmore has been sold for $51 million, in what may be a record here since at least the global financial crisis.
The identity of the buyer of the unit in the swanky Ardmore Park district, off Orchard Road, has not been disclosed.
The price translates to $3,675 per sq ft (psf) for the 13,875 sq ft unit. Considering that 5,000 sq ft is a roof terrace, the net price psf is more than $5,000 psf for the indoor living area.
Experts were buoyed by the heady result, given that prime district condominiums have posted eight straight quarters of price decline, besides the $15.8 million loss Japanese billionaire Katsumi Tada suffered when he sold a St Regis penthouse last month.
"It is a sign the market is not completely dead. People are waiting and some may decide to take the plunge," said Savills research head Alan Cheong.
It is the fourth unit sold at the 43-unit freehold project by Wing Tai, which got its temporary occupation permit last April.
One unit was sold in 2011 and two in 2013 - all at above $4,300 psf. The penthouse is understood to be priced on application.
Mr Cheong said the fact that the project has been completed helped such a large-scale deal.
"This gives confidence to the super-high net worth, who like buying something they can touch and feel, rather than off plan."
The unit's rare large size also led to the high price, said Rodyk & Davidson partner Lee Liat Yeang.
"Anything more than 3,500 to 4,000 sq ft is already very big, and penthouses are mostly in that range."
The sale is comparable to a penthouse sold for $42.9 million, or $5,560 psf, at TwentyOne Angullia Park in June 2013.
Other condos with a hefty price tag include The Marq on Paterson Hill, where a four-bedder sold for $20.5 million, or $6,850 psf, in November 2011, said Mr Samuel Eyo, managing director of Singapore Christie's Homes.
A 53rd-storey penthouse unit at The Orchard Residences went for $28.269 million, or $5,600 psf, in October 2007, while the penthouse record for nearby The Ardmore Park condo was $30 million, or $3,432 psf, for a 29th-storey unit in July 2010.
This article was first published on April 11, 2015.
Saturday, Apr 11, 2015
The Straits Times
Source: AsiaOne (11 Apr 2015)