Yahoo Finance [UPDATED] Biggest penthouse at Park Nova sold at $5,838 psf, a record for Orchard Boulevard area
Sales gallery of Park Nova, which opened for sales on May 7 (Photo: Finbarr Fallon)
SINGAPORE (EDGEPROP) - On May 7, sales at Park Nova, Shun Tak Holdings’ luxury condo in Singapore’s Orchard Boulevard-Tomlinson area, began at 2pm for the three duplex penthouses. Bookings for the typical units began from 7pm. By the close of the evening, five units were sold for well over $100 million in sales, according to the developer in a statement today.
The two biggest five-bedroom penthouses in the 54-unit luxury condo at 18 Tomlinson Road fetched $34.438 million and $26.026 million respectively. The biggest penthouse of 5,899 sq ft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at $34.438 million or $5,838 psf.
The transaction price of $26.026 million for the second biggest penthouse of 4,499 sq ft, worked out to $5,785 psf. The third and smallest penthouse of 3,229 sq ft is also believed to have been sold for above $17 million.
The duplex penthouses span the top two floors of the 21-storey tower at Park Nova. Besides the penthouses, three other units on the typical floors were snapped up. These were all the four-bedroom units on the 15th to 19th floors -- the high-floors units situated above the sky garden on the 14th level. The residential units on the lower floors span the 2nd to 13th levels. The entire tower is raised 17m above the landscaped deck on the ground level.
Besides the penthouses, the other three units sold yesterday were four-bedroom units sized from 2,895 to 2,906 sq ft above the 15th floor which were priced above $14 million, and were transacted for above $5,000 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Prices achieved for these four-bedroom units were well over $14 million and crossed $5,000 psf, according to Dominic Lee, head of luxury at PropNex. His luxury team is said to have brokered all five deals.
“All the buyers of the five units are ultra-high networth foreigners,” says Lee. “For these buyers, price was no object. They zoomed in on the best units, which were the largest units on the topmost floors. It’s clear that they want a product that stands out from the crowd, a product that can’t be found elsewhere.”
Based on the $5,838 psf achieved for the biggest penthouse at Park Nova, PropNex’s Lee reckons it’s a record price for the Orchard Boulevard-Tomlinson area in District 10 to date.
“We are happy with the positive response for Park Nova,” says Joanne Goh, assistant director of Shun Tak Residential Development in Singapore. “The product speaks for itself and the response is a reflection of the confidence our buyers have in our promise and vision.”
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