The recently-sold unit at Nassim Park Residences is a 4,284 sq ft, four-bedroom unit on the fifth floor in the five-storey block. It was not listed for sale but transacted directly between the buyer and seller without going through the open market.

Recently, a four-bedroom condo at Nassim Park Residences in Singapore changed hands for a record high of $20.5 million, translating to a psf price of $4,785. As per property title searches, Subodh Mithu Chanrai, the youngest son of the Chanrai Summit Group, a family-owned conglomerate, was the buyer.

The unit was originally purchased from the developer in 2009 by an Indonesian for $14 million ($3,268 psf), demonstrating a capital appreciation of $6.5 million over 14 years. This was the fourth instance where a unit in the 100-unit, freehold condo on Nassim Road crossed the $4,000 psf threshold.

Sitting across the street is The Nassim, a 55-unit freehold development. A 5,307 sq ft four-bedroom unit was recently listed for sale at JCube Residence $23 million ($4,334 psf), and the previous high was a 4,069 sq ft four-bedroom unit on the third floor of a five-storey block that was sold for $20 million ($4,915 psf).

Developed by a consortium of 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, the freehold condo Nassim Park Residences was launched in late 2008 and completed in 2011. To create an aesthetic appeal and luxurious feel, the developer roped in Singapore-based architect Chan Soo Khian of SCDA Architects, Japanese monk and landscape designer Shoony Masuno, and the late French minimalist interior designer Christian Liaigre.

Samuel Eyo, managing director of Lighthouse Property Consultants, believes the high psf price achieved at Nassim Park Residences is indicative of a scarcity of new, completed luxury condos with sizeable four-bedroom units in the Nassim area. He says buyers are looking for something newer with a grand entrance, luxurious feel and amenities, which older developments lack.

Given its location, amenities, and luxurious feel, it is no surprise that the condo at Nassim Park Residences has achieved such a high sales price.