As the property market in Singapore continues to experience waves of positive vibes, a 4-bedroom apartment (4,004 sq ft) at luxury condo project Le Nouvel Ardmore was recently transacted at a whopping S$16 million (translating to S$4,005 psf).
The high-end private residential project located at Ardmore Park was ingeniously designed by award-winning French architect Jean Nouvel and proudly developed by renowned property developer Wing Tai Holdings.
The entire project only consists of 43 units – all 4-bedroom types with an average size of around 3,800 square feet, and 9 units have been sold to date.
Le Nouvel Ardmore is famously known of the transaction of its 13,875 square feet duplex penthouse for a record S$51 million back in 2015. The buyer was believed to be one of the co-founders of e-commerce giants Alibaba Group – Mr Sun Tongyu.
Then again, it wasn’t the most expensive deal in history for a private non-landed residential unit in Singapore. That record at Le Nouvel Ardmore was broken by the sale of the super penthouse (10,300 sq ft) at SC Global’s Sculptura Ardmore – for more than S$60 million.
It was noted by Wing Tai Holdings that the group believes that Singapore is still good place for having property investments despite its regulated environment, which in a way provides stability to the market.
It seems like many high net worth individuals and the affluent class share the same sentiments with Wing Tai as other high-end condos have also experienced a surge in transaction volume.
One of them is City Developments Ltd (CDL)’s Gramercy Park, a 174-unit condo project which was completed last year, had one of its 2-bedroom unit situated on the level 18 sold for S$4.17 million, or S$3,310 psf.
Another significant deal saw 4 units (on the 33rd floor) at the Tomlinson Heights (a 36-storey luxury condo completed back in 2014) being bought up by a single Singaporean buyer for S$30 million in total.
Real estate consultants have mentioned that activities for big-ticket acquisitions have returned to the market – even property developers are entering the scene to acquire freehold sites in prime districts for redevelopment.
The latest site acquisition saw a freehold private residential site along River Valley Road being sold to Roxy-Pacific Holdings for S$110 million earlier in August 2017.