The largest penthouse at Park Nova has recently been sold at a record-breaking price, making it the most expensive unit ever sold in the development. The five-bedroom unit, located on the 20th floor and spanning 5,899 sq ft, was purchased by the developer for $38.888 million, translating to a staggering $6,593 per square foot, according to a caveat filed on Jan 21 on the URA Realis database.
This transaction has set a new benchmark for both the absolute price and price per square foot at Park Nova, surpassing the previous records held by a 4,499 sq ft penthouse that was sold for $26.026 million, or $5,784 psf, in May 2021.
In fact, this sale has also secured the second-highest price per square foot ever recorded for a condo unit in Singapore, falling just short of the record set by a unit at The Marq on Paterson Hill back in 2011. The unit, a four-bedroom apartment measuring 3,089 sq ft on the 20th floor, sold for $20.54 million, or $6,650 psf.
For those interested in exploring the latest new launches, you can search for available units and transaction prices.
The sold penthouse at Park Nova is believed to be part of a cluster of properties linked to a $3 billion money laundering case, which have reportedly been put up for sale. In fact, it was reported to have been sold in 2021 for $34.438 million, or $5,838 psf.
This penthouse marks the third unit sold by the developer at Park Nova within a month, based on caveats lodged. On Jan 17, a four-bedroom apartment measuring 2,906 sq ft on the 19th floor was sold for $16.59 million, or $5,708 psf. And on Dec 27, a four-bedroom unit measuring 2,896 sq ft on the 18th floor sold for $15.99 million, or $5,522 psf.
The recent sales transactions at Park Nova are listed below (Source: EdgeProp Buddy):
The 54-unit Park Nova is a freehold luxury condo located at the junction of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the apartment received its temporary occupation permit in November last year. To find out more about Park Nova properties, you can check out the latest listings or ask Buddy for assistance.
For more information and insights on Park Nova, you can also:
– View the site plan and diagrammatic chart for Park Nova
– Compare the price trend of condo new sales vs EC new sales
– Generate a price trend graph for new launch condos in District 10
– View the project summary for Park Nova condo
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To sum it up, purchasing a Singapore condo comes with a multitude of benefits, such as high demand, potential for increasing value, and attractive rental yields. Nevertheless, it is crucial to carefully weigh in factors such as location, financing options, government regulations, and market conditions. This way, investors can make well-informed decisions and reap maximum returns in Singapore’s ever-evolving real estate scene. Whether you are a local investor looking to broaden your investment portfolio or a foreign buyer seeking a stable and profitable opportunity, the condominium market in Singapore presents a compelling option. By conducting thorough research and seeking guidance from professionals, one can take advantage of this dynamic market and make the most out of their investment.
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– [UPDATE] The average price of luxury condos in 2022 has dipped 7% year-on-year.