SINGAPORE (EDGEPROP) - A 4,069 sq ft, four-bedroom apartment at The Nassim on Nassim Hill was sold for $20 million or $4,915 psf on May 25. The deal was brokered by Tricia Ang, CBRE vice-president of residential services, Singapore. The buyer is believed to be a Chinese national and therefore subject to a 30% additional buyer’s stamp duty (ABSD).

“Even with the hike in ABSD, Singapore luxury property remains attractive to foreigners,” says Ang. “Despite the cooling measures, the luxury residential market has not been severely impacted.”

The pandemic has also driven demand for such large homes as more people work from home and may also require additional space for their children to attend home-based learning, she adds. According to CBRE, 15 luxury apartments above $10 million each have been sold in the first four months of 2022, compared to 16 in the same period last year.

Read more: The Nassim four-bedroom deluxe apartment at $5,530 psf

A property title search shows that the seller is Ron Tan, executive chairman and group CEO of Singapore-based entertainment company CityNeon Holdings. Tan had purchased the unit for $13.998 million ($3,440 psf) in February 2018, based on caveats lodged with URA Realis. CBRE’s Ang declined to comment on the seller.

Before it was put up for sale, the apartment had been completely refurbished and fitted with many statement pieces, a whiskey bar and a brand new customised wine storage display cabinet.

“The buyer was so impressed with the interior design and furnishing that the apartment was purchased along with its contents,” says CBRE’s Ang. “An opportunity like this is hard to come by, considering that there are so few four-bedroom units above 4,000 sq ft available in the market for sale and in move-in condition.”

In terms of psf price, the deluxe apartment at The Nassim is the highest since October 2021, when a 3,122 sq ft, three-bedroom unit on the third floor changed hands for $13 million ($4,165 psf).

Developed by CapitaLand, The Nassim at 18 Nassim Hill was completed in 2015. The 55-unit, freehold luxury condo in prime District 10 is a redevelopment of the former ANA Hotel. In January 2017, CapitaLand’s wholly-owned subsidiary CRL Realty, had sold a 100% stake in Nassim Hill Realty, to Kheng Leong Co. for $411.6 million. The entity owned the remaining 45 of the 55 units in The Nassim.

Kheng Leong had made some enhancements to the swimming pool and landscaping in the common areas before selling the units at The Nassim to individual buyers. In fact, CityNeon’s Tan had purchased his unit from Kheng Leong.

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