SINGAPORE (EDGEPROP) - When two neighbouring triplex townhouses at 8 Nassim Hill were put up for auction by Knight Frank last December, it created a stir: Both units were seized by the Sheriff’s Office of the Singapore Courts and arranged for sale to satisfy the judgment.

See also: Sheriff’s sale of two townhouses at 8 Nassim Hill for $8.2 mil each

The larger of the two triplexes, with a total floor area of 4,542 sq ft, was snapped up on the day of the auction for $9.1 million ($2,003 psf). For the buyer, an Indonesian national, the price proved to be attractive given the space and the auspicious Nassim Hill address. After all, the previous owner, a Chinese national, paid $12.2 million ($2,686 psf) for the unit in January 2011, according to a caveat lodged then. Hence, the latest transacted price reflects a 25.4% markdown.

8 Nassim Hill is a boutique development with eight penthouses and eight triplex townhouses. The units come with double-volume living room, dining room, family room, private pool, private garden, balcony with views, and four en suite bedrooms. Developed jointly by Singapore-listed construction and engineering company BBR Holdings and private real estate developer Shing Kwan Group, the project was completed in 2010.

The second of the two units that were seized by the Sheriff’s Office belonged to the same owner as the first. This unit will be put up for auction by Knight Frank on Feb 24. The triplex townhouse has a floor area of 4,208 sq ft and a guide price of $8.8 million ($2,091 psf). Compared to the previous owner’s purchase price of $12 million ($2,851 psf) back in August 2010, it is a 26.7% reduction.

This unit has attracted even more attention from both local and foreign buyers, investors and owner-occupiers alike. The latest transaction in the prestigious Nassim Hill enclave is a 3,520 sq ft unit at Nassim Mansion, a 72-unit freehold condo built 45 years ago (in 1977). That unit changed hands for $9.75 million ($2,770 psf), according to a caveat lodged last month.

Prices in the Nassim neighbourhood have surged over the past two years, hitting new records.  At the 55-unit The Nassim, at 18 Nassim Hill, a third-floor unit of 3,122 sq ft changed hands for $13 million ($4,165 psf) in October. At the 100-unit Nassim Park Residences, located at 21 Nassim Road, a 3,477 sq ft, four-bedroom condo changed hands for $12.44 million ($3,577 psf) last August, based on URA Realis data. (Discover insightful data of any Singapore condominium with our condo directory)

Hence, the $8.8 million ($2,091 psf) price tag for the 4,208 sq ft triplex townhouse at 8 Nassim Hill presents “good value, good location and a good size”, says Sharon Lee, senior director and head of auction & sales at Knight Frank.

What’s more, such large units are commanding high rents as tenants are also willing to pay a premium for space, adds Lee. At 8 Nassim Hill, one of the townhouses of 4,229 sq ft was leased for $22,000 a month ($5.20 psf per month) last December. Meanwhile, one of the penthouses of 4,101 sq ft at 8 Nassim Hill was leased at $18,000 a month last September.

According to Knight Frank’s Lee, the number of viewings has been “healthy” in the lead-up to the auction on Feb 24.

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