SINGAPORE (EDGEPROP) - At Knight Frank’s auction on Feb 24, the highlight was the triplex townhouse at 8 Nassim Hill that was put up for sale by the Sheriff’s Office of the Singapore Courts. The 4,208 sq ft unit had an opening price of $8.55 million ($2,032 psf).

The property was hotly contested by three parties, with the bid prices driven up by  $10,000, $20,000 and $50,000 increments until it was finally sold to the highest bidder at $9.79 million ($2,327 psf). This was 14.5% higher than the opening price and 11.25% above the guide price of $8.8 million ($$2,091 psf). (Find out Singapore property valuation with Edge Fair Value)

This unit therefore achieved a higher price than the first unit that was sold at Knight Frank’s auction on Dec 9. Also a sheriff’s sale, the 4,542 sq ft triplex townhouse had an opening price of $9 million. It had two parties who bid for it and was sold for $9.1 million ($2,003 psf). According to a property title search, the buyer at the auction was an Indonesian national.

Read more: Second of two sheriff’s sales of triplex townhouses at 8 Nassim Hill for $8.8 mil

Sharon Lee, Knight Frank Singapore’s senior director and head of residential (auction and sales), attributes the strong response to the prestigious Nassim Hill location in prime District 10, and proximity to Tanglin Road/Orchard Road shopping strip as well as the upcoming Orchard Boulevard MRT station on the Thomson-East Coast Line. It’s also located within the exclusive Nassim Good Class Bungalow enclave.

“While there were some investors among the interested parties, other prospective buyers were looking to purchase for their own use,” adds Lee.

Check out the latest listings near 8 Nassim Hill, Tanglin Road, Orchard Boulevard MRT station