Largest penthouse at The Nassim up for sale at $48 mil
By Timothy Tay
/ EdgeProp Singapore |
The wraparound balcony is a feature of the penthouse. (Picture: Albert Chua/The Edge Singapore)
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The largest penthouse at The Nassim, an ultra-luxury freehold condo on Nassim Hill, is on the market for $48 million. The 9,300 sq ft duplex is one of four exclusive five-bedroom penthouse units at the development, and the asking price translates to $5,161 psf.
This jumbo-sized luxury penthouse was one of the 45 units acquired by Kheng Leong Co for $411.6 million in January 2017. According to URA caveats, this penthouse was subsequently sold for $25.58 million ($2,750 psf) to the current owner in May 2017.
Now, the owner is looking to sell the penthouse and CBRE has been appointed as one of the marketing agents for the sale.
A mansion in the sky
The penthouse is located on the fifth and sixth floors and includes a private rooftop terrace with a swimming pool. The unit is served by a private lift which connects the fifth and sixth floors to a gated basement lobby, with five parking lots and a chauffeur’s room, within the condo’s underground carpark.
The spacious living and dining room, which dominates most of the fifth floor, is a large uninterrupted space featuring a wraparound balcony.
The 9,300 sq ft duplex penthouse is one of four exclusive five-bedroom penthouse units at The Nassim. (Picture: Albert Chua/The Edge Singapore)
The balcony offers an unblocked view of the picturesque 50m swimming pool at the centre of the development, as well as the landscaped courtyards that frame it. Floor-to-ceiling glass sliding doors along the living room can be pulled back to extend the plush indoor space into the open-air balcony.
An enclosed kitchen is adjacent to the living and dining room, and the kitchen is connected to a service yard and a helper’s room. This floor also has the en suite master bedroom, three en suite bedrooms, a powder room for guests, and a family area.
The spacious master bedroom features a walk-in wardrobe and is large enough to accommodate a lounge area, while the master bathroom features a bathtub that overlooks the greenery along Nassim Road.
The balcony offers an unblocked view of the swimming pool and landscaped areas. (Picture: Albert Chua/The Edge Singapore)
While the private lift serves the sixth floor, a staircase beside the family area offers an alternative connection. This upper floor features a flexible private suite comprising a second en suite master bedroom, an office anteroom that is directly connected to the lift lobby on this floor, as well as a balcony that leads up to the private roof terrace and swimming pool.
Epitome of luxury living
The Nassim was designed by renowned local architect Mok Wei Wei of W Architects. The condo features a trio of low-rise blocks with a mix of three- and four-bedroom apartments, and five-bedroom penthouses.
The Nassim is a 55-unit luxury condo and a redevelopment of the former ANA Hotel. Completed in 3Q2015, the developer had sold only 10 units at that point and would have been subjected to extension charges for unsold units under the conditions of the Qualifying Certificate scheme.
Kheng Leong had stepped in to purchase the development company and the 45 available units in January 2017.
The master bedroom is large enough to accommodate a lounge area. (Picture: Albert Chua/The Edge Singapore)
Demand for ultra-luxury homes
The Nassim is a landmark residential development within the exclusive Nassim Road enclave, which is characterised by its black-and-white colonial bungalows, Good Class Bungalows (GCBs) along Nassim Road and Cluny Park, and other luxury residences.
“Demand for ultra-luxury homes in Singapore took a hit immediately after the government increased the additional buyer’s stamp duty last year. But since the start of this year, we have seen a gradual increase in the number of viewings for luxury homes across the country,” says Linda Chern, executive director and head of residential services, Singapore, at CBRE.
Buying interest from locals, newly minted citizens, and permanent residents has contributed positively to the uptick in buying sentiment for prime luxury homes in recent months, she says, noting that the scarcity of suitable properties remains an ongoing challenge for many prospective luxury home buyers.
“The GCB market continues to favour sellers, and the scarcity of available GCBs on the resale market supports the strong asking prices that we see on the market,” adds Chern.
The bathroom of the master bedroom overlooks the greenery along Nassim Road. (Picture: Albert Chua/The Edge Singapore)
“While much of the focus among luxury home buyers in recent months has been centred on landed homes and GCBs, there has always been a select group of buyers with a keen appreciation of luxury penthouses, opting for a home like this as their preferred lifestyle choice,” says Ethan Tan, associate director, residential, Singapore, at CBRE.
In addition, given persistently high material and construction costs, the cost of redeveloping landed houses remains high and redevelopment could take more than three years in some cases, depending on the extent of construction, says Tan.
“As a result, some buyers are turning to properties such as this penthouse at The Nassim, which are generally well-kept, in ideal move-in condition, and feature a large flexible layout which can accommodate their lifestyle needs,” he adds.
The sixth floor features a flexible private suite comprising a second en suite master bedroom. (Picture: Albert Chua/The Edge Singapore)
If the 9,300 sq ft penthouse at The Nassim is sold at its asking price of $48 million, or $5,161 psf, it would mark a record psf price at the ultra-luxury development. It would also be the first resale unit at The Nassim to cross the $5,000 psf threshold.
The current psf-price high is $4,915 from the sale of a 4,069 sq ft unit, on the third floor, for $20 million in May 2022. This four-bedroom unit had initially been put up for sale for $22.5 million in February 2022.
EdgeProp Singapore reported that the seller was Ron Tan, executive chairman and group CEO of Singapore-based entertainment company CityNeon Holdings. Based on URA caveats, Tan made a profit of $6 million (43%) on the sale of the apartment.
Nearby projects
Since January, the developer has sold 29 units, in addition to the 11 units it sold in previous years, making the development about 40% sold to-date. The average selling price is about $3,345 psf. However, 19 Nassim only comprises a mix of one- to three-bedroom units that range from 538 to 1,830 sq ft.
Keppel's 19 Nassim. (Picture: Samuel Isaac Chua/The Edge Singapore)
The area also recently saw the completion of luxury condo Les Maisons Nassim on Nassim Road. The project, which consists of only 14 apartments, was developed by Hong Kong-listed Shun Tak Holdings.
All 14 units at Les Maisons Nassim have been fully sold. Units are large-format, ranging from 6,049 sq ft to 12,077 sq ft for its largest penthouse. The 12,077 sq ft penthouse was sold for $75 million ($6,210 psf) in October 2021.
Recent luxury deals
Recent headline sales in the luxury segment suggest that some high-net-worth buyers are returning to the market. The sale of a penthouse at the ultra-luxury Skywaters Residences at 1 Prince Edward Road was noteworthy as it became the first 99-year leasehold condo unit to be sold for more than $6,000 psf. The 7,761 sq ft unit fetched $47.34 million ($6,100 psf) on May 20.
This transaction followed the sale of a 9,600 sq ft, duplex penthouse at Dalvey Haus, a luxury freehold development at 101 Dalvey Road. The penthouse fetched just under $40 million last month.
Meanwhile, four villas at Sentosa’s Green Collection appeared on the market last month, priced at $7.25 million apiece. It is the first time any of the villas at the Green Collection has been put up for sale.
“Given the strong buying interest that we are seeing in the prime luxury market over the first half of this year, we expect that this penthouse at The Nassim will attract strong interest from local and foreign buyers. Penthouses offer a distinct lifestyle that sets them apart from landed homes, and the characteristics of this penthouse will appeal to discerning buyers,” says Chern.
Check out the latest listings for The Nassim properties
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