Penthouse at Boulevard 88 sold at a high of $4,936 psf

/ EdgeProp Singapore |

May 31, 2019 12:49 PM SGT

In the week of May 14 to 21, there were three transactions at luxury projects in prime District 10 where prices crossed $4,000 psf. The biggest unit sold was a 5,673 sq ft penthouse at Boulevard 88, which fetched $28 million or $4,936 psf.

Luxury project, Boulevard 88, where 48 units have been sold to date at average prices above $3,700 psf (Credit: City Developments Ltd)

The penthouse’s price is the highest in psf terms achieved at Boulevard 88, a brand new ultra-luxurious condo with 154 units in twin 28-storey towers. The project is an integrated development that includes a hotel tower with 208 suites branded EDITION conceived by US developer Ian Schrager and Marriott International. Designed by renowned architect Moshe Safdie, the project is a joint venture by Hong Leong Holdings, City Developments Ltd (CDL) and Lea Investments.

The 5,673 sq ft penthouse is one of four within the development. Two other penthouses have been sold: a 5,683 sq ft unit went for $28 million ($4,927 psf) in March; and a bigger penthouse of 6,028 sq ft fetched $29.53 million ($4,899 psf) in April.

The latest penthouse and the one that went for $29.53 million in April were both brokered by PropNex Realty. Both buyers were said to be Chinese nationals.

“The buyers of such big-ticket items are generally foreigners,” says Dominic Lee, PropNex head of luxury team. “At such prices, most Singaporeans would opt to buy a Good Class Bungalow.”

To date, 48 units at Boulevard 88 have been sold at average selling prices above $3,700 psf, according to a CDL spokesperson. These include the three penthouses that have fetched prices of $28 million and above. To date, 23 of the 50 four-bedroom units that are sized from 2,766 to 2,799 sq ft, have been sold at prices above $10 million each.

“The steady demand for luxury properties suggests that Singapore remains a top choice for high-end foreign and local buyers,” says the CDL spokesperson. “The medium to long-term prospects for Singapore’s luxury property market are good, and prices are expected to stay resilient.”

The latest sale at Boulevard Vue was a 4,478 sq ft, four-bedroom unit on the 28th floor that fetched $22 million ($4,913 psf), which means only one unit, the 11,000 sq ft penthouse, is still available (Credit: Samuel Isaac Chua/EdgeProp Singapore)

Another big-ticket transaction was seen at Boulevard Vue, a freehold, ultra-luxury development located on Cuscaden Walk, off Angullia Park and Orchard Boulevard. Developed by Far East Organization, the exclusive development contains only 28 units in a 33-storey tower. The project was completed in 2013.

Of the 28 units, 26 are four-bedroom units with sizes averaging 4,500 sq ft each. Each unit spans an entire floor and is served by two private lifts. There are also two duplex penthouses: one of about 8,000 sq ft and the other of 11,000 sq ft. The 8,062 sq ft penthouse was sold for $33.4 million ($4,144 psf) in November 2009.

The latest sale at Boulevard Vue was the last 4,478 sq ft, four-bedroom unit on the 28th floor that fetched $22 million ($4,913 psf), according to a caveat lodged on May 17. In terms of psf price, it is also the highest in the luxury development to date. The buyer is believed to be a Chinese national too.

Following this latest transaction, only one unit remains available for sale at Boulevard Vue, namely the super penthouse of about 11,000 sq ft.

A 4,058 sq ft, four-bedroom unit on the 11th floor of Le Nouvel Ardmore was sold for $16.89 million ($4,162 psf) [Credit: Samuel Isaac Chua/EdgeProp Singapore]

Meanwhile at another ultra-luxury development, Le Nouvel Ardmore by Wing Tai Holdings, a 4,058 sq ft, four-bedroom unit on the 11th floor of the 36-storey tower was sold for $16.89 million ($4,162 psf), according to a caveat lodged on May 15. In terms of psf price, it is the second highest to date, based on caveats lodged with URA Realis.

The highest psf price achieved at Le Nouvel Ardmore was for another four-bedroom unit, sized at 3,907 sq ft, and located two floors above on the 13th level. It was sold for $16.8 million ($4,300 psf) in May 2018.

The 43-unit, ultra-luxury development was designed by French architect and 2008 Pritzker Architecture Prize laureate Jean Nouvel and completed in 2014. The super penthouse at Le Nouvel Ardmore of 13,573 sq ft, was sold for $51 million in April 2015. The buyer was a Chinese tycoon.

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