The recent sale of the largest penthouse at Park Nova has set a new record for the development, with a transaction price of $38.888 million, or $6,593 per square foot (psf). This five-bedroom unit located on the 20th floor covers a spacious 5,899 sq ft and was sold by the developer according to a caveat dated Jan 21 on the URA Realis database.
This sale marks the highest price ever recorded for a unit at Park Nova, both in terms of absolute price and psf rate, based on caveats lodged. Previously, the records for both were held by a 4,499 sq ft penthouse that sold in May 2021 for $26.026 million ($5,784 psf).
The transaction also sets the second-highest psf price ever registered for a condo unit in Singapore, with the top spot currently held by a unit at The Marq on Paterson Hill. In 2011, a 3,089 sq ft, four-bedroom unit on the 20th floor of the development was sold for $20.54 million, or $6,650 psf.
The recent sale of the Park Nova penthouse on Jan 21 is believed to be part of a collection of properties linked to a $3 billion money laundering case that have been put up for sale. The unit was previously reported to have sold in 2021 for $34.438 million ($5,838 psf).
Caveats show that this is the third unit at Park Nova that the developer has sold within a month. On Jan 17, a four-bedroom apartment spanning 2,906 sq ft on the 19th floor was sold for $16.59 million ($5,708 psf), and on Dec 27, a 2,896 sq ft four-bedder on the 18th floor was sold for $15.99 million ($5,522 psf).
Investing in real estate is a strategic decision that requires careful consideration of various factors, and one of the most crucial ones is location. This applies particularly to the real estate market in Singapore. Condominiums located in central areas or in close proximity to important amenities such as schools, shopping centers, and transportation hubs have a higher potential for value appreciation. Prominent locations like Orchard Road, Marina Bay, and the CBD have consistently shown growth in property values. Families seeking quality education for their children also prefer condos in these areas, making them even more lucrative investments. With the addition of Singapore Projects, the real estate market in these prime locations is expected to continue its upward trend.
The 54-unit Park Nova is a freehold luxury condo located at the junction of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the development received its temporary occupation permit in November last year. Interested buyers can check for the latest listings of Park Nova properties and ask EdgeProp Buddy for the site plan and diagrammatic chart, price trend of new launch condo in District 10, total number of units, and project summary of Park Nova condo.
RELATED NEWS:
A freehold bungalow at 11 Claymore Road is now on the market for $95 million
Pullman Residences Newton hits record high of $3,671 psf
[UPDATE] Average price of luxury condos in 2022 dips 7% y-o-y