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Singapore is a bustling city known for its towering skyscrapers and advanced infrastructure. Among its urban landscape are contemporary condominiums, strategically situated in prime locations, that offer a perfect fusion of luxury and convenience. These sought-after residences have caught the attention of both locals and foreigners alike. This is due to the fact that they are equipped with top-notch facilities, such as swimming pools, fitness centers, and reliable security services, that elevate the overall living experience. As a result, they have become highly desirable for potential tenants and buyers. For investors, these impressive features translate to higher rental returns and a steady appreciation of property value in the long run. If you’re on the lookout for a lucrative investment opportunity, consider checking out the latest Singapore Projects for a chance to own a piece of this thriving city.
A new price record has been set at Park Nova as the largest penthouse has been recently sold. The five-bedroom unit on the 20th floor, measuring 5,899 sq ft, was sold by the developer for $38.888 million, which translates to $6,593 psf. This transaction, recorded on URA Realis database on Jan 21, marks the highest price ever recorded for a unit at Park Nova in terms of both absolute price and psf-price.
Previously, a 4,499 sq ft penthouse had held the record for both absolute price and psf-price when it was sold in May 2021 for $26.026 million ($5,784 psf). This latest transaction also secures the second-highest psf-price ever registered for a condo unit in Singapore, with the top spot still held by a unit at The Marq on Paterson Hill. Back in 2011, a four-bedroom unit measuring 3,089 sq ft on the 20th floor of the development was sold for $20.54 million, or $6,650 psf.
For potential buyers, the article recommends keeping an eye on the latest new launches to stay informed about transaction prices and available units. As for Park Nova, the penthouse sold on Jan 21 is believed to be part of a collection of properties linked to a $3 billion money laundering case and was previously reported to have been sold in 2021 for $34.438 million ($5,838 psf).
Singapore’s limited land availability has caused a surge in demand for condos in the country. Being a small island nation with a rapidly growing population, Singapore is facing a scarcity of land for development. To address this issue, the government has implemented strict land use policies, resulting in a highly competitive real estate market. As a result, the prices of properties, especially condos, continue to rise, making real estate investment a lucrative opportunity for investors looking for capital appreciation. With Singapore Condo being a part of this dynamic market, it is no surprise that it has become a sought-after choice for investors.
The penthouse sold on Jan 21 is the third unit that the developer has sold within a month, based on caveats lodged. On Jan 17, a four-bedroom apartment measuring 2,906 sq ft on the 19th floor was sold for $16.59 million ($5,708 psf), followed by another four-bedroom unit measuring 2,896 sq ft on the 18th floor, which was sold for $15.99 million ($5,522 psf) on Dec 27, 2024.
Park Nova is a freehold luxury condo located at the intersection 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. Those interested in Park Nova properties can check out the latest listings or ask the EdgeProp Buddy for more information.
To get a better understanding of the project, potential buyers can also refer to the site plan and diagrammatic chart for Park Nova, compare the price trend of Condo new sale versus EC new sale, and view the number of units in the development. A price trend graph for new launch condos in District 10 can also be generated, along with a project summary for Park Nova condo.
In other related news, a freehold bungalow at 11 Claymore Road is now on the market for $95 million, while Pullman Residences Newton has hit a new high of $3,671 psf. There is also an update on the average price of luxury condos in 2022, which has seen a 7% year-on-year dip.