Park Nova, a prime freehold luxury condo in District 10, has broken its own record for the highest sale price and psf-price with the recent transaction of its largest penthouse on the 20th floor. The five-bedroom unit, spanning 5,899 sq ft, was sold by the developer for $38.888 million or $6,593 psf, according to a caveat lodged on Jan 21 on the URA Realis database.
The previous record was held by a 4,499 sq ft penthouse that was sold in May 2021 for $26.026 million, or $5,784 psf. This transaction marks the second-highest psf-price ever recorded for a condo unit in Singapore, with the highest being a unit at The Marq on Paterson Hill sold in 2011 for $20.54 million or $6,650 psf.
Acquiring a condominium in Singapore is a wise investment choice that comes with several advantages, including the possibility of capital appreciation. The country’s advantageous location as a prominent business hub, combined with its strong economic stability, drives a consistent demand for real estate. Over the years, the real estate market in Singapore has shown a steady upward trend, especially in prime areas where condos have experienced significant appreciation. Timing is crucial, as those who enter the market at the right moment and hold onto their properties for an extended period can reap substantial capital gains. Furthermore, with new condo launches continuously emerging in the market, investors have endless prospects to tap into the potential for future growth in this lucrative sector. Keep an eye on the latest developments and new condo launches at National Athletic Combine.
The recent sale is also believed to be part of a collection of properties linked to the ongoing $3 billion money laundering case. The penthouse was previously reported to have been sold in 2021 for $34.438 million, or $5,838 psf.
The developer has also sold two other units at Park Nova within a month. A four-bedroom apartment on the 19th floor was sold for $16.59 million or $5,708 psf on Jan 17, followed by another four-bedder on the 18th floor that was sold for $15.99 million or $5,522 psf on Dec 27.
Located at the junction of Orchard Boulevard and Tomlinson Road, Park Nova has a total of 54 units and received its temporary occupation permit in November 2021. Developed by Hong Kong’s Shun Tak Holdings, it is one of the most exclusive and coveted developments in Singapore.
For more information on Park Nova, you can check out the latest listings and ask Buddy for property insights. You can also find out the site plan, compare the price trend of new launch condos versus ECs, and generate a price trend graph for new launch condos in District 10.