Largest Penthouse Nassim Sale 48 Mil
The biggest penthouse available at The Nassim, a prestigious freehold condominium situated on Nassim Hill, is currently up for grabs with an asking price of $48 million. This luxurious duplex unit spans 9,300 square feet and is one of only four exclusive five-bedroom penthouses within the development, translating to a price of $5,161 per square foot.
The penthouse was acquired by Kheng Leong Co in January 2017 as part of a bulk purchase of 45 units for $411.6 million. Records from the Urban Redevelopment Authority (URA) show that it was subsequently sold to the current owner in May 2017 for $25.58 million, equivalent to $2,750 per square foot. Now, the owner has decided to put the penthouse on the market and has appointed CBRE as the exclusive marketing agent for the sale.
The epitome of luxury living, this grand penthouse is located on the fifth and sixth floors and boasts a private rooftop terrace with a swimming pool. Residents can access the unit via a private lift that connects the fifth and sixth floors to a gated basement lobby, which also provides five parking lots and a chauffeur’s room within the condo’s underground car park.
The spacious living and dining area, which occupies most of the fifth floor, is a seamless space with a wraparound balcony. This balcony offers an unobstructed view of the stunning 50m swimming pool located in the heart of the development, as well as the beautifully landscaped courtyards that surround it. Floor-to-ceiling glass sliding doors can be opened to extend the living space onto the balcony, creating a perfect indoor-outdoor flow.
On this floor, there is also an enclosed kitchen that connects to a service yard and a helper’s room, as well as four en suite bedrooms, a powder room for guests, and a family area. The master bedroom, in particular, is exceptionally spacious and includes a walk-in wardrobe and a lounge area. The master bathroom features a bathtub that overlooks the lush greenery along Nassim Road.
The private lift also serves the sixth floor, which contains a flexible private suite consisting of a second master bedroom with an en suite bathroom, an office anteroom that connects directly to the lift lobby, and a balcony that leads to the private rooftop terrace and swimming pool.
The Nassim was designed by renowned local architect Mok Wei Wei of W Architects and features three low-rise blocks with a mix of three- and four-bedroom apartments, as well as five-bedroom penthouses. It was completed in the third quarter of 2015 and was acquired by Kheng Leong in 2017 when only 10 units had been sold. The developer would have been subject to extension charges for unsold units under the conditions of the Qualifying Certificate scheme.
According to Linda Chern, executive director and head of residential services, Singapore, at CBRE, demand for ultra-luxury homes in Singapore took a hit after the government increased the additional buyer’s stamp duty last year. However, since the beginning of this year, there has been a gradual increase in the number of viewings for luxury homes across the country. Local buyers, newly minted citizens, and permanent residents have contributed to this uptick in buying sentiment, and the scarcity of suitable properties continues to pose a challenge for many prospective luxury home buyers.
According to Ethan Tan, associate director, residential, Singapore, at CBRE, there has always been a select group of buyers with a keen appreciation for luxury penthouses, opting for this type of property as their preferred lifestyle choice. Given the high material and construction costs, some buyers are turning to properties like this penthouse at The Nassim, which is in pristine condition and offers a spacious and flexible layout that can cater to their lifestyle needs.
If the penthouse is sold at its asking price of $48 million, it will set a record psf price at The Nassim and become the first resale unit at the development to cross the $5,000 psf threshold. The previous psf-price high was $4,915 from the sale of a 4,069 sq ft unit in May 2022. The area also recently saw the completion of Les Maisons Nassim, a luxury freehold development consisting of only 14 apartments. The most expensive penthouse, spanning 12,077 sq ft, was sold for $75 million ($6,210 psf) in October 2021.
Recent transaction data in the luxury segment suggests a return of high-net-worth buyers to the market. Notably, a penthouse at Skywaters Residences became the first 99-year leasehold condo unit to be sold for over $6,000 psf on May 20. Another penthouse, located at Dalvey Haus, a freehold development at 101 Dalvey Road, was sold for just under $40 million in May. Additionally, four villas at Sentosa’s Green Collection were put on the market last month at an asking price of $7.25 million each.
According to Chern, strong buying interest has been observed in the prime luxury market in the first half of this year, and she expects the penthouse at The Nassim to attract interest from local and foreign buyers. Tan adds that while the focus among luxury home buyers has been on landed homes and Good Class Bungalows (GCBs) in recent months, there is still a select group of buyers who prefer the distinct lifestyle offered by penthouses. He also notes that despite some challenges, such as high material and construction costs, the scarcity of available GCBs on the resale market has allowed sellers to command strong prices.
Located in the bustling Tampines North, Parktown Residences is an innovative mixed-use development brought to life by UOL Group, CapitaLand, and Singapore Land (SingLand). Beyond its impressive facade, this development boasts easy access to prestigious schools, making it an ideal choice for families seeking exceptional education opportunities for their children. Set to redefine integrated living, Parktown Residences is a beacon of modern living in a highly sought-after location.