Luxury project Le Nouvel Ardmore’s lone penthouse has been sold for a whopping $51 million to an undisclosed buyer, media reports said.
The price, which may be a record since the global financial crisis, translates to $3,675 psf. But considering that 5,000 sq ft of the 13,875 sq ft unit is a roof terrace, the property’s net psf price stands at over $5,000 for the indoor living area.
The heady result has buoyed experts, given that condominiums in prime districts have witnessed eight consecutive quarterly price declines, besides the $15.8 million loss suffered by Japanese billionaire Katsumi Tada last month when he sold a St Regis penthouse.
“It is a sign the market is not completely dead. People are waiting and some may decide to take the plunge,” shared Alan Cheong, research head at Savills.
This is the fourth unit sold by Wing Tai at the 43-unit freehold project. Located in the swanky Ardmore Park enclave off Orchard Road, the project obtained its TOP last April.
Wing Tai sold one unit in 2011 and another two in 2013, all at more than $4,300 psf. The penthouse is said to be priced on application.
The fact that the project is completed helped in securing the deal, noted Cheong.
“This gives confidence to the super-high net worth, who like buying something they can touch and feel, rather than off plan.”
Lee Liat Yeang, partner at law firm Rodyk & Davidson, said the large size of the penthouse, a rarity, also contributed to the high price.
“Anything more than 3,500 to 4,000 sq ft is already very big, and penthouses are mostly in that range.”
The sale is comparable to the $42.9 million sale of a penthouse at TwentyOne Angullia Park in June 2013.
A four-bedroom condo at The Marq on Patterson Hill was also sold for $20.5 million, or $6,850 psf in November 2011, while a 29th-storey penthouse at nearby The Ardmore Park was sold for $30 million, or $3,432 psf in July 2010.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email firstname.lastname@example.org