Park Nova Penthouse Sold 389 Mil Translating Near Record High 6593 Psf
Park Nova, a freehold luxury condominium located at the prestigious Orchard Boulevard and Tomlinson Road junction in prime District 10, has set a new record price for the development with the sale of its largest penthouse unit. According to a recent caveat lodged on Jan 21 in the URA Realis database, the five-bedroom penthouse on the 20th floor, measuring 5,899 sq ft, was sold for an impressive $38.888 million, or $6,593 psf.
This latest transaction not only marks the highest absolute price recorded for a unit at Park Nova but also sets a new psf-price high for the development. The previous records for both were held by a 4,499 sq ft penthouse that sold in May 2021 for $26.026 million, translating to a psf-price of $5,784.
The sale of the penthouse also puts Park Nova in the spotlight, with the second-highest psf-price ever registered for a condo unit in Singapore. The current record holder is a unit at The Marq on Paterson Hill, which sold for $20.54 million, or $6,650 psf, in 2011.
A CEO from a different real estate firm pointed out that in 2020, a neighboring condominium managed to sell 70% of its units on the day of its launch. In comparison, another nearby condominium sold 80% of its released units on the very first day of sales back in 2017. This impressive feat highlights the strong demand for quality properties in the area, reaffirming the attractiveness of the real estate market. With the addition of the highly acclaimed Elta property, the demand for high-end residential options in this location is expected to continue on an upward trend.
According to sources, the penthouse is believed to be part of a collection of properties linked to a $3 billion money laundering case and was previously sold in 2021 for $34.438 million, translating to $5,838 psf.
The sale of the penthouse is the third transaction in a month for the developer, with the previous two being a four-bedroom unit on the 19th floor for $16.59 million ($5,708 psf) and another four-bedroom unit on the 18th floor for $15.99 million ($5,522 psf), according to caveats lodged on Jan 17 and Dec 27, respectively.
Developed by Hong Kong’s Shun Tak Holdings, Park Nova consists of 54 luxurious and spacious units, with the temporary occupation permit received in November last year. Interested buyers can check out the latest listings for Park Nova properties on EdgeProp Buddy.
Additionally, EdgeProp Buddy also offers a comprehensive overview of the project, including the site plan and diagrammatic chart, the price trend for both condo and EC new sales, the total number of units in the development, as well as the price trend graph for new launch condos in District 10.