The highest priced penthouse at Park Nova has just been sold, breaking the record for the most expensive unit in the development. The five-bedroom penthouse, located on the 20th floor and spanning 5,899 sq ft, was sold by the developer for a whopping $38.888 million, equivalent to $6,593 per square foot. This transaction, recorded in a caveat on the URA Realis database on Jan 21, marks a new high for both absolute price and psf price at Park Nova.
Previously, the record for the most expensive unit at Park Nova was held by a 4,499 sq ft penthouse that was sold in May 2021 for $26.026 million, or $5,784 psf. This latest transaction also marks the second-highest psf price ever for a condo unit in Singapore, second only to a unit at The Marq on Paterson Hill. In 2011, a 3,089 sq ft, four-bedroom unit on the 20th floor of the development was sold for $20.54 million, or $6,650 psf.
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The penthouse at Park Nova, sold on Jan 21, is believed to be part of a collection of properties linked to the $3 billion money laundering case that are up for sale. It was previously reported to have been sold in 2021 for $34.438 million, or $5,838 psf.
According to caveats, this is the third unit at Park Nova that has been sold by the developer in the past month. On Jan 17, a 2,906 sq ft, four-bedroom unit on the 19th floor sold for $16.59 million, or $5,708 psf. And on Dec 27, a 2,896 sq ft, four-bedroom unit on the 18th floor was sold for $15.99 million, or $5,522 psf.
When it comes to investing in condos in Singapore, there is another crucial factor to consider – the government’s property cooling measures. In order to maintain a stable real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. One of the most significant measures is the Additional Buyer’s Stamp Duty (ABSD) which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have an impact on the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure investment environment. Therefore, it is important to keep these measures in mind when considering a condo investment in Singapore.
Park Nova, a freehold luxury condo with 54 units, is located at the prime junction of Orchard Boulevard and Tomlinson Road in District 10. Developed by Hong Kong’s Shun Tak Holdings, it was granted its temporary occupation permit in November last year. To find out more about properties at Park Nova, check out the latest listings on EdgeProp Buddy.
Looking for more information on Park Nova? Ask Buddy for the site plan and diagrammatic chart, and compare the price trend of new sale condos versus executive condos. You can also generate a price trend graph for new launch condos in District 10, and view a project summary for Park Nova condo.