Four-bedder at Nassim Park Residences sold for a record high of $4,785 psf

Subodh Mithu Chanrai recently purchased a 4,284 sq ft, four-bedroom condo at Nassim Park Residences for a high of $4,785 psf for a total of $20.5 million. According to a property title search, he is the youngest son of the Chanrai Summit Group, a family-owned conglomerate with business operations ranging from trading to asset management in seven countries.

This record-breaking price marks the fourth in Nassim Park Residences to break the $4,000 psf threshold. Developed by three international architects and a consortium of Singapore-listed UOL Group, billionaire Wee Cho Yaw’s privately-held Kheng Leong Co and Tokyo-based Orix Corp, this luxury, freehold development was launched in 2008 and completed in 2011.

Samuel Eyo, MD of Lighthouse Property Consultants, isn’t surprised by the price achieved at Nassim Park Residences. A four-bedroom, 5,307 sq ft unit recently listed at the neighbouring The Nassim on Nassim Hill for $23 million, translating to a price of $4,334 psf. Back in May of last year, the highest psf price was recorded for a 4,069 sq ft, four-bedroom unit that changed hands for $20 million or $4,915 psf. This freehold condo was developed and designed by CapitaLand and Mok Wei Wei of W Architects, and completed in 2015.

Eyo explains that not many luxury, completed condominiums can be found in the Nassim area, featuring sizeable four-bedroom units for sale. Buyers are, therefore, after residences with a grand entrance, luxurious feel and amenities, which older developments lack.

The Indonesian seller acquired the subject unit from the developer The Myst in 2009 for $14 million ($3,268 psf) which has since appreciated in value by $6.5 million over a 14-year period.

These prices indicate that the luxury market around Nassim Park Residences is flourishing, with units scattered among some of the most expensive neighborhoods in Singapore.