Luxury project 19 Nassim sees prices cross $3,800 psf for the first time

At Sloane Residences, psf prices have been on a downward trend since the development was launched in October 2021, with the psf-price having fallen by 6.0% by the end of December 2022.19 Nassim, a luxury project on Nassim Hill in prime District 10, is a redevelopment of the former Nassim Woods. The condominium saw the sale of a 538 sq ft, one-bedroom unit for $2.09 million ($3,876 psf) on Jan 4 — the highest psf price in Singapore for the period of Jan 3 to 19. The previous psf-price high at 19 Nassim had been set by the sale of a 1,410 sq ft, three-bedroom unit for $5.29 million ($3,751 psf) on Oct 8, 2021. There are only six recorded transactions at the 101-unit development to date and is located close to the Interpol Global Complex, Singapore Botanic Gardens, Gleneagles Hospital, Tanglin Mall, and the Orchard Road shopping belt.

At One Bernam, a 441 sq ft, one-bedroom unit was sold by the developers for $1.45 million ($3,295 psf) on Jan 16. The figure trumped the previous high of $3,168 psf set by the sale of another 441 sq ft one-bedder for $1.4 million on Nov 10, 2022.The project, a mixed-use building located at 1 Bernam Street in the Tanjong Pagar area in District 2, comprises a two-storey retail podium, 351 condo units, and 13 serviced apartments. The 99-year leasehold property was first launched in May 2021 and is now about 40% sold.The sole new development within close proximity of One Bernam is Sky Everton on Everton Road. That freehold 262-unit project was launched in May 2021 and is nearly fully sold, clocking 99% sales as of end-December 2022. Prices at Sky Everton are, however, slightly higher at around $2,859 psf compared to One Bernam’s $2,543 psf.

In Contracting news, Sloane Residences in prime District 10 recorded a new psf-price low when a 1,249 sq ft, three-bedroom unit was sold by the developers for $3.15 million ($2,526 psf) on Jan 7. This came less than a month after the previous low of $2,664 psf was set on Dec 16. On the same day, the The Myst developer also moved three other units with a pair of two-bedders fetching $1.97 million ($2,659 psf) and $1.93 million ($2,598 psf). A separate 1,249 sq ft, three-bedroom unit was sold for $3.23 million ($2,585 psf). The project, which is jointly developed by Tiong Seng Holdings and Ocean Sky International, has now sold out completely since it earned its temporary occupation permit last November.

Prices at Sloane Residences have continued to fall since its launch in October 2021 and have dropped by 6.0% by the end of December 2022.

At the same time, 19 Nassim is setting the pace for luxury condos with its units now selling for more than $3,800 psf. Also transacted on Jan 4 was a 1,475 sq ft three-bedroom unit at 19 Nassim that was sold for $5.63 million ($3,815 psf). The development, which is by Keppel Land, lies within the exclusive Nassim Road residential enclave and is close to various transport nodes and amenities.

The current record 538 sq ft, one-bedroom unit sale of $2.09 million ($3,876 psf) on Jan 4, has catapulted psf prices in 19 Nassim to a new high since its launch in March 2020. As such, the exclusive nature of the project may have attributed to few transactions being recorded so far. Nevertheless, its continued success has cemented 19 Nassim’s place as a premier luxury condo, further demonstrating Singapore’s strong market appeal.