The Nassim deluxe apartment sold for record $4,915 psf by Ron Tan

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A 4,069 sq ft four-bedroom home located at The Nassim on Nassim Hillwas purchased for $20 million, or $4,915 per square foot on the 25th of May. The transaction was mediated through Tricia Angie, CBRE vice-president of residential services, Singapore. It is thought that the buyer was to be a Chinese citizen and is therefore the buyer is subject to a 30% extra buyer’s stamp tax (ABSD).

“Even with the increase of ABSD, Singapore luxury property remains appealing to foreigners” adds Ang. “Despite these cooling steps, the residential luxury market hasn’t been badly affected.”

The pandemic also has triggered the need for larger homes because more and more people are working from home, and could also require more space for their children to go to classes at home, she says. According to CBRE 15 luxurious apartments with a value of more than $10 million were sold in the first quarter of 2022. This is compared to 16 during the same timeframe in the year before.

The property title search has revealed that the buyer has been identified as Ron Tan, executive chairman and the group CEO of Singapore-based entertainment firm CityNeon Holdings. Tan was the owner of the property at $13.998 million ($3,440 per sq ft) in February of this year due to caveats that were lodged by URA Realis. CBRE’s Ang did not discuss the sale.

Before it was listed to sell, the property was completely renovated and furnished with a variety of striking pieces, including an alcohol bar, and an all-new wine storage cabinet.

“The purchaser was so impressed by the design and furnishings that the house was purchased and its items,” says CBRE’s Ang. “An opportunity such as this is difficult to come across, especially considering the fact that there are only a few four-bedroom homes over 4000 sq ft on the market for sale , and that are in move-in-ready condition.”

In terms of the psf price The deluxe unit located at The Nassim is the highest since the beginning of October in 2021. it was 3,122 square feet. three-bedroom apartment on the third floor sold at $13 million ($4,165 per sq ft).

The project was developed in collaboration with CapitaLand, The Nassim located at 18, Nassim Hill is scheduled to be completed the year of 2015. The 55-unit freehold luxury condominium in prime District 10 was a renovation of the old ANA Hotel. As of January, CapitaLand’s wholly owned affiliate, CRL Realty, had sold the 100% share of Nassim Hill Realty, to Kheng Leong Co. for $411.6 million. CRL Realty held the remaining five units that comprised The Nassim.

Kheng Leong had made some improvements to the pool and landscaping of the common areas prior to offering the apartments located at The Nassim to individual buyers. CityNeon’s Tan was the one who bought the unit of Kheng Leong.