More Luxury Condos sold despite cooling measure in place


Singapore Property

In April, sales of new private homes leveled off, with sales of luxury homes going up and the number of foreign buyers going up, despite measures to cool the market.

The Urban Redevelopment Authority (URA) says that 653 new private homes were bought last month, which is the same number as in March.

But sales fell by 48.6% from a year ago, when there were 1,270 units sold.

Last month, builders put up 397 new homes, which is 28.5% more than in March, when they only put up 309. From a year ago, when there were 1,038 new units, there were 618 less this year.

In April, 186 executive condominiums (EC) were sold, up from 48 in March. This was helped by the launch of North Gaia EC in Yishun, which sold 166 of its 616 units.

Based on data from URA's Realis, the number of luxury homes sold for at least $3 million rose in April, from 89 in March to 115.

In April, 35 units were sold for at least $5 million each. In March, only 24 units were sold for that much.

Three units in the ultra luxury Les Maisons Nassim development on Nassim Road sold for more than $35 million each. Christine Sun, senior vice president of research and analytics at OrangeTee & Tie, said that an 8,633-square-foot unit sold for $49 million.

Last month, foreign buyers bought more than twice as many non-landed private homes (excluding executive condominiums) as they did in March (25 units). The average number of units sold each month over the past year was 40.

Most of the units that were sold to people from other countries were in the central core and on the edge of the city.

Last month, private homes on the edge of the city made up 44.3% of the total number of sales. 31.5 percent of the homes in Singapore were in the city center, and the other 24.2 percent were in the suburbs.

Ms. Sun said that the rise in luxury home sales and foreign buyers shows that investors still like Singapore real estate despite the cooling measures.

For foreigners buying any residential property, the additional buyer's stamp duty (ABSD) is 30%.

"With the speed of our economic recovery and change to endemic (Covid-19) living, Singapore has gotten ahead of many other countries. These things have made investors more likely to put their money here for the long term "Ms Sun added.

Mr. Mohan Sandrasegeran, from Ohmyhome, said that the lifting of travel restrictions put in place to stop the spread of the coronavirus has given foreign buyers more confidence.

"However, it might be too soon to say if foreigners are buying again or if it was just a one-time thing," he said.

He said that recent market instability, like the volatile stock markets and the volatile cryptocurrency market, has probably led foreigners to look into the Singapore real estate market.

Tricia Song, who is in charge of research for CBRE in South-East Asia, said that sales in the core central area were higher than those in the suburbs, even though property curbs had a bigger effect on the high-end market.

"This could be because there are fewer units on the mass market that haven't been sold. Some core projects in the central region have also increased their marketing efforts by offering discounts "she said.

Wong Siew Ying, the head of research and content at PropNex Realty, said that developers' sales were hurt by the fact that they didn't have any big mass market launches at a time when ABSD rates and interest rates were going up.

She said, "If mortgage interest rates go up as expected, smart homebuyers might choose smaller units with more manageable prices."

But Colliers Singapore's head of research, Catherine He, said that the private housing market still had a healthy demand, which was helped by Housing Board upgraders and strong HDB resale prices.

"Buyers also want to lock in their mortgage rates before rates go up even more," she said.

New launches like the Piccadilly Grand in Farrer Park and the LIV @ MB in East Coast could boost demand in May.

Ms. Song of CBRE said that Piccadilly Grand sold 315 of its 407 units during its launch weekend in early May. This shows that people are interested in mixed-use projects and have more faith in Singapore's economy and housing market.

She thinks prices will stay the same or go up by 3% this year.

Les Maisons Nassim 4 Bedrooms sold for $39m


A 4 Bedrooms unit at Shun Tak Holdings' premium 14-unit Les Maisons Nassim on Nassim Road sold for S$39 million, or S$5,930 per square foot (psf).

The buyer was a foreigner that purchased the 6,577-square-foot apartment, which seems to be the project's first sale. The case was negotiated by SRI, a marketing agency.

"Buyers recognize the Shun Tak brand and have seen other projects in Hong Kong and Macau, which is a reason for the level of confidence in the product," said Bruce Lye, co-founder of SRI. In response to questions from BT, developer Shun Tak said that "a few units" have been on hold by buyers pending sales documentation.
The low-rise freehold property in district 10 is on a 66,453 sq ft plot and consists of three blocks with a total of 14 apartments. It is located in the desirable Nassim neighborhood. There are eight simplexes, four duplexes, and two penthouses. In H1 of 2023, it is anticipated to get its temporary occupancy permit (TOP).

The two penthouse apartments are over 12,000 square feet (sq ft), while the duplex flats vary in size from 8,633 to 8,730 sq ft.

Park Nova, a super-luxury freehold property at 18 Tomlinson Road, is the Hong Kong-listed conglomerate's first residential project in Singapore. It was established by casino billionaire Stanley Ho.

Park Nova's 54 apartments, including the three penthouses, have all been sold. The largest, at 5,899 square feet, went for S$34.438 million (S$5,838 per square foot), while the four-bedroom, 4,499 square foot penthouse sold for S$26.026 million (S$5,784 per square foot). The third penthouse, measuring 3,229 square feet, sold for S$17.178 million (S$5,320 per square foot).

Shun Tak is also converting a property on Cuscaden Road into a five-star hotel with 142 rooms, not far from Park Nova. It also owns 111 Somerset, a business property on Somerset Road.

Demand for Luxury Condo pick up pace

Irwell Hill Residences Living Room

In real estate, the word "luxury" is sometimes used interchangeably. In Singapore, industry players commonly believe that a luxury apartment must be situated in the core central region (CCR), be at least 1,800 square feet (sq ft) in area, and be priced between S$2,500 per square foot (psf) and S$5 million.

"Luxury" would involve the exclusivity of the address, original architecture, designer finishes and fittings, stunning landscaping and, in certain cases, a private pool that complete one search for luxury living.

Developers are steadily constructing smaller units to broaden the pool of buyers of ultra-high-net-worth singles and investors in recent years, as the Singapore property sector has been battered by global economic instability, property calming policies, and rising land prices. 

List Sotheby's International Realty (List SIR) used a three-tier classification to analyze the luxury sector from 2016 to February 2021, in light of evolving market conditions:

  • Compact luxury - starting at S$2,800 per square foot and ranging from S$2 million to S$4 million
  • Prime luxury - priced from S$2,500 psf upwards and from S$5 million and beyond, up to 5,000 sq ft in scale
  • Premium luxury - starting at S$2,500 psf and with sizes exceeding 5,000 sq ft

According to this concept, the compact luxury category will include one-, two-, and compact three-bedroom units with square footage varying from 600 to 1,200 square feet.

Premium luxury residences will be four-bedroom and larger styles, like penthouses, with sizes ranging from 1,400 sq ft to 5,000 sq ft. Prime luxury apartments will be three- to four-bedroom types with sizes ranging from 1,400 sq ft to 5,000 sq ft.

Boost from New Launches

Irwell Hill Residences Roof Terrace
Luxury sales volume has steadily increased, from 160 units in 2016 to 416 units in 2018 and 423 units in 2019. According to transaction statistics from the Urban Redevelopment Authority (URA), luxury sales volume has increased from 160 units in 2016 to 416 units in 2018 and 423 units in 2019.

Following the property market's bottoming out in mid-2017, the luxury segment had a strong year in 2018 and 2019, as market optimism grew thanks to a robust economy, high liquidity, low interest rates, and the return of international investors to the Singapore market.

It also helped that there were more innovative projects available during this period. Gramercy Park (174 units) was one of the first luxurious developments, opening in 2016.

According to caveat data, 45 units were sold in 2016, and 91 units were sold in 2017, with median prices of S$2,680 psf and S$2,780 psf, respectively.

In 2020, the pandemic kick in and viewings of property was stopped completely for nearly three months. The number of luxury units sold dropped to 254 units.

Some projects, though, managed to sell well during the recession because developers intuitively reacted to the situation by selling "star buys" and redesign packages.

One of this was 8 Saint Thomas, of which 66 units were sold in 2020 - slightly smaller than the 69 units sold in 2019. The median price per square foot for units sold in 2020 is S$2,780 psf, which is 12% lower than the price of S$3,163 psf in 2019.

2019 saw the biggest revenue rate in the premium luxury market, with 19 units sold. Ten of these were penthouses, with prices ranging from S$17.9 million to S$52 million.

This figure does not include the S$73.8 million mega penthouse at Wallich Residence, which was sold without a disclaimer. The 11,098 sq ft mega penthouse at Boulevard Vue clinched the S$52 million price tag.

Fresh supply from new developments may be to blame for the large number of penthouses sold.

The four penthouses in Boulevard 88 were sold for between S$28 million and S$31 million, along with the other two penthouses in 3 Orchard-By-The-Park at S$31.5 million and S$32 million.

Four residences at The Marq On Paterson Hill were sold in addition to the penthouses. Priced between S$23 million and S$29.5 million, these were the luxury units with about 6,232 sq ft to 6,308 sq ft at the Signature Tower.

Foreigners Remain Top Player in CCR

Despite the rise in the Additional Buyer's Stamp Duty (ABSD) from July 6, 2018, statistics presented by the Urban Redevelopment Authority (URA) showed that Foreigners, Singapore permanent residents (PRs) or non-permanent residents (NPRs) remained dominant players in the luxury homes sector.

The ABSD for international buyers was increased from 15% to 20%, while the ABSD for Singaporeans and PRs purchasing their second and subsequent homes was increased by five percentage points.

Foreigners purchased more than half of the units sold at Gramercy Park, New Futura, 3 Orchard-By-The-Park, and Boulevard 88 between 2016 and February 2021, according to caveat results. Including permanent residents, the proportion grew to over 70 per cent, except for 3 Orchard-By-Park which recorded 68 per cent.

Singaporeans make up 50-60% of the buyers at 8 Hullet, 8 Saint Thomas, and 3 Cuscaden, which have more lightweight luxury units.

The Singapore luxury apartment industry is dominated by foreign ultra-high-net-worth individuals (UHNWIs). Because only Singapore citizens are permitted to purchase Good Class Bungalows (GCBs), UHNWIs seeking a large luxury residence with a desirable address would purchase premium luxury homes.

Yu Yongfu from Alibaba paid S$26 million for a duplex penthouse (6,372 sq ft) in Hilltops condominium; Indonesian-born tycoon and US citizen Leo Koguan paid S$62 million for the super penthouse (21,108 sq ft) at Wallich Residence; and Huang Youlong, the businessman husband of Chinese actress Vicki Zhao, paid S$62 million for a duplex penthouse (8,740 sq)

Outook for 2021

Aside from the three-tiered luxury segment mentioned above, there is a fourth category of luxury homes known as the "opulent set." This set includes EDEN at Draycott Park, which was completed a year ago, and Les Maisons Nassim which is currently under renovation. The award-winning Heatherwick Studio in London built EDEN, which consists of 20 unique apartments with garden balconies, each with four ensuite bedrooms and taking up an entire tower. Both 20 units in EDEN were recently sold for S$293 million, or S$4,827 per square foot, a 20% reduction from the selling price of S$6,000 per square foot for this bulk sale.

Les Maisons Nassim, located on Nassim Road, is expected to be a luxury sanctuary with 14 limited-edition units that promise an unrivaled premier lifestyle. The project is now available for preview.

While the economy remains far from recovery, investor confidence has strengthened as some sectors, such as pharmaceuticals, e-commerce, technology, and telecommunications, have performed well, and the equity market has regained some lost ground. The Singapore government's handling of the Covid-19 pandemic has reassured foreign investors. In 2021 and beyond, we can expect more of them to come here to establish both their businesses and residences.


Les Maisons Nassim

Les Maisons Nassim | Live on Nassim in Singapore District 10. A rare gem set in an exclusive Good Class Bungalows (GCBs) enclave where all the embassies, international hotels and cuisine and retail malls define Les Maisons Nassim as the abode only for the discerning and privileged.

A True Piece of Art. With its iconic and elegantly detailed architecture with full height windows, Les Maisons Nassim Condo is a development that one won't miss when traveling along Nassim Road. Its full height windows allow residents to have astounding views of the surrounding Nassim enclave in absolute privacy.

Les Maisons Nassim

Welcome Home to Nassim. Whenever you head back to your condo, a journey of pleasure unfolds the moment you arrive at your Lobby. Here, development architecture blends in with nature harmoniously, paving the way to enjoying the communal facilities such as the lap pool, BBQ or simply laze by the pool deck is something you can look forward over the weekend.

Stay Connected with Nature. Nearby Botanic Gardens allow residents here to stay connected with nature with its lush greenery that is simply captivating. From sun rise to sun set, residents here can expect a serenity environment for everyone to grow as a family with a soothing experience.

Nearby Orchid Gardens, Keppel Discovery Wetlands, Shaw Symphony Stage further enhance the abundance of tropical treasures as one head for a morning stroll to experience surrounding nature.

Les Maisons Nassim Function Room

Bespoke Brands. With an array of shopping malls at Orchard Shopping Belts, residents here at Les Maisons Nassim are well surrounded with bespoke luxury brands, fine dining and cafes where you can enjoy to the fullest. The best part? All these buzz and bustle are all within 5 minutes walk away.

Dempsey Hill is also nearby about 5 minutes drive away for those who wants a different kind of dining experience - Trendy restaurants and enchanting bistros with a list of mouth-watery delicatessens, yet away from the crowd.

Limited choice units only for the privilege few. If you like an address at this location to call Home, do RSVP here for showflat preview.

Les Maisons Nassim Location

Located at 14 Nassim Road in Singapore District 10, Les Maisons Nassim condo is well connected to few expressways such as AYE and PIE, allowing here to commute with easy to all parts of Singapore.

Residents here are well spoilt for choices as numerous amenities are located around this region at Nassim. Head for dining and cafes at Holland village, Dempsey Hill and Orchard Shopping Belts.

Residents here can looking forward to a tranquil and serene environment at Nassim road where all the embassies and Good Class Bungalows reside.

Parents can enroll their children to numerous popular school nearby such as ISS International School, Oversea Family School, Raffles Girls School, St James Kindergarten etc.

Les Maisons Nassim Specification

Project NameLes Maisons Nassim
Address:14 Nassim Road
Total Units14
DeveloperShun Tak Holdings
DescriptionFreehold Luxury Condo at Nassim Road in Singapore District 10
Unit Mix4-5 Bedrooms

Les Maisons Nassim Showflat Preview Registration

Unit Type: