The biggest penthouse at Park Nova has just been sold, creating a new record price for the development. The five-bedroom unit, located on the 20th floor and boasting 5,899 square feet of space, was sold by the developer for a whopping $38.888 million. This translates to a per square foot price of $6,593, according to a recent caveat on the URA Realis database, dated Jan 21.
This sale marks the highest recorded price for a unit at Park Nova, both in terms of absolute price and per square foot. The previous records for both categories were held by a 4,499 square foot penthouse that sold in May 2021 for $26.026 million, or $5,784 per square foot.
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In addition, this transaction also sets a new record for the second-highest per square foot price ever registered for a condo unit in Singapore. The current record holder is a unit at The Marq on Paterson Hill, which sold for $20.54 million, or $6,650 per square foot, back in 2011. These impressive numbers are proof of the continued demand for luxury properties in the city-state.
According to industry sources, the Park Nova penthouse sold on Jan 21 is rumored to be part of a collection of properties linked to a $3 billion money laundering case that was recently put up for sale. The same penthouse was previously reported to have sold in 2021 for $34.438 million, or $5,838 per square foot.
This particular penthouse is not the only property the developer has managed to sell in recent weeks. According to caveats, three other units at Park Nova were sold within a month. These include a four-bedroom apartment on the 19th floor, which measures 2,906 square feet and was sold for $16.59 million ($5,708 per square foot) on Jan 17. Another four-bedroom unit, measuring 2,896 square feet and located on the 18th floor, sold for $15.99 million ($5,522 per square foot) on Dec 27, 2021.
Park Nova is a freehold luxury condo situated in prime District 10, at the junction of Orchard Boulevard and Tomlinson Road. Developed by Hong Kong’s Shun Tak Holdings, the project received its temporary occupation permit just last November. With a total of 54 units, Park Nova offers homeowners the ultimate luxury living experience. Interested buyers can visit EdgeProp Buddy for the latest listings and prices for Park Nova properties.
For those looking to purchase a luxury condo in District 10, EdgeProp Buddy also offers various tools to assist in their search. These include a site plan and diagrammatic chart for Park Nova, a price trend comparison between condo and executive condo sales, and a price trend graph for new launch condos in District 10. Additionally, visitors can also check the total number of units in Park Nova and a project summary for the condo.
In related news, a freehold bungalow located at 11 Claymore Road is currently on the market for $95 million. Meanwhile, Pullman Residences Newton has set a new high of $3,671 per square foot for luxury condos in Singapore. According to a recent update, the average price of luxury condos in 2022 has dipped by 7% year-on-year.