Les Maisons Nassim

SINGAPORE (EDGEPROP) – In the week of April 30 to May 8, the highest transaction recorded on a psf basis was for a unit at ultra-luxury condo Les Maisons Nassim. On May 5, a four-bedroom unit measuring 6,092 sq ft located on the first floor was sold by the developer, Hong Kong-listed Shun Tak Holdings, for $37 million, or $6,073 psf. It is the highest psf price transaction recorded for the development so far this year.

The transaction also marks the second-highest psf price recorded for units sold at the freehold development to date. The highest psf price transaction was for the larger of the property’s two penthouses — a 12,077 sq ft unit which sold for $6,210 psf or $75 million last October.

Les Maisons Nassim is a low-rise development comprising three five-storey blocks with just 14 units. The development sits on a prime freehold site spanning 66,452 sq ft in the prestigious Nassim Road enclave. The project was launched for sale last May together with Park Nova, Shun Tak’s high-rise luxury residential tower at the junction of Tomlinson Road and Orchard Boulevard.

Unit sizes at Les Maisons Nassim range from 6,049 to 12,077 sq ft, with four to five bedrooms each. Based on caveats lodged, 10 out of the 14 units have been sold. The development is scheduled to be completed in 1H2023.

Source : Yahoo!News

12,000 square foot penthouse at Les Maisons Nassim sells for S$60 million

Business Times, THU, 31/3/22

A 12,066 square foot (sq ft) penthouse at ultra-luxury freehold condominium Les Maisons Nassim has been sold for about S$59.77 million, or S$4,953 per square foot (psf).

Developer Shun Tak Holdings had negotiated and agreed upon the price of the unit at a nascent stage of the project in early 2021, Shun Tak’s associate director (sales and marketing), Joanne Goh, told The Business Times.

She said: “The buyer had some requests for customisation. It’s only of late that we were able to confirm that the customisation could be done and the option was issued.” The buyer is understood to be a permanent resident.

The fifth floor unit has also been sold on a “bare shell” basis without finishings and fittings so that the buyer can kit out the unit to his own preference. At S$4,953 psf, this is the lowest price (in terms of psf) for the 6 Les Maisons Nassim transactions to date listed on the Urban Redevelopment Authority’s Realis platform. The sale date for the latest transaction is listed as Mar 18, 2022.

With this, both penthouses at 14-unit Les Maisons Nassim have been sold. In October 2021, Shun Tak moved a 12,077 sq ft penthouse at the low-rise project for S$75 million, or S$6,210 psf. Another transaction was concluded in February this year for a 6,717 sq ft unit which went for S$34.61 million (S$5,153 psf).

The development sits on a 66,453 sq ft site which was formerly a landed property that Shun Tak purchased in 2018 for S$218 million. Located at the coveted Nassim enclave, the freehold project in district 10 consists of 3 blocks, with 14 residences. It is expected to reach its temporary occupation permit (TOP) in the first half of 2023.

The Hong Kong-listed conglomerate, which was founded by casino tycoon Stanley Ho, is concurrently marketing Park Nova, a super luxury freehold development at Tomlinson Road. Shun Tak is presently helmed by Ho’s daughter, Pansy.

In December last year, Shun Tak clinched the collective sale deal for 59-unit High Point condominium at Mount Elizabeth in Orchard for nearly S$556.7 million, or S$2,537 psf per plot ratio (including the development charge).

However, it pulled out of the deal just days after the government rolled out fresh cooling measures, which included a higher additional buyer’s stamp duty (ABSD) rate of 30 per cent for foreign buyers, up from 20 per cent. High Point went back on the market last week with a similar reserve price of S$550 million.

Bruce Lye, co-founder of SRI, said there is still interest for residential properties from ultra high net worth (UHNW) foreign buyers looking to set up a base in Singapore.

He added, however, that high net worth (HNW) buyers may adjust their budgets accordingly, following the hike in the ABSD.

Earlier this month, SRI represented a buyer who transacted a 2,842 sq ft unit at City Developments’ Cliveden at Grange for S$9.378 million (S$3,300 psf).

“While things have slowed down a little bit compared to last year, enquiries and viewings have picked up after Chinese New Year,” Lye said, adding that inventory is tight, especially above the S$10 million range.

Although Singapore is doing away with the vaccinated travel lanes, prospective buyers from China and Hong Kong are waiting for quarantine measures to be removed on their side. “(Then) we will probably see a big uptick in the market here,” he added.

Souret: BT

Penthouse at Les Maisons Nassim sells for S$75 million

Business Times, FRI, 5/11/21

A SPRAWLING penthouse unit at the 14-unit, ultra-luxury freehold condominium Les Maisons Nassim, developed by Shun Tak Holdings, fetched S$75 million in late October, based on caveat data seen by The Business Times (BT).

The price tag translates to S$6,210 per square foot (psf), given the strata area of about 12,077 square feet (sq ft), the Urban Redevelopment Authority’s Realis database showed.

The apartment is the larger of the 2 penthouses at the low-rise Nassim Road property development. Including this transaction, 3 caveats have been lodged for units at the 5-storey project.

List Sotheby’s International Realty executive director Lewis Cha told BT that based on known transactions in the past 20 years, the latest purchase “could well be the priciest penthouse ever sold in Singapore”. Its absolute price quantum of S$75 million beat the S$73.8 million reportedly forked out by James Dyson and his wife for the super penthouse at Wallich Residence in 2019, he noted.

On a psf basis, the Nassim penthouse deal may have also smashed price records for non-landed private homes in recent years. It beat the S$5,930 psf achieved in early May for a S$39 million, third-storey apartment at Les Maisons Nassim, which BT had reported was scooped up by an overseas buyer.

Another unit, on the first storey of the same project, was sold in early August this year for S$5,786 psf or S$35 million, the Realis platform showed.

Still, The Marq on Paterson Hill appears to hold the all-time record for psf prices of new sales. In 2011, the developer SC Global moved a 3,089 sq ft unit for S$6,650 psf or about S$20.5 million, as well as another unit of the same size for S$6,215 psf or S$19.2 million, based on caveats lodged. In addition, a 3,003 sq ft four-bedroom apartment there reportedly transacted at more than S$6,800 psf.

For Les Maisons Nassim, SRI has been appointed as the exclusive marketing agent.

Expected to be completed in H1 2023, the project is located in the coveted Nassim enclave and houses 14 residences across 3 blocks.

Of these, 8 units are simplex apartments sized at 6,049 sq ft or larger; 4 are duplex units of between 8,633 sq ft and 8,730 sq ft. The smaller of the 2 penthouses is about 12,066 sq ft in size.

Recent property listings seen by BT on PropertyGuru and 99.co had indicated asking prices ranging from S$70 million to S$80 million for a 12,077 sq ft, 7-bedroom unit at Les Maisons Nassim.

Besides the Nassim Road project, Hong Kong-listed conglomerate Shun Tak is marketing its maiden residential development, the 54-unit freehold Park Nova, also located in prime District 10.

In September, ERA head of research and consultancy, Nicholas Mak, noted that the developer held the record for the most expensive condominium unit sold in each of the previous 4 months in Singapore.

From May to August 2021, the priciest new non-landed homes were units at either Les Maisons Nassim or Park Nova, Mak wrote. ERA is one of the marketing agents for the latter project.

Units at Park Nova fetched S$4,837 psf and S$5,048 psf in June and July respectively, Mak said. Prior to that, Shun Tak announced in May that it had sold the project’s biggest penthouse for about S$34.4 million or S$5,838 psf.

As at Friday (Nov 5), the median unit price over the last 6 months stood at S$2,364 psf for private homes in District 10, the Realis database showed.

Source: BT

The Business Times

Tuesday, JUL 14, 2021

A FOUR-BEDROOM unit at Shun Tak Holdings’ luxury 14-unit Les Maisons Nassim at Nassim Road was snapped up in early May for S$39 million, or S$5,930 per square foot (psf).

The 6,577-sq-ft unit, which appears to be the first transaction for the project, was bought by a buyer from overseas, The Business Times understands.

Marketing agent SRI brokered the deal.

Bruce Lye, co-founder of SRI, said: “Buyers recognise the Shun Tak brand and have seen other projects in Hong Kong and Macau. This is a reason for the level of confidence in the product.”

In response to queries from BT, developer Shun Tak said that “a few units” have been reserved, and are pending finalisation of sales documentation.

Located in the coveted Nassim enclave, the low-rise freehold project in district 10 sits on a 66,453 sq ft site and consists of three blocks, with 14 units in total. Eight are simplexes, four are duplexes and two are penthouses. It is expected to reach its temporary occupation permit (TOP) in H1 of 2023.

The two penthouse units are over 12,000 square feet (sq ft) in size; the duplex units range between 8,633 and 8,730 sq ft in size.

The Hong Kong-listed conglomerate founded by casino tycoon Stanley Ho, is concurrently marketing Park Nova, a super-luxury freehold development at 18 Tomlinson Road, its maiden residential project in Singapore.

Fourteen of the 54 units at Park Nova have been sold, including the three penthouses. The biggest one, at 5,899 sq ft, fetched S$34.438 million (S$5,838 psf); the four-bedroom, 4,499 sq ft penthouse was sold for S$26.026 million (S$5,784 psf). The third penthouse, at 3,229 sq ft, was transacted at S$17.178 million (S$5,320 psf).

Not far from Park Nova, Shun Tak is also developing a site on Cuscaden Road into a five-star hotel with 142 rooms. It also owns the commercial building, 111 Somerset along Somerset Road.

Source: BT

Shun Tak Holdings Limited is a leading listed conglomerate with core businesses in property, transportation, hospitality and investment sectors. Established in 1972, the Company (HKSE 242) has been listed on the Hong Kong Stock Exchange since 1973. 

The Group has a prominent and successful track record in the Macau and Hong Kong property markets. The Group owns one of the largest developable floor areas in Macau among Hong Kong listed companies. It is an important player in Macau’s property market with a host of property development projects, and has growing presence in the Greater China real estate market with investments in Tongzhou and Dong Zhi Men in Beijing, Minhang, Qiantan and Jingan in Shanghai, Hengqin in Zhuhai, Xiqing in Tianjin and Chenggong in Kunming.

The Group has also recently entered the Singapore market through the acquisition of premium properties located in central business district, building a well-rounded portfolio spanning hotel, commercial and residential developments.

111 Somerset Road is a premium commercial development strategically located within the Orchard Road precinct, surrounded by a prime shopping, entertainment and tourism belt with direct MRT access. It comprises approximately a gross floor area of 766,550 square feet of office units, medical suites and 2 levels of retail podium.

The Group acquired two plots of prime residential redevelopment sites in downtown Singapore, namely Park House on Orchard Boulevard Road and 14 & 14A Nassim Road (now known as Les Maisons Nassim) in 2018. Situated close to Singapore’s famous shopping and entertainment hub of Orchard Road as well as renowned Central Business Districts, the two properties will be redeveloped into luxury residential condominiums for sale.

source:
Shun Tak Group