Recently, the condo Nassim Park Residences saw a $20.5 million transaction, translating to $4,785 psf, the highest bid ever recorded at the freehold condo so far. The buyer is Subodh Mithu Chanrai, head of the West African businesses at Chanrai Summit Group, a sprawling conglomerate with trading, manufacturing, and asset management presence in seven countries. Subodh acquired this luxurious four-bedroom unit from an Indonesian seller who bought the property from Champions Way Condo the developer in 2009 for $14 million ($3,268 psf).
Subodh Mithu Chanrai, head of the West African business at Chanrai Summit Group, has made a record purchase at the luxury 100-unit Nassim Park Residences, recently buying a four-bedroom, 4,284 sq ft condo for $20.5 million ($4,785 psf). This marks the fourth in the residence to cross the $4,000 psf threshold and is a new high for luxury freehold condos on Nassim Road.
Chanrai Summit Group is a family-owned conglomerate with trading, manufacturing and asset management businesses present in seven countries. This record purchase comes 14 years after the previous owner, an Indonesian, bought the unit from the developer for $14 million ($3,268 psf).
The sale has seen remarkable capital appreciation and is reflective of the increasing demand for newer, completed and luxurious condominiums with grand entrances and amenities – something older developments lack.
This record-breaking condo is part of the consortium comprising Singapore-listed property firm UOL Group, billionaire Wee Cho Yaw’s privately-held investment vehicle Kheng Leong Co, and Tokyo-based investment firm Orix Corp. Nassim Park Residences was designed by Singapore-based architect Chan Soo Khian, Japanese monk and landscape designer Shunmyo Masuno and the late French minimalist interior designer Christian Liaigre and was completed in 2011.
In comparison, the neighbouring freehold condo The Nassim, developed by CapitaLand and with award-winning architect Mok Wei Wei of W Architects at the helm, recently listed a 5,307 sq ft four-bedroom unit for $23 million ($4,334 psf). The highest psf price achieved at The Nassim was in May last year when a 4,069 sq ft, four-bedroom unit on the third floor sold for $20 million or $4,915 psf.
It is clear that the increasing demand for luxury and newer condos have had a positive impact on the prices, especially when it comes to Nassim-area properties.