Luxury project 19 Nassim sees prices cross $3,800 psf for the first time

At the time of launch in 2018, the development saw healthy take-up. Its first phase was sold out within a day and its final phase sold out within three days.Overall, price trends across the luxury developments reveal that the market is being supported by end-user demand.

At 19 Nassim, a luxury 101-unit condo by Keppel Land, prices have reached a new high. On Jan 4th, a 538 sq ft one-bedroom unit sold for $2.09 million ($3,876 psf)—which is the highest psf price among all condos in Singapore for the period Jan 3rd to 19th. The previous psf-price high at 19 Nassim was set by the sale of a 1,410 sq ft, three-bedroom unit for $5.29 million ($3,751 psf) on Champions Way Condo Oct 8th, 2021. On the same day, a 1,475 sq ft three-bedroom unit at 19 Nassim was sold for $5.63 million ($3,815 psf)—marking the first time that units at the project were sold by the developer for more than $3,800 psf.

The project is in an exclusive location, lying within the Nassim Road residential enclave alongside other luxury developments such as Nassim Park Residences and the upcoming Les Maisons Nassim. It is also next to the Interpol Global Complex and in the vicinity of Singapore’s embassy row along Napier Road. Moreover, the condo is close to the Singapore Botanic Gardens, Gleneagles Hospital, Tanglin Mall, and Orchard Road.

Despite 19 Nassim being launched for sale in March 2020, there are only six recorded transactions to date. It is possible that given the highly exclusive character of the project, some sales may not be reflected in caveats.

Meanwhile, One Bernam also saw a new psf-price high when a 441 sq ft, one-bedroom unit was sold by the developers for $1.45 million ($3,295 psf) on Jan 16. This figure was higher than the previous $1.4 million ($3,168 psf) set on Nov 10th, 2022.

One Bernam is a mixed-use building at 1 Bernam Street in the Tanjong Pagar area. It comprises a two-storey retail podium, 351 condo units, and 13 serviced apartments. It was first launched in May 2021 and is about 40% sold as of end-December 2022, with an average psf-price of $2,543.

In comparison, another nearby development, Sky Everton, is nearly fully sold, clocking 99% sales as of end-December 2022. The average selling price at that project is about $2,859 psf.

At Sloane Residences, a 99-year leasehold project in prime District 10, prices have been steadily decreasing recently. On Jan 7th, a 1,249 sq ft, three-bedroom unit was sold by the developers for $3.15 million ($2,526 psf)—lower than the previous low of $2,664 psf set on Dec 16th.

The same day, three other units at Sloane Residences were sold. A pair of neighbouring 743 sq ft two-bedders fetched $1.97 million ($2,659 psf) and $1.93 million ($2,598 psf), while a separate 1,249 sq ft, three-bedroom unit was sold for $3.23 million ($2,585 psf). The project was fully sold by Nov 2020, according to URA caveats.

Overall, price trends across the luxury developments show that the market is being supported by end-user demand.