The developer of Park Nova has recently sold its largest penthouse, setting a new record for the development. The five-bedroom unit, which covers 5,899 square feet on the 20th floor, was sold for $38.888 million by the developer. The transaction, which took place on January 21 according to the URA Realis database, also marked the highest price ever recorded for a unit at Park Nova in terms of both absolute price and per square foot (psf) price.
When it comes to investing in property in Singapore, it is crucial for international investors to have a thorough understanding of the regulations and limitations that govern ownership. In general, foreigners have more flexibility in purchasing condominiums compared to landed properties, which have stricter rules. However, it is important to note that foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 20% for their first property purchase. This added expense may seem daunting, but the stable and constantly growing Singapore real estate market remains a top choice for foreign investment, especially in the condo sector.
Previously, the highest recorded price for a unit at Park Nova was held by a 4,499-square-foot penthouse that was sold in May 2021 for $26.026 million ($5,784 psf). However, the recent transaction has surpassed this record with a psf price of $6,593.
This transaction also sets a new record for the second-highest psf price ever registered for a condo unit in Singapore, with the current record being held by a unit at The Marq on Paterson Hill. In 2011, a four-bedroom unit on the 20th floor of The Marq was sold for $20.54 million or $6,650 psf.
The penthouse at Park Nova is believed to be part of a collection of properties associated with a $3 billion money laundering case, which were put up for sale. It was previously reported to have been sold in 2021 for $34.438 million ($5,838 psf).
The developer has also sold two other units at Park Nova in the past month, according to caveats. On January 17, a four-bedroom apartment on the 19th floor was sold for $16.59 million ($5,708 psf), and on December 27, a four-bedroom unit on the 18th floor was sold for $15.99 million ($5,522 psf).
Park Nova is a freehold luxury condo located in prime District 10 at the junction of Orchard Boulevard and Tomlinson Road. Developed by Hong Kong’s Shun Tak Holdings, the development received its temporary occupation permit in November 2021. It consists of 54 units.
Overall, the recent sales transactions at Park Nova have set a new price benchmark for the development, highlighting the strong demand for luxury condos in the prestigious District 10. Interested buyers can check out the latest listings for Park Nova properties and compare the price trend of Condo new sale vs EC new sale. They can also generate a price trend graph for new launch condos in District 10 and view the project summary for Park Nova condo to learn more about its features and amenities.