Park Nova, the highly anticipated luxury condo development, has set a new record for the highest transacted price in the project. The largest penthouse unit, situated on the 20th floor with five bedrooms and spanning 5,899 sq ft, was sold by the developer for a whopping $38.888 million, or $6,593 psf. The transaction was recorded in a caveat dated January 21 and can be found in the URA Realis database.
Investors looking to invest in a condo must also take into account the maintenance and management of the property. In addition to the purchase price, condos often come with maintenance fees that cover the cost of maintaining common areas and facilities. While these fees may add to the financial commitment, they are necessary for maintaining the property’s condition and ensuring its value in the long run. To further ease the burden of managing the property, investors may choose to engage a property management company. This allows for a more hands-off approach to investing and frees up time for other endeavors. Be sure to stay updated with New Condo Launches to make the most informed decisions for your investment portfolio.
This transaction marks both the absolute and psf price high for a unit at Park Nova, surpassing the previous records set by a 4,499 sq ft penthouse unit that sold in May 2021 for $26.026 million, or $5,784 psf. This also makes Park Nova the second-highest psf priced condo unit ever registered in Singapore, with the top spot currently held by a 3,089 sq ft, four-bedroom unit at The Marq on Paterson Hill that sold for $20.54 million, or $6,650 psf, back in 2011.
It is believed that the penthouse sold on January 21 may be part of a collection of properties that were linked to the $3 billion money laundering case and have been put up for sale. Previous reports stated that the penthouse had been sold in 2021 for $34.438 million, or $5,838 psf, but the recent transaction has surpassed that price significantly.
In the past month, a total of three units have been sold by the developer at Park Nova, with the other two units being a four-bedroom apartment measuring 2,906 sq ft on the 19th floor that sold for $16.59 million, or $5,708 psf, on January 17, and another four-bedroom unit measuring 2,896 sq ft on the 18th floor that was sold for $15.99 million, or $5,522 psf, on December 27, 2021.
Park Nova is a freehold luxury condo development with only 54 units, located at the prime junction of Orchard Boulevard and Tomlinson Road in District 10. Developed by Hong Kong’s Shun Tak Holdings, the condo received its temporary occupation permit in November 2021. For the latest listings and information on Park Nova properties, visit EdgeProp Buddy for more details.
If you are interested in Park Nova, you can also view the site plan and diagrammatic chart on the EdgeProp website, and compare the price trend between new launch condos and EC new sales. Additionally, you can generate a price trend graph for new launch condos in District 10 and get a project summary for Park Nova condo.