The freehold unit in Park Nova was sold for $38.8m in January 2025
Two recent transactions at Hong Kong developer Shun Tak’s Park Nova luxury condominium in Singapore have achieved near-record high levels, caveat data showed. One unit sold at $6,593 per square foot (psf), the second-highest psf price ever recorded in the market.
The two Park Nova sales stood out amid the slump that has permeated the prime residential market since sharp hikes in stamp duty in April 2023 kept wealthy foreign investors at bay.
The data from the Urban Redevelopment Authority (URA) Realis database indicates that the two freehold units were bought by a foreigner and a Singapore Permanent Resident (SPR). Both deals were sold by the developer.
One 20th floor penthouse unit transacted on Jan 21 at $6,593 psf, or $38,9 million for the 5,899 sqft apartment. The other unit, a 2,906 sqft apartment on the 19th floor was sold for $5,708 psf on Jan 17 at $16.6 million.
The recent Park Nova sales were also done at markedly higher levels than the rest of the luxury condominium’s sales. Located along Tomlinson Road, the 54-unit freehold condo recorded a median price of $4,979 psf when it first launched in May 2021.
The highest psf price was attributed to the sale of a unit at The Marq on Paterson Hill in November 2011. The 20th floor unit was sold for $20.5 million or $6,650 psf.
To date, only seven private residential sales have breached the $6,000 psf mark, according to the URA Realis database, which dates back to 1995.
Singapore’s luxury market has been subdued since the government doubled the ABSD rates for foreigners in 2023. Demand from foreigners – who typically account for a larger portion of prime residential sales – evaporated as a result, and has yet to fully recover.
In its report issued Jan 8, Knight Frank expects the prime non-landed market to remain soft in 2025, with prices falling by 1 per cent or inching up 2 per cent, unless the “more prohibitive measures are eased”.
“Foreign professionals and expatriates who have turned to the leasing market, due to the prohibitive ABSD, are unlikely to return to the buying market any time soon, especially with rents no longer rising and in some instances easing,” it added.
(Source: The Business Times)