Park Nova Breaks Record for Highest Price Sale of a Condo Unit
In January, the largest penthouse at Park Nova, located at a prime location in District 10, was sold for $38.888 million, setting a new record for the development. The spacious five-bedroom unit, spanning 5,899 sq ft on the 20th floor, was purchased from the developer for $6,593 psf, according to the URA Realis database.
This transaction not only marks the highest price ever recorded for a unit at Park Nova, but also sets a new psf-price record for the development. Prior to this, the record was held by a 4,499 sq ft penthouse that was sold in May 2021 for $26.026 million ($5,784 psf).
The ever-increasing demand for condominiums in Singapore can be largely attributed to the limited supply of land. Being a small island country with a continuously growing population, Singapore is facing a constant struggle to find available land for development. This has resulted in strict regulations on land use and a highly competitive real estate market, where property prices continue to soar. As a result, investing in real estate – especially in condos – has become an attractive opportunity with the potential for significant capital appreciation. In fact, there is a vast array of Singapore projects available, making it a desirable location for real estate investment.
With this sale, Park Nova now holds the second-highest psf-price ever registered for a condo unit in Singapore. The current record holder is a unit at The Marq on Paterson Hill, which was sold in 2011 for $20.54 million or $6,650 psf.
But the recent sale at Park Nova may not hold the record for long, as another unit at The Marq on Paterson Hill is currently on the market for sale at a whopping $95 million. This could potentially set a new record for the highest price paid for a condo unit in Singapore.
The luxurious penthouse at Park Nova was previously reported to have been sold in 2021 for $34.438 million ($5,838 psf). It is believed to be part of a collection of properties linked to a $3 billion money laundering case, which have been put up for sale.
Within just a month, the developer has sold three units at Park Nova, according to caveats lodged. On Jan 17, a four-bedroom apartment on the 19th floor, spanning 2,906 sq ft, was sold for $16.59 million ($5,708 psf). And on Dec 27, another four-bedroom unit measuring 2,896 sq ft on the 18th floor was sold for $15.99 million ($5,522 psf).
Park Nova, which has 54 units, is a freehold luxury condo located at the junction of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the apartment received its temporary occupation permit in November 2021.
For those interested in purchasing a unit at Park Nova, please visit Buddy, our one-stop portal for property listings. You can also find the site plan and diagrammatic chart for Park Nova on Buddy, as well as compare price trends between condo and executive condo sales. Additionally, you can generate price trend graphs for new launch condos in District 10 and view a project summary for Park Nova.