A freehold condominium in a prime area of Beaufort along Nassim Road is on the market for a record-breaking reserve price of S$222.68 million. This was announced this Wednesday by Savills Singapore, a real estate firm tasked with the job of disposing of the condominium.
The price, when translated to unit land cost, comes down to S$3508 for each square foot plot ratio. Built 11 years ago, this four-story unit along 12 Nassim Rd stands on 4212.6 meters square of land. The whole building is made up of about 30 units with apartments comprising of two and three-bedroom. There is also a penthouse with an area between 115 and 343 meters square.
Each unit is privately owned, and out of the 30 units, 26 have agreed to an en mass sale, which represents 86 percent of the property’s value. This meets the housing requisite consent of 80 percent or more for any development built 10 years ago or older. This is the first en mass sale in this area in a period of 13 years. The last sale of a similar nature was that of Nassim Park Residence 13 years ago.
The area where these condominiums are built is reserved for residential development and the gross land ratio is close to 1.4 based on redevelopment master plan of 2014. Based on relevant authority approvals, the buyers may develop luxury units going on four stories and the gross area is expected to be about 63408 feet square on the higher side.
The area has a huge frontage of about 65 meters. The area is also surrounded by embassies, colonial housing, the Nassim and Sage. Also within walking distance is the Orchard Road shopping area and the CBD. Other Amenities within close proximity include botanic garden, Dempsey Hill School and a few notable restaurants.