A LUXURY condominium in the posh Nassim area has turned in surprisingly good preview sales, even as property analysts are predicting a sharp slowdown in the high-end home segment.
Buyers have taken up 38 units at Nassim Park Residences, forking out a whopping $10 million or more for each apartment, sources said.
The 100-unit development, which United Overseas Land (UOL) is building on the former Nassim Park site in Nassim Road, is understood to be priced upwards of $3,000 per sq ft (psf).
The project consists of only four-bedroom and penthouse apartments. Each of the four-bedders is believed to be at least 3,000 sq ft in size, while the penthouses are between 6,000 sq ft and 7,000 sq ft.
UOL declined to comment on the figures yesterday, but sources said the developer might not release some of the units and instead keep them for its own use.
Nassim Park Residences is the first major luxury development to be released for sale this year. Most other launches, especially large, high-end ones, have been held back as developers wait out the market gloom.
Elsewhere, some smaller projects have also seen brisk sales after discounts were offered. Over the Vesak Day weekend, Macly Group sold 60 per cent of the 102-unit Vutton in Novena at a 10 per cent discount off list prices, or about $1,100 psf to $1,400 psf.
This article was first published in The Straits Times on May 28, 2008
