Le Nouvel Ardmore unit fetches S$4,005 psf

AT Le Nouvel Ardmore, Wing Tai Holdings’ 43-unit ultra-luxury condominium project, a unit was recently sold for S$15.17 million (S$4,005 psf) (RM12,687), according to a caveat lodged on March 14. The 3,789 sq ft, four-bedroom unit is on the 23rd floor of the 33-storey tower designed by renowned French architect and Pritzker Prize winner Jean Nouvel.

The last transaction prior to this was in June 2016, when a 5,242 sq ft, four-bedroom unit on the ­seventh floor was sold to a foreign buyer, ­believed to be an Indonesian tycoon, for S$21 million (S$4,006 psf).

The most eye-popping transaction at Le Nouvel was the sale of the duplex penthouse of 13,875 sq ft for S$51 million. The buyer was said to be Sun Tongyu, a mainland ­Chinese tycoon who is a Singapore ­permanent resident and ­general partner of ­Venturecraft Group and the Singapore Diamond Investment ­Exchange, one of the few commodity exchanges in the world for physically settled diamonds. Sun is a founding member of Alibaba and Taobao, an e-commerce marketplace.

The penthouse includes a 5,000 sq ft roof terrace. Its S$51 million price tag translated to S$3,676 psf, based on total floor area. In terms of abso­lute price, it is still ­considered a ­record-breaking transaction for a condo unit today.

Completed in 2014, Le ­Nouvel Ardmore contains only three- and four-bedroom units from about 3,800 sq ft.

“Le Nouvel appeals to buyers with deep pockets who are looking for a luxurious and spacious unit in the most prestigious location in the prime district,” says Samuel Eyo, managing director of Singapore Christie’s International Real Estate.

In recent weeks, there has been a handful of transactions elsewhere in the Ardmore Park neighbourhood. Last month, a 2,885 sq ft, four-bedroom unit at the neighbouring Ardmore Park condo changed hands for S$8.9 million (3,085 psf). The seller purchased the unit in ­August 1996 for S$5.4 million (S$1,876 psf) when the project was launched. Developed by Wheelock Properties and completed in 2001, the 330-unit freehold Ardmore Park Condo is still regarded as the barometer for the ­luxury residential market.

Wheelock’s other project in ­Ardmore Park, the 84-unit Ardmore Three, saw five units sold at prices ranging from S$6.06 million (S$3,389 psf) to S$7.07 million (S$3,981 psf) in February. The project, completed in 2015, contains three-bedroom units of about 1,800 sq ft.

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on March 27, 2017.

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