Nassim Park Residences (D10) 15 Nassim Road #07-07 S258386

The Nassim units to be priced at $9-33m

Capitaland has priced the 55 units at its The Nassim condo between $9 million and $33 milllion.

The low-rise condo, on the former ANA Hotel site at Nassim Hill, has been designed by Mok Wei Wei of W Architects. The project will be set amidst lush greenery, creating a distinct ambience of living in a landed area.

Prices begin at $9 million for a three-bedroom apartment of about 2,000 sq ft. The most expensive unit is a $33 million penthouse dubbed The Regent House. The 9,300 sq ft duplex unit is spread across the fifth level with and an attic/rooftop floor above it housing a bedroom, family area and private swimming pool. The Regent House has five bedrooms, as well as five dedicated basement carpark lots and a chauffeur's room, with a private lift to the apartment.

The Nassim also offers a $30 million 9,000 sq ft, five-bedroom Pavillion House on the ground floor overlooking the swiming pool in the development. The Pavillion House comes with three basement car park lots. The dining area of this unit is set amidst a reflecting pool.

Each apartment in the project is designed as a standalone unit, without an adjoining wall to the next unit. There are landscaped sky bridges on the second level.   -- 2011 September 10      BUSINESS TIMES

Nestled in the heart of Singapore’s most desirable neighbourhood, comes Singapore’s most coveted address – Nassim Park Residences. The development is an unique collaboration between three internationally acclaimed creative minds: Singapore-based architect Chan Soo Khian, Japanese landscape architect Shunmyo Masuno, and French interior designer Christian Liaigre. The result in nothing less than extraordinary – the culmination of superlatives on every level designed to offer a phenomenal quality of life.

Location: 15 – 21 Nassim Road (District 10)
Tenure:     Freehold
Description:  Condominium development comprising two blocks of 5-storeys, & two blocks of 5-storey + attic residential units, completed 2008
Site Area:   ~ 4,899.80sqm/ 52,741sqft
Total Units: 100
Unit Types:
4 bedrooms ~ 3,175- 7,901 sq ft 
Penthouse ~ 6,800-8,000 sq ft
Amenities: Private Lift Lobby for all residences; Private Lift for all penthouses direct to front door; Ground floor units and penthouses feature private garden and pool; Swimming pool; Clubhouse with gym; Spa; Yoga room; Steam room; Private function and dinning room

ESSENTIALS 

There was a caveat lodged for a unit at Nassim Park Residences that cost nearly $13.3 million in July and two in August (at about $9.6 million and $9.8 million), based on URA Realis caveats data as at Oct 12.

However, Business Times understands that since then, two more units were sold in the development in September, followed by a further two so far this month.

The four units were sold at prices ranging from $9.6 million to $14 million, or from about $2,850 per square foot to $3,480 psf.

Business Times understands there have been close to a dozen transactions at Nassim Park Residences since mid-year. However, buyers of some units have yet to lodge caveats.  - 2009 October 15     BUSINESS TIMES

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In the luxury market, the 100-unit Nassim Park Residences is the star performer, logging in sales of over 50 units since its soft launch at end-May.

As these are large apartments, prices range from about $10 million to a whopping $19.5 million, sources said.

The prime Nassim Road project - being developed by UOL Group, Kheng Leong and Orix Corp - has already hit a high of $3,800 psf - far better than its low of $2,318 psf.

One buyer is Mr Wee Ee Cheong, son of UOL chairman Wee Cho Yaw, who bought a penthouse for $18.33 million.

Just over 30 per cent of the buyers are foreigners. The project has already been launched in Jakarta and Hong Kong, said UOL. - 2008  June 19     STRAITS TIMES

Wee family goes condo-shopping  
Its members pick up three units in Nassim Park Residences for $40m

Members of the Wee family have bought three units at Nassim Park Residences near Botanic Gardens for a total of nearly $40 million, a filing by UOL Group to Singapore Exchange (SGX) on Wednesday shows.

Wee Ee Cheong, CEO of United Overseas Bank and son of UOL chairman and controlling shareholder Wee Cho Yaw, picked up a penthouse for $18.33 million or $2,670 per square foot (psf).

Two of his siblings bought a sky unit each in the five-storey freehold condo at about $10.6 million each. Wee Ee Chao, who sits on the UOL board, bought a unit with his wife Jennifer for $3,308 psf, while his sister Wei Chi snapped up a unit for herself for $3,293 psf.

The SGX filing also showed that UOL director Alan Choe's son Jonathan, through his company Montgomery Hills, bought a ground-floor unit, that comes with its own pool, for nearly $11.5 million or $2,513 psf.

Buyers of the four units received a special 2 per cent discount. More than 40 units have been sold in the development, which has a total 100 units, since its preview began the week of Vesak Day.

The average price achieved is said to be somewhere in the $3,000-$3,200 psf band, although analysts expect the developer to raise prices slightly when the project is officially launched next week. The project is being marketed by CB Richard Ellis and Savills.

The units in the development are priced at $10 million and above, with each having at least four bedrooms.

Nassim Park Residences has drawn a good mix of local and foreign buyers, and market watchers attribute its encouraging take-up to its 'reasonable pricing'.

'Had this project been launched a year ago, it could have been priced in the mid to high-$3,000 psf range, on average,' a market watcher said.

UOL is developing Nassim Park Residences jointly with Kheng Leong group (a privately owned vehicle of the Wee family) and Japan's Orix Corporation, on the former Nassim Park condo site that UOL bought in August 2006 for $380 million.

Its land cost worked out to about $1,131 psf of potential gross floor area inclusive of an estimated development charge of $8 million at the time. The breakeven cost then for a new development on the site was estimated at $1,600-1,700 psf.

UOL has also sold over 40 units of its 88-unit Breeze by the East condo along Upper East Coast Road near The Bayshore since it began selling the project around mid-April.

The five-storey freehold project was initially priced at about $950 psf on average, but this has since been raised to $980 psf, BT understands.

Even so, the pricing is considered attractive compared with the $1,600-$1,700 psf average price that Tiong Aik picked for its 20-storey freehold Parc Seabreeze in the Marine Parade/Joo Chiat area in early May.

Tiong Aik has since withdrawn the project from the market.  - 2008 June 7  SINGAPORE BUSINESS TIMES

 
Nassim Woods
Unit Types:       
Three and four bedroom condominiums

Facilities:          
Swimming pool, jacuzzi, gymnasium, 
steamroom,  tennis court

Big Nassim Rd bungalow plot put up for sale
The 80,000 sq ft freehold GCB site may fetch $38m, say observers

A sprawling good class bungalow (GCB) site of more than 80,000 square feet on Nassim Road has been put up for sale after failing to find buyers as part of a much larger plot.

Owner Sindo Nassim Development, which is linked to an Indonesian timber merchant, has carved out the freehold site of 81,213 sq ft and put it up for tender. The site could command a price of around $38 million, market watchers said.  Colliers International was the marketing agent.

The site, which is part of No 56 Nassim Road, can house up to five good class bungalows. No 56 Nassim Road, with 140,000 sq ft of land, and No 54, with some 50,000 sq ft, were put up for sale last year, according to an earlier media report.

The asking price then was reportedly over $600 psf - close to the late 2000 peak achieved for GCB sites. In 2003, motor tycoon Peter Kwee sold a portion of a freehold Nassim Road parcel he bought in 2001 for $25.5 million - a record $647 psf. The buyer of the 39,383 sq ft site was Oei Siu Hoa, a sister of businessman Oei Hong Leong.

Market watchers, however, expect the Sindo site to trade closer to recent GCB sales in the area. They reckon it will be easier to sell a smaller site now and with moderated price expectations.

Sales of GCB land in the vicinity of Cluny Hill and Nassim hovered between $450 psf and $482 psf in 2004. Taking an average of $465 psf, the site at No 56 would fetch $37.8 million.

At Knight Frank's auction last Thursday, a two-storey GCB site at 20B Nassim Road had an opening price of $10.5 million or $434 psf. The 24,183 sq ft freehold plot was subsequently withdrawn at $9.1 million or $376 psf.

'This is a huge GCB site in the very prime Nassim area and it's hard to come by such sites,' said Colliers' director Ho Eng Joo.

'The market has recovered and there have been a number of parties asking the owners if they would sell the site. Interested parties are likely developers or very rich tycoons who want a very big bungalow or stay with friends or family.'

The site, which is bounded by Nassim, Cluny and Dalvey roads, is one of the most coveted residential areas in Singapore. The Botanic Gardens and Singapore Management University are also nearby.

The Urban Redevelopment Authority has safeguarded 39 areas, including Nassim Road, Chatsworth Park, Queen Astrid Park, Chestnut Avenue, Eng Neo Avenue and Caldecott Hill Estate.

GCBs must also satisfy a minimum plot size of 1,400 sq m or 15,069 sq ft stipulated by planning authorities.

The tender for the site closes on Jan 28. -   2005 January 18   SINGAPORE BUSINESS TIMES    by Andrea Tan

Nassim Rd site for record $647 psf
Oei Hong Leong's sister pays $25.5m for 39,300 sq ft plot

Despite the lacklustre property market, the price of coveted Good Class Bungalow land on the island has hit a new high.

Peter Kwee has sold a portion of a freehold Nassim Road parcel he bought in 2001, and the price of the latest deal is $25.5 million, or a record $647 psf of land area, say sources. This surpasses the previous high of $600 psf set in late 2000.

The buyer of the 39,383 sq ft site is understood to be Oei Siu Hoa, a member of the Widjaja family that controls Indonesia's Sinar Mas group. She is also wealthy businessman Oei Hong Leong's sister.

Nassim Road is the number one Good Class Bungalow, or GCB, area on the island and property market watchers suggested the high per square foot price fetched was due to the 'rarity value' of the site.

'It's hard to find a GCB site of this size and configuration - a big, squarish plot - on Nassim Road available for sale,' noted a source.

The previous record for GCB land was set in late 2000 when Sparks disco shareholder David Eng clinched the British government's Ladyvale site for $600 psf of land. The 32,160 sq ft site, at 30 Nassim Road, fetched $19.3 million.

Mr. Kwee, who controls Group Exklusiv, is expected to reap a profit of $7.3 million, before factoring in transaction and holding costs, according to property analysts' estimates.

He and popiah king Sam Goi Seng Hui bought the Nassim Road plot from the British government in April 2001 for $50.4 million.

The sprawling Eden Hall gardens site, with a net land area of 109,059 sq ft, was formerly part of the British High Commissioner's residence.

The two men later split the parcel, with Mr Kwee taking the larger slice of about 63,300 sq ft. From this, he carved out the 39,383 sq ft plot which he sold recently to Ms Oei. This leaves Mr Kwee with nearly 24,000 sq ft at Nassim Road. As for the plot bought by Ms Oei, sources say some groundwork has been completed for a bungalow. Her site is actually large enough to hold two GCBs.

GCBs are the most prestigious type of landed housing on the island, with planning constraints imposed by the Urban Redevelopment Authority.

A bungalow in such an area must have a plot size of at least 1,400 sq m (15,070 sq ft) and the building height is restricted to two storeys above ground. It can have a basement. By imposing stringent rules, the exclusivity and low-rise character of such neighbourhoods are preserved.

Property analysts suggested Ms Oei's purchase of the site at a record price should augur well for the outcome of a current tender for Hongkong and Shanghai Banking Corporation's 276,112 sq ft GCB parcel at Bishopsgate. The freehold parcel is large enough to be subdivided into 16 GCB plots and has an official asking price of $82.5 million, or $299 per sq ft of land area.

The price works out to a higher $337 psf of net land area of 244,772 sq ft after providing for roads and an electrical substation - assuming a buyer sub-divides the land into 16 plots. -    2003 September 15    Kalpana Rashiwala   Singapore  Business Times

16 Nassim Hill, Singapore 258467
Yet another landmark hotel is set to make way for a condominium development. The ANA Hotel at Nassim Hill will close its doors on March 31 after owner CapitaLand said it plans to redevelop the site into an 'upmarket condominium'.

The 457-room hotel employs some 200 workers. An ANA Hotel spokeswoman said 36 will be laid off on Feb 16, with the remaining to go after the hotel closes at the end of March.

The hotel sits on a freehold 122,566 square foot site, which can be redeveloped to 1.4 times the land area. The site has been re-zoned for residential use.

CapitaLand's book value of the site is $129.7 million or $756 psf per plot ratio.

The hotel was officially opened in 1979 as Century Park Sheraton Singapore and renamed ANA Hotel in September 1990. The hotel and its site was acquired by the then DBS Land in 1999.

DBS Land and Pidemco Land merged to form CapitaLand in 2000.

Other hotels that have been redeveloped into condominiums include Marco Polo, Imperial, Ladyhill, Equatorial and Cockpit. Last year, UOB-controlled Hotel Negara put up the 21-storey Meritus Negara hotel for sale. The 39,328 sq ft site could also be redeveloped as a condo.   - 2004 February 12    Singapore Business Times