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Thread: Nassim Park Residences (D10, Freehold, UOL)

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    Default Nassim Park Residences (D10, Freehold, UOL)

    http://www.straitstimes.com/Money/St...ry_241703.html

    May 28, 2008

    $10M OR MORE FOR EACH UNIT

    Nassim condo turns in surprisingly good sales


    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.

    FIONA CHAN

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    Default Re: Nassim Park Residences (D10, Freehold, UOL)

    wow so rich .. 10 million!!

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    http://www.businesstimes.com.sg/sub/...82564,00.html?

    Published June 7, 2008

    Wee family goes condo-shopping

    Its members pick up three units in Nassim Park Residences for $40m

    By KALPANA RASHIWALA


    (SINGAPORE) 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.



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    Private Residential Units Sold in the Month of May 2008

    Project Name .............. Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Nassim Park Residences . CCR ....... 39 .............................. 4,518 ............ 2,929 ............ 2,318

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    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of October 2009

    Project Name .............. Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Nassim Park Residences . CCR ........ 78 ............................ 2 ................................ 3,268
    ............
    3,062 ............ 2,856
    Who goes condo-shopping this time?

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    Quote Originally Posted by Reporter
    Who goes condo-shopping this time?
    Rich ppl lor... ppl like us just sit and hope for market to turn bearish and ride on the opportunity.. lol.

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    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of December 2009

    Project Name ............. Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Nassim Park Residences . CCR ....... 85 ........................ 2 ........................... 3,650 ........... 3,477 ........... 3,304
    $3,650 psf?
    Who went condo-shopping again?

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    this development is for the very rich.

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    $3,460 psf?
    Who went condo-shopping again?


    Private Residential Units Sold in the Month of January 2010
    Project Name ............ Locality . Units Sold To Date . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Nassim Park Residences ..CCR ....... 89 ......................... 4 ........................... 3,460 ........... 3,202 ........... 2,903

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    Sorry! Prices above are for February 2010 - not January 2010.

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