Four-bedroom unit at Shun Tak's Les Maisons Nassim scooped up for S$39 million

Jul 14, 2021


Les Maisons Nassim sits on a 66,453 sq ft site which was formerly a landed property that Shun Tak purchased in 2018 for S$218 million.


A 6,577 square foot (sq ft), four-bedroom unit at Shun Tak Holdings' luxury 14-unit Les Maisons Nassim at Nassim Road was snapped up in early May for S$39 million, or S$5,930 per square foot (psf).

The unit, which appears to be the first transaction for the project, was bought by a buyer from overseas, The Business Times understands.

Marketing agent SRI brokered the deal. Bruce Lye, co-founder of SRI, said: "Buyers recognise the Shun Tak brand and have seen other projects in Hong Kong and Macau. This is one of the reason for the level of confidence in the product."

In response to queries from BT, developer Shun Tak said that "a few units" have been reserved, and are pending finalisation of sales documentation.

Located at the coveted Nassim enclave, the low-rise freehold project in district 10 consists of three blocks, with 14 residences in total. Eight are simplex types, four are duplex and two are penthouse units. It is expected to reach its temporary occupation permit (TOP) in H1 of 2023.

The two penthouse units are 12,066 to 12,077 sq ft in size while the duplex units are about 8,633 to 8,730 sq ft in size. The simplex units start from 6,049 sq ft.

While the transacted price (in psf) for the deal is on the higher side, it is below the record price achieved by SC Global's The Marq on Paterson Hill in 2011 after a 3,003 sq ft four-bedroom unit reportedly went for over S$6,800 psf, or about S$20.5 million.

Les Maisons Nassim sits on a 66,453 sq ft site which was formerly a landed property that Shun Tak purchased in 2018 for S$218 million.

The Hong Kong-listed conglomerate, which was founded by casino tycoon Stanley Ho and is helmed by his daughter Pansy, is concurrently marketing Park Nova (former Park House), a super luxury freehold development at Tomlinson Road which is its maiden residential project in Singapore.

Fourteen of the 54 units at Park Nova have been sold so far, including the three penthouses. The biggest penthouse, at 5,899 sq ft with five-bedrooms, fetched S$34.438 million (S$5,838 psf), while a four-bedroom 4,499 sq ft penthouse was sold for S$26.026 million (S$5,784 psf). The third penthouse, at 3,229 sq ft, was transacted for S$17.178 million (S$5,320 psf).

Not far from Park Nova, Shun Tak is also developing a bungalow on Cuscaden Road into a five-star hotel with 142 rooms. The hotel will be managed by the Artyzen Hospitality Group. In addition, it owns the commercial building, 111 Somerset, at Somerset Road.