Nassim Road condo up for collective sale at S$223m

At that price, the unit land rate is S$3,508 psf ppr for the four-storey, 30-unit, freehold development built in 2008

Thu, Aug 29, 2019


A PRIME District 10 freehold condominium, Beaufort On Nassim, has been launched for collective sale by tender at a minimum expected price of S$222.68 million, real estate services firm Savills Singapore announced on Wednesday.

The price tag translates to a unit land rate of S$3,508 per square foot per plot ratio (psf ppr).

Completed in 2008, the four-storey development at 12 Nassim Road stands on a site 4,212.6 square metres (sq m) in size.

The 30-unit condominium comprises two- and three-bedroom apartments, and penthouses of between 115 sq m and 343 sq m.

Of the 30 owners, 26 have agreed to the en bloc sale, representing 86 per cent of the development's total share value and strata area. This satisfies the requisite majority consent of at least 80 per cent for developments 10 years and older.

This will be the first collective sale site on Nassim Road since the sale of Nassim Park in 2006, said Suzie Mok, senior director of investment sales at Savills Singapore.

"Beaufort at Nassim offers developers an extremely rare opportunity to secure a plum site along Nassim Road.

"Low-density residential plots on this short stretch are few and far between, further limited by single-stakeholders' plots, which are tightly held and unavailable for sale," she said.

The latest registered deal in the vicinity was the sale of a 66,452-sq-ft freehold site via private treaty for S$218 million, she added. That works out to S$2,744 psf ppr, including the development charge.

The Beaufort on Nassim site is zoned for residential use, and has a gross plot ratio of 1.4 under the Urban Redevelopment Authority's Master Plan 2014.

Subject to approvals from the relevant authorities, it may be developed into a luxury condominium up to four storeys tall, with an approved gross floor area of 5,890.82 sq m.

The site boasts a wide visible frontage of nearly 65 m.

Nearby are embassies, black-and-white colonial bungalows, good-class bungalows (GCBs), as well as condominiums such as Sage and The Nassim.

The site is also within walking distance of the Orchard Road shopping belt, and a few minutes' drive to the central business district, the Botanic Gardens, restaurants at Dempsey Hill and international schools.

Ms Mok said: "With the recent resurgence of property purchases in the luxury-home segment by a growing stream of wealthy foreign buyers, and multiple GCB transactions at benchmark price tags in the vicinity, this premier neighbourhood is poised to benefit from a land-value boost."

The tender for Beaufort On Nassim closes at 3pm on Sept 30.