The transacted price of the condo on Ardmore Park- Le Nouvel Ardmore hit both homebuyers and experts as odds amongst the global financial crisis when its the single Penthouse were sold at record $51 million that translates to $3,675 psf to an undisclosed buyer, according to reliable media sources.
The whopping strengthen the belief for any potential investment in condominiums in prime Orchard, Tanglin district that saw an eight consecutive quarterly decrese in price, especially when Japanese billionaire Katsumi Tada sold a St Regis penthouse at the boom price of $15.8 million in March 2015. The net price for the indoor living area of Le Nouvel Ardmore Condo is being considered to set at over $5,000.
"It is a sign the market is not completely dead. People are waiting and some may decide to take the plunge,” shared Alan Cheong, research head at Savills.
Le Nouvel Ardmore by Wing Tai is well-located on Ardmore Park, near Orchard Road and Tanglin and got its TOP Date in April 2014. The $51 million Penthouse is the fourth unit snapped up oif this freehold condo and were transacted on application.
Two first units of the condo on Ardmore Park were transacted at more than $4,300 psf, one in 2011 and the orther in 2013.
“This gives confidence to the super-high net worth, who like buying something they can touch and feel, rather than off plan.” Lee Liat Yeang, partner at law firm Rodyk & Davidson, said the high price of The Penthouse is attributed partly to its rare large size. “Anything more than 3,500 to 4,000 sq ft is already very big, and penthouses are mostly in that range.”
This impressive price of the Ardmore Park Condo by Wingtai is compared to the sale of a Penthouse at TwentyOne Angullia Park in 2013 that was sold at $42.9 million. The Marq on Patterson Hill was also sold for $20.5 million, or $6,850 psf in November 2011. A Penthouse near Ardmore Park that is 29 storeys high saw a sales of $30 million, or $3,432 psf in July 2010.
Read more at: Ardmore Three Units Sell Fast with ABSD Assistance