Park Nova Penthouse Sold 389 Mil Translating Near Record High 6593 Psf

The largest penthouse at Park Nova has been sold at a record price, marking a new high for the development. The five-bedroom unit, located on the 20th floor and spanning 5,899 sq ft, was purchased by the developer for $38.888 million. This translates to a price of $6,593 per square foot (psf), as indicated in a caveat lodged on Jan 21 with the URA Realis database.

When considering investing in condos in Singapore, one must also take into account the government’s property cooling measures. In an effort to maintain a stable real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. This includes the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, creating a safer investment environment. Singapore Projects also play a role in the condo investment landscape and should be considered when making investment decisions.

This sale has set a new record for the highest price achieved for a unit at Park Nova, both in terms of absolute price and psf-price, based on caveats lodged. These records were previously held by a 4,499 sq ft penthouse which was sold in May 2021 for $26.026 million ($5,784 psf).

In addition, the transaction has also set the second-highest psf-price ever recorded for a condominium unit in Singapore, second only to a unit at The Marq on Paterson Hill. In 2011, a 3,089 sq ft, four-bedroom unit on the 20th floor of the development was sold for $20.54 million ($6,650 psf).

Interested in keeping up with the latest New Launches? Check out the transaction prices and available units by searching on EdgeProp’s website.

The Park Nova penthouse that was sold on Jan 21 is believed to be part of a portfolio of properties linked to a $3 billion money laundering case, which has reportedly been put up for sale. The penthouse was previously reported to have sold in 2021 for $34.438 million ($5,838 psf).

According to caveats, this unit is the third at Park Nova that the developer has sold within a month. On Jan 17, a four-bedroom apartment spanning 2,906 sq ft on the 19th floor was sold for $16.59 million ($5,708 psf). And on Dec 27, 2024, another four-bedroom unit measuring 2,896 sq ft on the 18th floor was sold for $15.99 million ($5,522 psf).

Recent sales transactions at Park Nova (Source: EdgeProp Buddy)

Park Nova is a freehold luxury condo comprising 54 units, located at the junction of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the apartment received its temporary occupation permit in November 2021. To find out more about Park Nova properties, check out the latest listings on EdgeProp.

Ask Buddy for the site plan and diagrammatic chart of Park Nova, or to compare the price trend of new launch condos versus executive condos. You can also get information on the total number of units within Park Nova, or generate a price trend graph for new launch condos in District 10. Additionally, Buddy can provide a project summary for Park Nova condo.