Recent media has reported that the sole penthouse in the luxury development at Le Nouvel Ardmore has been sold by confidential buyer for the huge sum of $51 million.
The sale price equates to $3,675 per square foot and could very well be a record since the start of the global financial crisis. One must consider that, of the 13,875 square foot unit,5,000 square feet of that number is a roof terrace, making the indoor living figure over $5,000 for the property’s net per square foot amount for The Vales EC.
Sengkang Anchorvale Vales EC
Experts are encouraged by this exciting result considering prime district condos having seen declines in quarterly figures eight times in succession. Add the loss suffered by Katsumi Tada, a Japanese billionaire, a month ago when his sale of the St. Regis penthouse brought a loss of $15.8 million.
Savills head of research, Alan Cheong, has stated that this is a signal that the market for The Vales Anchorvale Crescent is not entirely dead. Many people who are waiting in the wings may choose to take that plunge.
Of the 43 freehold project units sold by Wing Tai, this is the fourth. The project is situated in the posh enclave of Ardmore Park that is just off Orchard Road. Last April the project obtained its Temporary Occupation Permit for The Vales ec.
New Vales EC at Sengkang
One unit was sold by Wing Tai in 2011 and two more were sold in 2013, all of which went for a price over $4,300 per square foot. It has been said that the penthouse price is given on request of application.
Chong also pointed out that the project being a completed one greatly helped with securing the deal, stating that this gives those buyers who have a super high net worth, and who would rather invest in something they can physically see as opposed to something that is still in the planning stage, more confidence to do so in The Vales.
The Vales by SinghaiYi
Partner at the Rodyk & Davidson law firm, Lee Liat Yeang, has noted that another contributing factor to the high price is that the penthouse is a rare large size. A unit is considered to be very large if it is anything over 3,500 to 4,000 square feet, which is usually the case of penthouses where range of size is concerned.
One can compare this sale to the sale of a penthouse at 21 Angullia Park in June of 2013, which sold for $42.9 million for The Vales EC.
In November of 2011 the sale of a 4 bedroom condo at Patterson Hill’s The Marq went for $20.5 million. There was also a sale in July of 2010 of $30 million, equating to $3,432 per square foot, for a penthouse on the 29th floor close to The Ardmore Park.