Sales in August

High-end developments also put on a better showing last month. Nassim Park Residences in prestigious Nassim Road sold another eight units at a median price of $3,349 psf,

Officially launch today

UOL Group, Kheng Leong and Orix Corporation will officially launch Nassim Park Residences condo today. 
 
Nearly 50 units have been sold at an average $3,000-3,200 psf since the preview began the week of Vesak Day, although this is expected to go up slightly from today.

Wee family pick up three units

MEMBERS of the Wee family have bought three units at Nassim Park Residences near Botanic Gardens 
 
Wee Ee Cheong, CEO of United Overseas Bank and son of UOL chairman and controlling shareholder Wee Cho Yaw, picked up a penthouse for $18.33 million or $2,670 per square foot (psf). 
 
Two of his siblings bought a sky unit each in the five-storey freehold condo at about $10.6 million each. Wee Ee Chao, who sits on the UOL board, bought a unit with his wife Jennifer for $3,308 psf, while his sister Wei Chi snapped up a unit for herself for $3,293 psf. 
 
Buyers of the four units received a special 2 per cent discount. More than 40 units have been sold in the development, which has a total 100 units, since its preview began the week of Vesak Day. 
 
The average price achieved is said to be somewhere in the $3,000-$3,200 psf band, although analysts expect the developer to raise prices slightly when the project is officially launched next week.  
 
The units in the development are priced at $10 million and above, with each having at least four bedrooms. 
 
Nassim Park Residences is developed on the former Nassim Park condo site that UOL bought in August 2006 for $380 million. 
 
Its land cost worked out to about $1,131 psf of potential gross floor area inclusive of an estimated development charge of $8 million at the time. The breakeven cost then for a new development on the site was estimated at $1,600-1,700 psf

Surprisingly good sales

A LUXURY condominium in the posh Nassim area has turned in surprisingly good preview sales, even as property analysts are predicting a sharp slowdown in the high-end home segment. 
 
Buyers have taken up 38 units at Nassim Park Residences, forking out a whopping $10 million or more for each apartment, sources said. 
 
The 100-unit development, which United Overseas Land (UOL) is building on the former Nassim Park site in Nassim Road, is understood to be priced upwards of $3,000 per sq ft (psf). 
 
The project consists of only four-bedroom and penthouse apartments. Each of the four-bedders is believed to be at least 3,000 sq ft in size, while the penthouses are between 6,000 sq ft and 7,000 sq ft. 
 
UOL declined to comment on the figures yesterday, but sources said the developer might not release some of the units and instead keep them for its own use.  
 
Nassim Park Residences is the first major luxury development to be released for sale this year. Most other launches, especially large, high-end ones, have been held back as developers wait out the market gloom.