SIX freehold residences at 8 Nassim Hill have been put on the market for bulk sale with a price tag of $58 million to $59 million - PHOTO: BBR HOLDINGS (S) LTD
SIX freehold residences at 8 Nassim Hill have been put on the market for bulk sale with a price tag of $58 million to $59 million.
The condominium project, which boasts 16 luxury triplex apartments with private rooftop pools and gardens, was officially up for sale in early 2010. So far, only 10 units have been sold.
It is developed by Tennessee, a joint venture project between Shing Kwan and BBR Holdings.
Marketing agent of the development Savills said the six unsold units are made up of three penthouses and two townhouses - sized between 3,218 and 4,338 square feet each - as well as a corner townhouse of 5,759 sq ft.
"The developer had planned to keep the units as an investment property for recurring rental income. However, in recent weeks, they have received unsolicited interests to acquire the units," said Steven Ming, Savills' deputy managing director and head of investment sales.
The six apartments have an average guide price of between $2,400 and $2,450 per square foot (psf), or between $58 million and $59 million for all the units.
The average sale price of the 10 units sold was about $3,060 psf, with the highest at $3,316 psf. The last sale done in April 2012 worked out to about $2,719 psf.
Savills estimates there are about 320 units of freehold non-landed residence currently with a Nassim address that are not wholly held by a single landlord for lease only.
It does not expect more new schemes in the Nassim area for the "foreseeable future", save for the 65 units that may come from two future developments.
"We do not think that any supply growth of physical residential units in the prime areas can match up to a potential uplift in demand that can be underpinned by population growth over the medium to long term," said Mr Ming.
The development is located near Botanic Gardens and Orchard Road. It is also near the upcoming Napier and Orchard Boulevard MRT stations.
The sale by expressions of interest will close on May 8 at 4 pm.
