Nassim Road condominium up for collective sale at S$223m reserve price

A PRIME District 10 freehold condominium, Beaufort On Nassim, has been launched for collective sale by tender at a minimum expected price of S$222.68 million, real estate services firm Savills Singapore announced on Wednesday.

The price tag translates to a unit land rate of S$3,508 per square foot per plot ratio (psf ppr).

Completed in 2008, the four-storey development on 12 Nassim Road occupies a site of about 4,212.6 square metres (sq m) or 45,344 square feet (sq ft).

The 30-unit condominium comprises two- and three-bedroom apartments, as well as penthouses spanning between 115 sq m and 343 sq m.

Of the 30 owners, 26 have agreed to the en bloc sale, representing 86 per cent of the development's total share value and strata area. This satisfies the requisite majority consent of at least 80 per cent for developments 10 years and older.

This will be the first collective sale site on Nassim Road in 13 years since the sale of Nassim Park Residences in 2006, said Suzie Mok, senior director of investment sales at Savills Singapore.

"Beaufort at Nassim offers developers an extremely rare opportunity to secure a plum land along Nassim Road. Low density residential plots on this short stretch are far and few between, further limited by single-stakeholders' plots which are tightly held and unavailable for sale," Ms Mok said.

The latest registered deal in the vicinity was the sale of a freehold site of 66,452 sq ft at 14/14A Nassim Road via private treaty at S$218 million, she added. That translates to about S$2,744 psf ppr including development charge.

The site is zoned for residential use with a gross plot ratio of 1.4, under the Urban Redevelopment Authority's Master Plan 2014.

Subject to approvals from the relevant authorities, it may be developed into a luxury condominium of up to the four-storey height limit, with an approved gross floor area of 5,890.82 sq m or 63,408 sq ft.

The site boasts a wide visible frontage of nearly 65 m. Nearby are embassies, black-and-white colonial bungalows, good class bungalows (GCBs), as well as condominiums such as Nassim Park Residences, Sage, and The Nassim. It also within walking distance to the Orchard Road shopping belt, and a few minutes' drive to the central business district, Botanic Gardens, restaurants at Dempsey Hill and international schools.

"With the recent resurgence of property purchases in the luxury home segment by a growing stream of wealthy foreign buyers, and multiple GCBs transactions at benchmark price tags in the vicinity, this premier neighbourhood is poised to benefit from a land value boost", Ms Mok said.

The tender for Beaufort On Nassim will close at 3pm on Sept 30.