On September 25 SRI will auction a three-bedroom duplex penthouse at the freehold luxury property Nassim Jade. With a 3,003 square foot footprint and a suggested price of $8.8 million—that works out to $2,930 psf—this fourth-floor apartment Along with a family room, kitchen, master bedroom, and en suite bedroom, the lower floor of the duplex boasts a double-height living and dining area. The third bedroom, two common areas, a roof deck, and a study are housed on the upper level.
This is the second time it will be under the hammer; it is being sold under a mortgagee sale. With a recommended price of $9 million, the penthouse initially came on sale at SRI on August 28. Interest was limited at the time, which Mok Sze Sze, managing partner of auctions and sales at SRI, notes as likely unfavourable for major purchases given the seventh lunar month. SRI saw no auction sales in August, actually. But Mok hopes the house will get greater interest as the market moves into the eighth lunar month and with a lower suggested price.
URA concessions state that the property was last sold for $5.5 million ($1,831 psf) in May 2007. Only one property at Nassim Jade has been sold thus far this year—a 3,329 square foot four-bedroom apartment on the second floor for $9.25 million ($2,737 psf) in January. Just one transaction took place last year; a 5,748 square foot five-bedroom penthouse sold for $7.8 million ($2,644 psf) in November. The project averages one resale transaction annually over the past three years.
For owner-occupiers who value its outstanding position, the duplex penthouse will be sold with vacant possession. The house, which is adjacent to the Orchard shopping belt, is peaceful but near lots of restaurants and facilities. Furthermore included inside a 2km radius are several highly acclaimed primary schools like Alexandra Primary School, River Valley Primary School, Singapore Chinese Girls’ Primary School, Anglo-Chinese School (Primary), and Junior Anglo-Chinese School.
Comprising 39 three- to five-bedroom units ranging from 1,841 to 5,748 sq ft, Nassim Jade is a luxury building in Prime District 10 completed in 1997.
