The only penthouse at luxury project Le Nouvel Ardmore has been sold for $51 million, in what may be a record here since at least the global financial crisis.
The identity of the buyer of the unit in the swanky Ardmore Park district, off Orchard Road, has not been disclosed.
The price translates to $3,675 per sq ft (psf) for the 13,875 sq ft unit. Considering that 5,000 sq ft is a roof terrace, the net price psf is more than $5,000 psf for the indoor living area.
Experts were buoyed by the heady result, given that prime district condominiums have posted eight straight quarters of price decline, besides the $15.8 million loss Japanese billionaire Katsumi Tada suffered when he sold a St Regis penthouse last month.
"It is a sign the market is not completely dead. People are waiting and some may decide to take the plunge," said Savills research head Alan Cheong.
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