Singapore (EdgeProp) - At the 43-unit Le Nouvel Ardmore, developed by Singapore-listed property company Wing Tai Holdings, two units were sold recently for $5,800 psf, a new high for the luxury condo designed by celebrated French architect Jean Nouvel.
The first transaction at the vaunted price of $5,800 psf took place in late June, when a 3,843 sq ft unit on the 28th floor was sold for an auspicious-sounding $22,288,888. However, no caveat was lodged for this transaction. A property title search and transfer document revealed that the unit was purchased in trust by Han Jinghua and his wife.
The latest edition of Hurun Rich List 2022 published by Hurun Research Institute, ranks Han as the 2,610th richest in China, with a net worth of about RMB2.2 billion ($450 million). Han is the only one on the Hurun Rich List that hails from Ulanqab, Inner Mongolia, earning him the title of “the richest man in Ulanqab'', Inner Mongolia, according to a min.news report on Aug 1.
As the apartment on the 28th floor of Le Nouvel Ardmore was purchased under a trust, Han is likely to have paid 35% additional buyer’s stamp duty (ABSD), or an extra $7.8 million upfront. The 35% ABSD for residential property purchased via a trust came into effect from May 9. However, the trustee may apply to the Inland Revenue Authority of Singapore for a refund on the ABSD, provided the requisite conditions are met.
This is not the first unit at Le Nouvel Ardmore that Han owns. He had purchased a four-bedroom apartment – a 3,789 sq ft unit on the 23rd floor – for $15.175 million ($4,005 psf), according to a caveat lodged in March 2017.
The second transaction to hit the new record price of $5,800 psf came shortly after Han’s purchase. It was for a 3,843 sq ft four-bedroom unit on the eighth floor that was sold for $22.29 million, based on a caveat lodged with URA Realis on July 5. A property title search shows that the buyer is likely to be Taiwanese.
Completed in 2014, Le Nouvel Ardmore contains exclusively four-bedroom apartments. There are only two units per floor in the 33-storey tower. There are 34 simplexes, with sizes from 3,789 sq ft to 4,273 sq ft; and eight duplexes or villas of 4,047 sq ft to 5,360 sq ft. There is a sole duplex penthouse of 13,573 sq ft, and it was the first to be sold in the development. It was purchased by billionaire Su Tongyu, one of the co-founders of Alibaba and Taobao in April 2015 for $51 million ($3,757 psf).
Prior to these two transactions at $5,800 psf, units sold from 2020 to 2021 have achieved a median price of $4,530 psf, the last two units sold were in September 2021: a 5,360 sq ft duplex on the ninth floor for $26.3 million ($4,906 psf) and the adjacent 3,843 sq ft, simplex for $18.46 million ($4,804 psf), based on caveats lodged. The median price achieved for units sold in 2021 was $4,530 psf.
Based on caveats lodged to date, 32 units have been sold at Le Nouvel Ardmore. However, if the recent purchase via a trust were to be included, as well as others sold without a caveat lodged, the number of units sold is higher. The starting price for a unit at Le Nouvel Ardmore is $15.174 million, and it’s located in the prime District 10 enclave of Ardmore Park, an address synonymous with the rich and discreet.
Credits: EdgeProp Singapore