A luxurious penthouse unit in Orchard Boulevard recently changed hands for a staggering S$38.888 million. This transaction, translating to S$6,593 per square foot (psf), stands as the highest in the private condo sector for January, according to the Urban Redevelopment Authority (URA). While the Jadescape penthouse deal covered in the previous Condo Cash or Crash was remarkable for its capital appreciation, this penthouse sale draws attention for different reasons.
First of all – a transaction with multiple 8s near the Chinese New Year? This S$38.888 million deal is sure onto something! Let’s break down the details and examine what this means for Singapore’s luxury property landscape.
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S$38.888 million Park Nova penthouse
The highest transacted price recorded in January involved a new sale of a 5,898 sq ft, penthouse unit at Park Nova, an ultra-luxurious freehold condominium in District 10. Located along Tomlinson Road, Park Nova is within a short walking distance of Orchard Boulevard MRT (300m).
This transaction also marks the second-highest price psf ever recorded for a condominium unit in Singapore. The current record remains with a unit at The Marq on Paterson Hill, where a 3,089 sq ft, four-bedroom apartment on the 20th floor was sold for S$20.54 million in 2011, achieving an unprecedented S$6,650 psf.
The Park Nova penthouse sale is not the only one recorded in January. Another unit, a four-bedroom condo situated on the 19th floor, just below the penthouses, was also transacted for S$16.588 million or S$5,708 psf. This sale ranks second in January’s top condo transactions. A month earlier, in December 2024, a similar four-bedroom unit on the 18th floor sold for a lower price of S$15.988 million or S$5,523 psf. Again, transactions with multiple 8s!
Before these transactions, the last recorded sales at Park Nova dated back to September 2023. Interest in the development appears to have surged recently, likely due to its newly obtained Temporary Occupation Permit (TOP).
Notable condo transactions in January 2025
What’s interesting from January’s highest transactions is that there’s one leasehold property, Eden Residences Capitol, among the top 5. Freehold condominiums in Singapore typically steal the spotlight for their lasting value and never-ending demand. However, these latest figures might suggest a slight behavioural shift. Buyers now seem willing to pay substantial sums for leasehold properties if they offer other exceptional qualities.
The unit at Eden Residences Capitol in the Downtown Core was resold for S$12.7 million this month, despite having only about 85 years left on its lease. Additionally, another unit in the development was sold in December for S$19.75 million, topping the private condo market that month. The condo’s luxurious integrated development status and central location likely made it a worthwhile investment.
Park Nova, on the other hand, enjoys the distinct advantage of freehold ownership although it is known to have limited facilities due to the small land size. While leasehold properties can command hefty sums when integrated with exceptional features, freehold ownership remains a powerful draw.
Is prime exclusivity at Park Nova worth the price?
Park Nova’s appeal, however, extends beyond its freehold status. Combined with the exclusivity, this makes the S$38.888 million sale less surprising. As an ultra-luxurious development with only 54 units, Park Nova offers unparalleled privacy and prestige. Developed by Shun Tak Holdings, this luxury residence features biophilic design elements, expansive living spaces, and top-tier (though limited) facilities.
Every unit at Park Nova is shrouded in vertical gardens, bringing a touch of nature to each home. Featuring a single-loading layout, Park Nova offers maximum privacy for homeowners, as none of the units face each other. Additionally, all units get plenty of natural ventilation and a 270-degree view of either the Botanic Gardens, Orchard precinct, or the One Tree Hill landed enclave.
The S$38.888 million deal this month wrapped up the penthouse sales for Park Nova. All three penthouses, ranging from 3,229 to 5,899 sq ft, are now off the market. The two other units, which are the smaller ones, were snapped up during Park Nova’s launch weekend back in 2021. This enthusiasm highlights how prime location, exclusivity, and well-executed design continue to drive record-breaking transactions in Singapore’s luxury property market.
Price trend analysis
This S$6,593 psf penthouse marks a clear upward price trend compared to transactions recorded since the project’s launch. Notably, this price psf exceeds the rates achieved by penthouse units sold in 2021. Here’s a breakdown of all three penthouse sales at Park Nova:
| Unit | Area (sq ft) | Price (S$) | PSF (S$) | Year |
| Penthouse 1 (5BR) | 5,898 | 38.888M | 6,593 | 2025 |
| Penthouse 2 (4BR) | 4,500 | 26.026M | 5,784 | 2021 |
| Penthouse 3 (4BR) | 3,229 | 17.178M | 5,320 | 2021 |
Fun fact: Park Nova’s largest penthouse, which successfully sold this month, was initially transacted during its 2021 launch. At the time, the reported price stood at S$34.438 million, equating to S$5,838 psf. Demand for this exclusive unit was so intense that a balloting scenario almost took place. However, for reasons undisclosed, the deal ultimately fell through, making its recent sale all the more noteworthy.
In addition, the four-bedroom sale of S$16.588 million (S$5,708 psf) recorded in January exceeds previous sales of similar units on higher floors, including the one sold in December 2024. It even surpasses the price psf of Park Nova’s smallest penthouse transaction. This upward trajectory suggests growing demand for Park Nova’s exclusivity and luxury offerings.
Park Nova price trend in the broader Core Central Region (CCR)
Despite the consistent upward price trend of Park Nova over the years, how does it truly compare within the broader luxury property market? Leveraging data from 99.co Researcher, we examine Park Nova’s market positioning as a premier freehold condominium in Singapore.
Among the 63 freehold condominium transactions recorded in the Core Central Region (CCR) this month, the average psf stands at S$2,570. The penthouse at Park Nova commands more than double this figure, a testament to its exclusivity and the premium associated with ultra-luxury living.
A comparison with other notable freehold luxury condominiums in the vicinity further contextualises its standing. The 24-year-old Ardmore Park reflects an average psf ranging from S$4,436 to S$4,679, while The Nassim, a decade old, records figures between S$4,145 and S$5,121 psf. Despite their prestige, both developments fall below Park Nova’s average psf of approximately S$5,279.
The question then arises — how do these figures translate into capital appreciation potential? Let’s explore further.
Park Nova, Ardmore Park, and The Nassim price trends
Since its launch, Park Nova has seen a price psf appreciation of approximately 25.39%. In 2021, the average psf was recorded at S$4,905, whereas the two transactions in January 2025 reflect an average of S$6,151 psf.
In contrast, Ardmore Park demonstrated a more significant price growth. Throughout 2024, six transactions were recorded at an average of S$4,229 psf. This marks a 41.27% increase from its average psf of S$2,993 just four years prior. Meanwhile, The Nassim’s last recorded sales in 2022 saw three transactions averaging S$4,579 psf. Over the same four-year period, this reflects a 35.44% growth.
While Park Nova has maintained an upward price trajectory, its growth appears more modest in comparison to these two developments — particularly Ardmore Park, which, despite being the oldest of the three, continues to demonstrate the most robust market performance. Notably, a resale unit at Ardmore Park made headlines in late 2024 with a transaction of S$12.7 million.
However, it is important to consider that Park Nova, with its higher psf, caters to an even more exclusive market segment. Given its ultra-luxury positioning, fewer transactions are expected compared to Ardmore Park and The Nassim, which have a broader pool of potential buyers.
Our take on Park Nova
Ultra-luxury developments such as Park Nova thrive on exclusivity, operating much like any other luxury item where demand increases as prices rise. While other properties may present stronger investment potential, purchasing a unit at Park Nova is not really to be viewed through the conventional lens of return on investment alone. Instead, buyers likely consider the intangible benefits: ultimate exclusivity and the prestige of living among global elites.
In the high-end property segment, Park Nova exemplifies the kind of attributes that justify premium prices. Buyers at the top end of the market prioritise unique properties that offer convenience, long-term value, and most importantly, prestige – even at over S$6,000 psf. At this price point, those outside the elite segment will likely consider landed property instead.
For more perspective, the lowest-priced unit at Park Nova, a two-bedroom condo, starts at around S$6 million. With the same budget, homebuyers could easily opt for a spacious terrace house with four to six bedrooms and multiple bathrooms. However, for Park Nova’s niche buyers, this development represents more than just real estate. It is a trophy asset, a mark of distinction, and an address that speaks volumes.
Take a look at these available listings on 99.co
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Luxury condo market in Singapore: Who are the prospective buyers, actually?
We think it is also worth mentioning that the majority of Park Nova’s buyers are foreigners. During its 2021 launch, reports indicated that 86% of buyers were foreign nationals, while permanent residents (PRs) and Singaporeans accounted for just 7% each. This trend is unsurprising, given that foreigners are generally restricted from purchasing landed properties in Singapore. As a result, ultra-high-net-worth individuals naturally gravitate towards the luxury condominium segment. It is the same reason why, at these price points, most locals would prefer to invest in a landed home instead.
Beyond Park Nova, Singapore’s luxury condominium market saw a significant slowdown in 2024, with property agents reporting a dwindling pool of buyers. Analysts have largely attributed this decline to the 60% Additional Buyer’s Stamp Duty (ABSD) imposed on foreign buyers in April 2023, alongside a limited supply of new luxury developments in 2024.
The impact of this slowdown is reflected in transaction volumes. In 2024, only 21 luxury condominium units in the CCR changed hands at above S$10 million, a steep drop from 36 units in 2023 and 56 in 2022. This trend underscores the shifting market dynamics, where stringent regulations and a constrained supply continue to reshape demand in Singapore’s high-end residential sector.
Enjoying this in-depth analysis? 99.co Condo Cash or Crash covers monthly notable transactions in Singapore’s private property market.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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