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Investing in a condo involves a crucial component – financing. In Singapore, there are various mortgage choices available, but it is crucial to have a thorough understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework puts a cap on the loan amount a borrower can take, taking into consideration their income and current debt responsibilities. It is highly recommended for investors to consult financial advisors or mortgage brokers to gain a better understanding of the TDSR and make well-informed decisions about their financing options. This is important to avoid over-leveraging. Additionally, staying updated on New Condo Launches can also provide valuable insights when considering financing for a condo investment.
Park Nova’s largest penthouse has been sold for a record-breaking price, setting a new high for the development. The five-bedroom unit, located on the 20th floor and measuring 5,899 sq ft, was sold by the developer for $38.888 million on Jan 21, according to a URA Realis database caveat.
This transaction marks the highest price ever recorded for a unit at Park Nova, both in absolute price and psf. The previous records were held by a 4,499 sq ft penthouse that sold for $26.026 million in May 2021 ($5,784 psf).
This sale also represents the second-highest psf-price ever registered for a condo unit in Singapore, second only to a unit at The Marq on Paterson Hill. In 2011, a four-bedroom unit on the 20th floor of the development was sold for $20.54 million ($6,650 psf).
The recently sold penthouse at Park Nova is rumored to be part of a collection of properties linked to a $3 billion money laundering case. The unit was previously reported to have sold in 2021 for $34.438 million ($5,838 psf).
In recent weeks, the developer has sold three other units at Park Nova. On Jan 17, a four-bedroom apartment spanning 2,906 sq ft on the 19th floor sold for $16.59 million ($5,708 psf). On Dec 27, a four-bedroom unit measuring 2,896 sq ft on the 18th floor sold for $15.99 million ($5,522 psf).
Park Nova is a freehold luxury condo with 54 units located at the junction of Orchard Boulevard and Tomlinson Road in prime District 10. Developed by Hong Kong’s Shun Tak Holdings, the development received its temporary occupation permit in November last year.
With its prime location and luxury offerings, Park Nova continues to attract high-end buyers. To find out more about the transaction prices and available units, search for the latest New Launches. You can also check out the latest listings for Park Nova properties and generate price trend graphs for new launch condos in District 10.