Kalpana Rashiwala | The Business Times | Monday, Apr 20, 2015
THE buyer of the S$51 million penthouse that Wing Tai recently sold at Le Nouvel Ardmore is believed to be Sun Tongyu, one of the founders of Alibaba.
Mr Sun was also formerly president of Alibaba Group’s consumer-focused e-commerce site Taobao but now invests in start-ups.
The Chinese citizen is a Singapore permanent resident. He is an investor in Singapore HealthTech Pte Ltd, a private investment company that invests in high-tech start-ups. Earlier this year, Singapore HealthTech launched VentureCraft, a platform to invest in start-ups that are intellectual property-based and want to expand to China.
The S$51 million price for the sole penthouse at Le Nouvel Ardmore reflects S$3,676 per square foot. The unit spans 13,875 sq ft on the top two levels of the 33-storey freehold project; the area is inclusive of about 5,000 sq ft of roof terrace area.
According to some property consultants, the effective price works out to around S$5,000 psf – on the assumption that the roof terrace is assigned a per square foot value equivalent to one-third that of the indoor area.
Based on information in a brochure of the project, the penthouse unit has five bedrooms, with a family area and study area on level 32. A private pool, private foyers, roof terrace, a gym and an entertainment area are on level 33.
The S$51 million pricing is a record absolute price quantum for a penthouse in Singapore. Penthouses larger than 13,000 sq ft are rare here. Le Nouvel Ardmore received Temporary Occupation Permit a year ago.
Including the penthouse sale, Wing Tai has moved only four units in the 43-unit freehold condo, designed by Jean Nouvel, who clinched the Pritzker Architecture Prize in 2008.
Another recent big-ticket condo unit transaction was the S$15 million sale of a 4,478 sq ft apartment at Boulevard Vue along Cuscaden Walk.
The price for the mid-level unit in the 33-storey freehold project works out to S$3,350 psf. It was sold by the project developer, Far East Organisation.