Le Nouvel Ardmore Penthouse S$51M Sale Sets New High Bar

Winner of the Pritzker Architecture Prize 2008 and Wolf Prize in Arts 2005, Le Nouvel Ardmore's 13,875 sq ft penthouse was sold for an absolutely record price of $51M | S$3,676 psf, in April this year. This is a record absolute price quantum for a penthouse in Singapore.

Le Nouvel Ardmore by Wing Tai is a 33-storey single-tower luxurious freehold condominium along Ardmore Road, Singapore. It received Temporary Occupation Permit a year ago.

THE buyer of the S$51 million at Le Nouvel Ardmore penthouse is believed to be Sun Tongyu, one of the founders of Alibaba. He was the former president of Alibaba Group's consumer-focused e-commerce site Taobao. 

The penthouse unit sits on the top two levels of the 33-storey freehold project. Included in the 13,875 sq ft floor space is a roof terrace of 5,000 sq ft. Based on the brochure, there are five bedrooms, a family area and a study area on the lower deck, level 32. A private pool, private foyers, roof terrace, a gym and an entertainment area are on the upper deck, level 33.

On the assumption that the roof terrace is assigned a per square foot value equivalent to one-third that of the indoor area, the effective price is around S$5,000 psf.
Penthouses larger than 13,000 sq ft are rare in Singapore. 

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.

If this is anything to go by, it is a sure sign that the Singapore property market is biding time. Buyers are waiting on the sidelines and some may decide to take the plunge when conditions are right.