Park Nova Review

Park Nova Review

Overview

• Developer and Acquisition:
  • Developed by Hong Kong-based Shun Tak.
  • Acquired through a collective sale (en-bloc) in 2018 at an unprecedented $2,910 per square foot (psf), setting a record for en-bloc sales in Singapore.
• Launch and Sales Performance:
  • Launched as Park Nova in May, the development quickly gained attention.
  • On the first day, the three largest penthouses (ranging from 3,229 sqft to 5,899 sqft) were sold.
  • The largest penthouse sold at an impressive $34.4 million or $5,838 psf.
  • 15 units (33% of total) have been sold since then, with an average psf of $5,000.
• Pricing and Exclusivity:
  • Notably luxurious and the most expensive among recent launches.
  • Differentiates through pricing, targeting ultra-high net worth individuals.
  • Exclusivity is a key factor driving demand, mirroring the Veblen goods phenomenon.
• Unit Pricing and Buyers:
  • The cheapest 2-bedroom unit starts at approximately $6 million.
  • Niche buyers seeking trophy assets.
  • Current buyer breakdown: 86% foreigners, 7% PRs, and 7% Singaporeans.
• Market Positioning:
  • Positioned as an ultra-luxury project with a focus on exclusivity.
  • Comparable to other landmark projects like Ardmore Park, emphasizing enduring desirability.
• Buyer Perspective:
  • Buyers are expected to be foreigners, attracted by the inability to purchase landed properties in Singapore.
  • The average sale price above $10 million offers a range of choices.
  • Emphasis on intangible benefits, such as exclusivity and the prestige of living among global elites.

Inside Tour

• Architectural Inspiration:
  • Designed by PLP Architects, Park Nova draws inspiration from the historical context of Orchard Road’s 19th-century nutmeg, pepper, and fruit orchards.
  • The building’s butterfly-shaped single tower features gently undulating floor plates arranged into three wings, maximizing natural shading and ventilation.
• Biophilic Design:
  • Biophilic design extends to every unit with vertical gardens around balconies and bedrooms.
  • Communal vertical gardens, part of common areas maintained by MCST, enhance the facade’s overall appeal.
• Unit Layout and Views:
  • Single-loading layout ensures natural ventilation and a 270-degree view for each unit.
  • Privacy is paramount, with no units facing each other.
• Entrance and Lobby:
  • Entrance via Tomlinson Road embraces a nature-themed design.
  • Grand and opulent lobby features a concierge service, reflecting Shun Tak’s hospitality experience.
• Parking and Green Initiatives:
  • A 1-to-1 parking ratio (54 lots) with an additional 3 electric charging stations.
  • Ground floor set 17m above ground level, providing elevated views and privacy.
• Facilities Overview:
  • Facilities split between the 1st and 14th floor Sky Terrace.
  • Ground floor amenities include a lap pool, hot spa, jacuzzi, and leisure pool.
  • Sky Terrace on the 14th floor offers a gym, sky garden, sky terrace, and a sky lounge with dining facilities.
• Landscaping and Communal Areas:
  • Communal planters with auto-irrigation for unobstructed greenery views.
  • Stacks 1 and 2 feature acoustic ceilings to absorb road noise.
  • Lavish common areas designed with top-quality materials and fittings.
• Interior Features:
  • Italian brand Molteni&C Dada furnishes Park Nova, known for projects like Cartier Mansion in New York.
  • Miele kitchen appliances and Vola bathroom fittings in hairline copper finish.
  • Turkey-imported marble and engineered timber adorn common areas and bedrooms, ensuring luxury and easy maintenance.

Unit Type: 3 Bedroom + Study (2,207 sqft)

• Equal distribution of units among 2, 3, and 4 Bedroom types, excluding the sold-out penthouses.
• Two variations of 3 Bedroom units, both spanning 2,207 sqft, differing in the arrangement of communal planters around the apartment.

• Size and Ceiling Height:
  • Spacious 2,207 sqft layout for a 3 Bedroom unit, catering to the ultra-luxury segment.
  • Generous 3m ceiling height across all units, surpassing average standards.
• Material Finishes:
  • Extensive use of Turkey-imported marble in common areas and bathrooms, custom-crafted for precision.
  • Engineered timber flooring in bedrooms ensures luxurious aesthetics and easy maintenance.
• Private Lift Access and Foyer:
  • All units feature private lift access for maximum exclusivity.
  • A 5 sqm private foyer at lift exit with three doors: one leading to a guest powder room, one to the main apartment door, and one to the yard/back door.
• Luxurious Powder Room:
  • Lavish powder room with two-tone marble finishes, Vola copper fixtures, and Laufen premium Swiss brand sanitaryware.
  • Mechanical ventilation provided in the absence of windows.
• Expansive Living and Dining Areas:
  • Unit offers an impressive 57.8 sqm of living and dining space.
  • Accommodates an 8-seater dining arrangement with potential for a 10-seater, providing a class-leading environment for hosting.
• Balcony with Unique Views:
  • Spacious balcony (16.7 sqm) seamlessly connected to the living room.
  • Irregular layout, suitable for intimate gatherings or creating a cozy corner.
  • Higher-floor units offer captivating views of Botanic Gardens and Nassim Road GCB enclave.
• Well-Equipped Enclosed Kitchen:
  • Enclosed kitchen with a regular and square layout, equipped with high-gloss finish cabinets from Molteni&C.
  • Two-panel windows for proper ventilation during cooking.
  • Top-end Miele appliances, including gas hob, hood, concealed fridge, and wine chiller.
• Study and Utility Room:
  • Well-sized study (7.8 sqm) across from common bedrooms, suitable for a private office or alternative use.
  • Store/utility room with a self-enclosed w/c located behind the kitchen, primarily intended for helper use.
• Bedrooms and Communal Planters:
  • Three bedrooms with ensuite bathrooms; all rooms feature built-in wardrobes from Molteni&C.
  • Communal planters outside windows for a soothing garden view.
  • Master Bedroom boasts the largest space at 27.6 sqm, offering unparalleled privacy.
• Master Bathroom:
  • Opulent master bathroom (11.7 sqm) with his and hers basins, Vola copper taps, and a sizable Laufen tub.
  • Separate rain shower stall with Vola fittings and a wall-hung w/c, emphasizing luxury and functionality.

Unit Type: 4 Bedroom – Type 4BR-1 (2,906 sqft)

• Two types of 4 Bedroom units, with a slight difference in size (2,895 sqft vs 2,906 sqft) and balcony shape.
• Larger show flat unit features a slightly narrower balcony.
• Communal planters vary on odd and even floors but are not part of the strata area.

• Size and Popularity:
  • Spacious 2,906 sqft layout, meeting expectations for ultra-rich clientele.
  • Among the most sought-after units at Park Nova, especially on higher floors.
• Private Lift Experience:
  • 6.5 sqm private lift lobby provides ample space for preparation or gathering.
  • Powder room for guests and side door to common lift lobby, similar to the 3 Bedroom unit.
• Impressive Living and Dining Space:
  • Living and dining experience stands out as the most impressive.
  • Expansive 10m width and 77.3 sqm (832 sqft) of living and dining areas create a luxurious atmosphere.
  • Ducted air conditioning throughout, showcasing premium standards.
• Spacious Balcony with Views:
  • Substantial 25.8 sqm balcony with leveled-up tiles for a seamless transition.
  • Functional layout with no odd corners, suitable for various purposes.
  • Views include the Orchard city skyline on higher floors and greenery along Orchard Boulevard on lower floors.
• Well-Equipped Kitchens:
  • Dry kitchen features a modern standalone piece with functional fittings, including a copper Vola tap and a bar fridge.
  • Adjacent wet kitchen with Miele induction hobs, Molteni&C Dada cabinets, and top-notch appliances.
  • Separate dry and wet kitchen spaces, providing versatility.
• Yard, Store, and Backdoor:
  • Yard area with a washer and dryer by Miele but lacks natural ventilation.
  • Store (3.9 sqm) and w/c (2.4 sqm) with murphy bed style, potentially for helper use.
  • Two refuse chutes and backdoor leading to common lift lobby provide alternative exits.
• Ensuite Bedrooms with Views:
  • All bedrooms come with ensuite bathrooms and views of communal planters.
  • Engineered timber floors, ducted air conditioning, and Molteni&C wardrobes standard in all bedrooms.
• Master Bedroom Retreat:
  • Bedroom 4 offers added privacy, suitable for multi-generational living.
  • Master Bedroom, the highlight of the unit, spacious at 37.4 sqm.
  • U-shaped walk-in wardrobe with smoke glass metal finish by Molteni&C.
• Master Bathroom Luxuries:
  • Master Bath, 13.3 sqm, showcases opulence with extensive marble finishings.
  • Separate stalls for w/c, rain shower, and bathtub, overlooking planters.
  • His and hers taps by Danish brand Vola and premium sanitary wares by Laufen.
• Nature-Inspired Balcony:
  • Private balcony off the Master Bedroom surrounded by communal planters for a garden-in-the-sky feel.
  • Circular balcony with ample space for chairs and enjoying the view.
• Premium Fittings Throughout:
  • Throughout the unit, premium fittings from Danish firm Vola and Swiss brand Laufen, ensuring luxury and quality.
  • Emphasis on top-notch materials, curated marble, and renowned brands for a high-end living experience.

Park Nova Location – Review

• Thomson-East Coast Line Connectivity:
  • Upcoming Thomson-East Coast Line enhances connectivity for Park Nova residents.
  • Stations set to be completed between 2022-2023, including Orchard Boulevard, a prestigious station.
  • Orchard Boulevard MRT just 280m away, a convenient 3-minute walk.
• Proximity to Orchard Road and Shopping:
  • Wheelock Place, marking the start of Orchard Road, is 550m or a 7-minute walk from Park Nova.
  • Central location provides numerous shopping options.
  • Access to Orchard MRT for the North South Line is either 1 stop away or a leisurely 9-minute stroll (700m).
• Tomlinson Road for the Well-Heeled:
  • Tomlinson Road, known for its affluent reputation, is a prominent feature of the location.
• Primary School Options:
  • Lack of primary school options within the 1km radius.
  • Nearby schools within the 2km range, though walking distances may slightly exceed 2km.
  • Local buyers may consider enrolling children in international schools or explore alumni links for local primary school placement.

Nearest MRT: Orchard Boulevard MRT (280m, 3 mins), Orchard (700m, 9 mins)

Public Transport 

Schools

Retail Outlets

Private Transport 

Unit Mix

• Simplicity in Layouts:
  • Park Nova opts for simplicity in unit layouts, with only one stack for 2 Bedroom, 3 Bedroom, and 4 Bedroom units.
  • The focus is on generous unit sizes rather than complex layouts.
• Targeted Buyer Profile:
  • Catering to ultra-high net worth individuals from abroad.
  • Larger floor plates designed for buyers accustomed to spacious living.
• Unit Size Considerations:
  • Personal opinion suggests a missed opportunity with 2 bedroom units.
  • Proposes that at these price points, buyers might lean towards 3 bedroom units or larger for added space.
• Luxury Unit Characteristics:
  • All stacks designed with a single loading layout, ensuring windows surround the unit and no shared walls with neighboring units.
  • Every unit equipped with a dedicated private lift, aligning with the development’s premium pricing.

Developer Overview

 Shun Tak:

• Established presence in Hong Kong and Macau, listed on the HKSE since 1973.
• Diversified interests include property, transportation, hospitality, and general investments.
• Founder Stanley Ho gained prominence and wealth through a casino industry monopoly in Macau until 2002.
• Ventured into property development, with past projects such as Nova Grand and Nova Park in Macau.
• Entered the Singapore market with notable land acquisitions since 2016, including Park Nova at 18 Tomlinson Road.

Development Portfolio:

• Purchased three significant land plots in Singapore, including 9 Cuscaden Road, 18 Tomlinson Road (Park Nova), and 14 Nassim Road (Les Maisons Nassim).
• Each land acquisition set records for purchase prices.
• Park Nova, launched in April 2021, marks Shun Tak’s inaugural development in Singapore, with Les Maisons Nassim being the second.

Architectural Firm – PLP Architecture:

• London-based architectural firm established in 2009.
• Founded by former President, Senior Partner, and Partners from Kohn Pedersen Fox.
• Extensive global portfolio with over 500 projects, spanning office, residential, education, and civic and cultural use.
• Notable projects include 22 Bishopsgate, One Bishopsgate Plaza/Pan Pacific London, Sky Central, Chiltern Place, and the Four Seasons Hotel Abu Dhabi at Al Maryah Island.

Price Review

When evaluating Park Nova, it’s inevitable to draw comparisons with its neighboring developments. So, let’s examine how it measures up!

• Park Nova’s pricing is exceptionally high, reflecting its record en-bloc price ($2,910 psf) and focus on the ultra-luxury market.
• In comparison to new launch peers like Boulevard 88, Cuscaden Reserve, and 3 Cuscaden, Park Nova is at least 24% more expensive.
• 3 Cuscaden, despite having smaller units, is 24% more expensive than Park Nova, showcasing the latter’s premium pricing in the market.
• Boulevard 88, considered the closest rival, has a larger land plot and similar unit sizes, yet Park Nova commands a 35% premium, emphasizing its opulence.
• When compared to resale condos in the vicinity, Park Nova’s premium varies, ranging from 46% lower than 3 Orchard-By-The-Park to more than double that of Cuscaden Residences and The Tomlinson.
• Four Seasons Park, the oldest project in the area, has a higher psf than some newer ones, likely attributed to extensive facilities and better floor plates.
• Park Nova caters to a niche market seeking ultimate exclusivity and appreciation for greenery, appealing to buyers less price-conscious and more focused on project aesthetics.
• In the ultra-luxury segment, where investment mindset is less critical, Park Nova stands out as a consideration for buyers valuing exclusivity and aesthetic appeal.

Our Take

• Park Nova is positioned as a collector’s item, comparable to prestigious projects like The Marq on Paterson Hill and Le Nouvel Ardmore.
• The project’s exclusivity is highlighted by the high prices, creating a natural barrier to entry and catering exclusively to those for whom cost is not a limiting factor.
• Park Nova aims to be an exclusive, low-density development with a biophilic design, offering residents a “garden in the sky” experience.
• The emphasis on quality is evident in the branded kitchens, wardrobes, and bathroom fittings, aligning with the target clientele of sophisticated buyers.
• Shun Tak, the developer, sets a high standard for ultra-luxury projects in Singapore, showcasing a deep understanding of luxury living.
• With an average price of $5,000 psf, ownership at Park Nova is considered a privilege, attracting sophisticated investors with an appreciation for nature, the Orchard Boulevard location, and an unlimited budget.