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TWO recent transactions at Hong Kong developer Shun Tak’s Park Nova project in Singapore have surfaced at near-record-high levels, caveats data showed. One unit sold at S$6,593 per square foot (psf), the second-highest psf price ever recorded in the market.

The two Park Nova sales, both done in January 2025, stood out amid the slump that has permeated the prime residential market since sharp hikes in stamp duty in April 2023 kept wealthy foreign investors at bay.

The data from the Urban Redevelopment Authority’s (URA) Realis database indicates that the two freehold units were bought by a foreigner and a permanent resident (PR). Both deals were new sale transactions – that is, sold by the developer.

One 20th-floor penthouse unit transacted on Jan 21 at S$6,593 psf, or S$38.9 million, for the 5,899-square-foot (sq ft) apartment. The other unit, a 2,906 sq ft apartment on the 19th floor, was sold for S$5,708 psf on Jan 17 at S$16.6 million.

The recent Park Nova sales were also done at markedly higher levels than the rest of the luxury condominium’s sales. Located along Tomlinson Road, the 54-unit freehold condo recorded a median price of S$4,979 psf when it first launched in May 2021.