Park Nova New Launch Condo Review – A new ultra-luxury condo in Singapore

TL;DR A trophy asset in a highly accessible location that sets a new standard for prime freehold residential luxury

(UPDATE: As of 25 May 2021, all three penthouses have been sold.)

• Project Name: Park Nova

• Location: Tomlinson Road (District 10)

• Developer: Shun Tak Holdings Limited

• Architect: PLP Architecture, P&T Group

• Site Area: 4,281 square metres

• Tenure: Freehold

• TOP (Expected): Q2 2023

• Residential Units: 54 (a single block of 22-storeys)

• Parking Lots: 54 basement lots, 3 electric car charging stations and 2 handicap lots

• Nearest MRT: Orchard Boulevard (350 metres, 5-minute walk)

• Primary Schools within 1km: 0

• International schools nearby: Overseas Family School, EtonHouse International School

Indicative Pricing, Unit Mix and Maintenance Fee

Developer Profile and Track Record

As one of the leading Hong Kong listed conglomerates, Shun Tak Holdings Limited has over 60 years of real estate experience and a key player in the Macau market. The diversified operations in Shun Tak Holdings span across areas such as transportation, property, hospitality as well as investments.

Shun Tak Holdings has developed iconic projects with unique positioning in major cities across Mainland China over the recent years, and first started expanding into the Singapore market in 2016. 111 Somerset, completed in 2010, is one of their major projects in Singapore. It is a commercial complex consisting of offices, medical suites and a retail podium. Shun Tak Holdings is also in the process of developing a 5-star luxury hotel along Cuscaden Road, just 250 metres away from Park Nova.

Location Analysis

 

Park Nova is an exclusive, ultra-luxe freehold residential development nestled within the leafy and impeccably prime Tanglin neighbourhood in prime District 10. Aside from its prestigious and highly visible Orchard Boulevard frontage, one of the highlights of this location is its convenience, with a wide array of amenities that are within walking distance or a few minutes’ drive away.

In fact, Park Nova is strategically positioned in between two Singapore landmarks, the heart of the Orchard Road shopping belt, and the Singapore Botanic Gardens where the surrounding embassies and Good Class Bungalow Areas all result in sky high land value.

We’re also looking at one of the most accessible locations within prime District 10, because it’s not often you get ultra-luxe in this area and still be within a five minute walk of Orchard Boulevard MRT station and Tanglin Mall, which is a large shopping centre with a supermarket.

There also five-star dining at the doorstep, as residents of Park Nova will be in the same neighbourhood as five-star hotels such as The St. Regis Singapore and Regent Singapore. And there are two more luxury hotels that are being built in the neighbourhood right now.

Park Nova has access to reputable schooling options, ranging from preschools to international schools. The famed St. James Church Kindergarten is a 5-minute drive to the west and River Valley Primary School a 7-minute drive in the south-east direction.

Also within a 10-minute drive are Crescent Girls’ School, a well-regarded autonomous all-girls’ school and the Bukit Timah school cluster that includes Singapore Chinese Girls’ School and the National University of Singapore’s Bukit Timah campus.

To cater to the affluent foreign population in the area, the neighbourhood of Park Nova is home to no less than four international schools, including Overseas Family School, EtonHouse International School, Furen International School and Dynamics International School. Slightly further is Ascencia International School, Invictus International School and ISS International School.

Also in the vicinity are exclusive recreational and leisure clubs which Park Nova’s residents will definitely appreciate. Raffles Town Club, American Club and Tanglin Club are all within a 7-minute drive away.

What particularly stands out is the proximity of Park Nova to the popular Orchard Road shopping district, which begins from the Tanglin neighbourhood all the way down to Dhoby Ghaut. This is an ideal distance from the hustle and bustle with branded boutiques and malls such as ION Orchard and Wisma Atria. Residents of Park Nova are within a 3-minute car journey to their favourite luxury boutique or fine dining establishment, or they can simply take a stroll to get there via Cuscaden Road or Tanglin Road.

Residents who wish to travel out of the neighborhood via public transport can take a 9-minute walk to Orchard MRT which is on the North-South Line (NSL). Somerset and Dhoby Ghaut are just one and two MRT stops away respectively, which gives more shopping alternatives other than those in the Orchard district. Residents can also look forward to the upcoming Orchard Boulevard MRT on the Thomson-East Coast Line (TEL) that connects to more popular areas such as Gardens by the Bay and the CBD area.

World-class healthcare facilities are also within reach. Located just a four-minute drive away is Gleneagles Hospital, one of the leading providers of private health care services in Asia and a popular destination for medical tourism. Meanwhile, Camden Medical Centre, which is well-known for aesthetic and non-invasive medical procedures, is just 200 metres away from Park Nova. Another very reputable private hospital and medical facility nearby is Mount Elizabeth Hospital and Paragon Medical in Orchard—also a five-minute drive away

By car, residents of Park Nova will enjoy very good connectivity to the rest of Singapore. Even though the Central Expressway (CTE) and the Pan-Island Expressway is a five to six minute drive away, the plus point is that the roads around Park Nova are seldom congested even during peak hours because this is a relatively low density neighbourhood.

If residents are willing to travel a little further, a 7-minute drive will bring them to Dempsey Hill. As an enclave of boutiques, fine dinings as well as fitness and wellness centres, this recreational area will definitely cater to families looking for places to explore on weekends.

Park Nova Condo Site Analysis

Located on a squarish plot of land measuring 4,281 sq m, Park Nova is a single 22-story residential tower consisting of 54 units. What’s great about the design of the tower is how the residential units are elevated 17 metres above the landscaped deck on the ground level, giving space away from the recreational bustle on the first level and providing privacy even for units on the second floor.

 

We also have to commend the placement of the stacks, which is done in a manner so that the units do not directly face any of the surrounding high-rises, including the Cuscaden Reserve condo that’s coming up next door. So privacy is very much assured for Park Nova residents, something that is of utmost importance for the ultra-high-net-worth crowd.

Stack 3, which consists of three-bedroom-plus-study, is northwest-facing and nicely angled away from the neighbouring Cuscaden Reserve condominium. There is also overall decent separation from the nearby high-rise buildings in the north-west direction, so residents need not worry about the intrusion into their privacy.

 

Residents of Stack 3 units above the sky terrace will be in for a treat with unblocked views extending out to the various low level embassy buildings and Good Class Bungalow Areas, and can see as far as Bukit Timah Hill. However, the north-west facing also means some afternoon sun exposure at certain times of the year, although the dramatic sunsets will more than make up for it.

For the four-bedroom units in Stack 1, these are oriented towards the East and will be exposed to the morning sun rising above the high-rise buildings in Orchard. This is an unblocked facing because the nearest buildings are about 200 metres away.

 

Meanwhile, Stack 2, which consists of two-bedroom-plus-study units, is south-facing which means there’s minimal exposure to both the morning and afternoon sun. There’s also a good measure of privacy. Much of the land that Stack 2 faces is a landed housing estate, and units above the sky terrace will get the widest unblocked views.

 

Park Nova Condo Facilities

Despite not having a very large site area, Park Nova’s selection of facilities manage to further add value to the already highly luxurious development as a whole. On the ground level, we like that the condo’s main 25-metre lap pool has a beach-like design on one-side and is complemented by a leisure pool, water play area, hot spa as well as jacuzzi. These aquatic facilities are well spread out across the ground level to minimise crowding, but are still very well connected.

Also located on the ground floor are outdoor lounges and a garden pavilion for residents to take respite and enjoy the lush landscaping of the condo premises.

That said, we feel that a lot of residents, especially those on the lower floors, will relish spending time on the 14th level sky terrace. This is the perfect setting to host guests, with a sky lounge that offers a commanding view of the Orchard Road skyline.

Also located on the sky terrace is a larger-than-average gym that can house quite a few gymmers at one go, and there probably wouldn’t be the need to head to a gym outside especially when residents can also get a workout with a view from here.

That being said, something which we notice was missing was changing rooms on both the ground level and sky terrace. So residents would have to go back up (or down) to their units in their bathrobes or exercise attire, which admittedly isn’t ideal. A steam room would also have been a nice addition.

One of the perks of a luxury condo is the concierge that comes with it, Park Nova is not an exception. Located at the lobby, the concierge service ranges from assisting residents in booking private rides to making reservations in restaurants. The developer has a long-standing track record in hospitality and we can expect the concierge service here to be of a very high standard.

Park Nova Unit Layout and Floor Plan Analysis

As two of three penthouse units are already sold out, let’s first focus on the typical single-storey units in each of the three stacks, which have ceiling heights ranging from 2.7 to 3 metres:

• Stack 1: Four-bedroom

  • Type 4BR-1 (Level 2, 4, 6, 8, 10, 12, 15, 17, 19): 2,906 sq ft (270 sq m) including 32 sqm balcony

  • Type 4BR-2 (Level 3, 5, 7, 9, 11, 13, 16, 18): 2,895 sq ft (269 sq m) including 31 sq m balcony

• Stack 2: Two-bedroom-plus-study

  • Type 2S-1 (Level 2, 4, 6, 8, 10, 12, 15, 17, 19): 1,432 sq ft (133 sq m) including 15 sqm balcony

  • Type 2S-2 (Level 3, 5, 7, 9, 11, 13, 16, 18): 1,432 sq ft (133 sq m) including 15 sq m balcony

• Stack 3: Three-bedroom-plus-study

  • Type 3S-1 (Level 2, 4, 6, 8, 10, 12, 15, 17, 19): 2,207 sq ft (205 sq m) including 21 sqm balcony

  • Type 3S-2 (Level 3, 5, 7, 9, 11, 13, 16, 18): 2,207 sq ft (205 sq m) including 21 sq m balcony

While the alternating contours on each level give Park Nova its distinctive architectural facade, the internal layout of the regular units in the stacks are exactly the same throughout, with the only variation coming in the form of how the balconies and the communal planters are shaped.

For four-bedders, the combined area of the balconies is one square metre larger for units on certain floors. Otherwise, there’s no such floor area variation for the other unit types.

As we mentioned previously, the four-bedroom unit type at Park Nova has been the best-selling since launch.

 

 

The private lift and foyer is right in the middle of the unit, which is a logical placement because this unit measures a remarkable 25 metres from one end to the other. Finally, we see a powder room that is where it should rightly be, at the foyer itself, and this is again the best positioning for a powder room, in our opinion.

The living and dining area itself measures a massive 10 metres by about 5.6 metres, which is altogether about 650 square feet of space if you take into account the elongated dining room that can comfortably fit up to a 14-seater dining table, and we also like the bar counter which makes up for the lack of an open concept dry kitchen that many other luxe developments have.

In the living room area, the sofas and TV can really be as large as the owner wants it to be. A grand piano can also fit comfortably in between the living and dining areas. The balcony, meanwhile, is big enough to fit an alfresco dining table, or perhaps even a private jacuzzi.

In this unit type, the dry kitchen here is enclosed. But this is no ordinary dry kitchen. When you enter, you’d probably have to do a double take that this isn’t some commercial culinary studio because the space is bigger than what you see in most other dry kitchens. The squarish space means owners can opt to construct an island countertop right in the middle of the dry kitchen, or a breakfast bar.

And together with the built in coffee maker, dual ovens and wine chillers, together with the extremely well-finished cabinets by Molteni-Dada, this space is a gourmand’s dream come true.

The wet kitchen, surprisingly, is smaller than the dry kitchen, but this is for serious heavy cooking and not so much for entertaining, unlike the dry kitchen, so the focus is on being functional and the wet kitchen fulfills this criteria with a large sink, dishwasher, and the integrated fridges and larder close by. There’s also a good view out from here.

On this side of the four-bedroom unit is also a common bedroom, fully ensuite like all bedrooms, that’s set apart from all the other bedrooms at the other end. This is perfect as the parent’s room, or for the family member who’s craving some extra privacy. Now it’s a good time to mention that the windows from the bedrooms all face a communal planter with flora and lush greenery. The communal planters are not part of the saleable strata area, and upkeep is done regularly and there’s a built-in auto irrigation system as well.

In general, the common bedrooms at Park Nova are sized to comfortably accommodate a king-sized bed, although a queen-bed may look more proportionate. Bedroom 2 comes without a wardrobe, because the walls between this and the master bedroom can be knocked down to really open up the space to create a luxurious master bedroom that has its own study, library or lounge however the owner sees fit.

But even if the status quo is kept, the master bedroom is very generously and thoughtfully proportioned, with a proper three-sided walk-in wardrobe, the way that walk-in wardrobes are supposed to be, with space to install a showcase of watches and jewellery right in the middle.

The master bath is also well proportioned with a huge shower stall and his-and-hers vanity, and we love the freestanding bathtub that is purposefully right in front of the window and the communal planter. It feels like a bathroom straight out of a six-star resort villa.

In the master bedroom, there’s wall-to-wall full height windows like we see in the other bedrooms, and here the windows wrap around the corner with a door leading to a decent-sized balcony ideal for some quiet time.

One-thing to note about the units at Park Nova is that there’s no household shelters within the units. At the same time, the utility area is pretty limited, especially if it is occupied by a domestic helper. Thankfully there’s enough continuous wall space in the living areas to build full height storage, while the two-and three-bedder units come with a study that can be used for storage.

Moving on to the 2,207 sq ft three-bedroom-plus-study unit type, you’ll see much of the plus points of the larger four-bedder units being carried into this layout, which is delightful to see:

Like in the four-bedder, the living and dining areas are generously sized. If it were up to us, we would switch the living and dining areas so that the dining table can be placed closer to the kitchen. We also welcome the fact that there is a window opening from the kitchen to the living/dining area here, so there can be some level of interaction if the host is in the kitchen and the guests are mingling outside. And there’s still enough space here for a grand piano, thanks to the protrusion of the living space at one end. At the same time, there’s still space on the balcony for a private hot tub.

There’s no separate dry and wet kitchen for the three-bed-plus study unit type, but we’re not complaining here. Again the kitchen is large and squarish enough to let the owner install an island countertop or a breakfast bar.

We must also single out the study for special mention. This space can very well be subsumed as part of the master bedroom, and this allows the owners to create a walk-in wardrobe that’s about the same size as the four-bedder unit. There’s also a window opening here, and with the study measuring about 2.8 by 2 metres this space will also make for a good guest bedroom, or perhaps a personal spa area with a massage bed.

The smallest unit type at Park Nova, at 1,432 sq ft for a two-bedroom-plus study unit, isn’t small by any standards and again the architect has shown remarkable thoughtfulness by making the walls between the master bedroom and study fully removable. Take note that the master bedroom no longer comes with a balcony, and there’s no store/utility room. The common bedroom is also slightly smaller than the other unit types, but overall everything is in the right place and we love that the balcony has enough depth to accommodate a large lounger, making it a perfect setting for evening soirees.

Now for the only penthouse remaining at Park Nova, which we feel will be snapped up soon. This is a two-storey, four-bedroom unit with a double volume ceiling above a section of the living room, which measures a stunning 14 metres from end-to-end.

Another notable aspect is that all but one common bedroom have walk-in wardrobes. The walk-in wardrobe in the master bedroom could’ve been more spacious, but there’s enough room elsewhere in the room for additional closet space.

 

Appliances, Fittings and Flooring

As is characteristic of ultra-high-end luxury properties, units at Park Nova come equipped with interior design finishes for the floors, walls and ceilings, as well as imported kitchen cabinetry and wardrobes and kitchen appliances.

Specifically, the kitchens of the units in Park Nova are fitted with high-end built-in cabinets by Molteni-Dada alongside a comprehensive suite of premium built-in Miele appliances such as the cooker hood and hob, fridges, oven, steam oven, wine chiller, dishwasher as well as coffee maker. As an ultra-luxe condo, the built-in fittings and appliances in the kitchen will add to the luxurious feel of the condo.

The wardrobes in Park Nova are also by Molteni & Company. Residents will also appreciate that the bathrooms are fitted with luxurious sanitary wares from Vola and Laufen.

The living and dining areas and kitchen are of marble flooring, and bathrooms are clad in floor and wall marble tiles, altogether giving an ultra-luxurious touch to the design of the unit. The bedrooms come with timber strip flooring for a cosy feel.

Comparative Analysis: Park Nova vs New Launch Condos

In terms of new launch ultra-luxury condominiums in Singapore right now that are in the $4k and above price range, there’s not much competition against Park Nova because this is truly a benchmark setting project in terms of per square foot price, and in terms of quantum as well.

Case in point: Park Nova’s 4-bedroom units are transacting at the $13.3 to $14.7 million price range, but in 2020 there were only 18 transactions for four-bedroom luxury condo units at or above the $13 million mark across the whole of Singapore.

It’s even more astonishing to consider the fact that, out of the 17 four-bedroom units at Park Nova, four were sold barely a week after its launch. Clearly, there is pent-up demand for ultra-high-end condo units coming from the ultra-high-net-worth (UNWI) crowd, many of whom consider luxury residential properties here to be excellent vehicles for asset preservation.

So it also comes as no surprise that two out of the three penthouses at Park Nova have already been snapped up upon launch. The fact is that demand for luxury penthouses in Singapore’s prime districts has been outstripping demand for quite some time. Back in 2019, the four penthouses at the newly launched Boulevard 88 (just 200 metres away from Park Nova) were snapped up shortly after launch.

Boulevard 88’s four-bedroom units, which have fully-ensuite bed and baths and private lift access like Park Nova, have also proved very popular among buyers, with all of its 50 units already snapped up at an average price that’s about 20% cheaper than Park Nova’s.

So, why are buyers eagerly paying the premium for Park Nova’s four-bedders? Bearing in mind that Boulevard 88 has 100 more units and an adjoining hotel development on the same site, Park Nova has a far greater level of exclusivity that helps justify its price premium, amongst other things like the strength of its architectural concept and design.

Meanwhile, the other two new launches in the vicinity of Park Nova—3 Cuscaden and Cuscaden Reserve—caters to the rising affluent class rather than UNWI buyers with smaller unit sizes, a higher density of units and a lower quantum. With 89% of its units sold, 3 Cuscaden is proving popular. However, it’s a different story for Cuscaden Reserve with only 4% of units sold, and the reason for the lackluster performance, we feel, is down to its leasehold tenure in an ultra-prime location.

Also worth mentioning is the newly launched entry-level luxury condo in District 9 is The Avenir, which is located in the River Valley neighbourhood. Here, 2,411 sq ft four-bedroom units, which also have fully-ensuite bed and baths and private lift access like Boulevard 88 and Park Nova, are currently transacting in the $8 million ($3.4k psf) range.

Of course, the location of The Avenir is less high-profile than the Tanglin neighbourhood, and the development’s 376 units is more than what the typical UNWI buyer would accept because they are seeking very high levels of privacy and exclusivity.

Comparative Analysis: Park Nova vs Resale Condos

As we move on to finding suitable resale condo comparisons to Park Nova, we must also note that the two-bedroom-plus-study unit type is still very rare in Singapore within the ultra-luxury property market.

 

The closest alternative at the nearby Skyline @ Orchard Boulevard, which has unoccupied 1,744 sq ft, two-bed-plus-study units for sale by the developer Far East Organization. Although having a smaller square footage, the Park Nova unit doesn’t feel smaller and even has a larger study. That being said, the master bathroom for Park Nova is smaller.

With the prices of Skyline’s two-bed-plus-study unit being substantially cheaper, the question is whether the UHNW buyer will see this 40-unit development as on par with luxury with Park Nova. One thing’s for certain, Park Nova will stand out more in terms of architecture, and this is an important factor when buyers look for a trophy asset.

 

Other competition for Park Nova’s two-bedder unit type comes from South Beach Residences in District 7 and New Futura in District 10. The first thing to note is that the former has a 99-year leasehold tenure like Cuscaden Reserve, whereas New Futura is located in the Leonie Hill neighbourhood, which is slightly lower in land value compared to Park Nova’s Tanglin location. So these two aren’t exactly like-for-like competition for Park Nova.

Once you go up to the 3-bedder unit type, there’s greater competition in the ultra-high-end luxury segment coming from the nearby Twentyone Angullia Park, The Nassim and Skyline @ Orchard Boulevard, as well as The Ritz Carlton Residences Singapore Cairnhill.

 

 

Also located in the slightly less prime neighbourhood of Cairnhill in District 9, the Ritz Carlton Residences Cairnhill is priced at around the same quantum for its three-bedroom units because of a large square footage. The Ritz Carlton Residences Cairnhill also has the advantage of offering residents concierge services under the Ritz Carlton brand name as well as luxuriously appointed units and a range of facilities that can rival Park Nova.

Meanwhile, The Ritz Carlton Residences Cairnhill also has a hallmark of luxury property that Park Nova units do not have, which is prominent window openings on more than one side of the unit.

Given the alternatives available for the buyer, it’s very savvy that Park Nova’s developer has launched their 3-bedder unit type with an additional study, which is also big enough to double up as a guest bedroom or be converted into an extended walk-in wardrobe for the master bedroom.

For its four-bedroom units, Park Nova faces even stronger competition in the ultra-luxe freehold segment. The most prominent alternative for UNWI buyers is Le Nouvel Ardmore at Ardmore Park. This is a highly-exclusive development with only 43 units, which are all four-bedroom types of varying sizes and configurations.

The smallest four-bedder unit at Le Nouvel Ardmore measures 3,789 sq ft in floor area, significantly larger than Park Nova’s 2,895 sq ft four-bedroom layout. The units at Park Nova are understandably cheaper because of this, with a starting price of $13.34 million compared to the $16 million for the most affordable Le Nouvel Ardmore unit currently listed. Both are priced at above $4k psf.

For a four-bedder at a quantum and level of luxury rivalling Park Nova, prospective buyers can again compare The Ritz Carlton Residences Cairnhill as well as TwentyOne Angullia Park, Boulevard Vue, The Nassim and Sage. All are at sub-$3k psf. Take note, however, that these ultra-luxurious units are seldom on the open market; among the 5 condos listed here, there have only been 39 transactions from 2010 to date.

So, there’s just not a lot of options right now in the ultra-luxe segment because UNWI buyers who buy and own these properties frequently adopt a long-term holding strategy. That’s why when a new launch like Park Nova comes onto the market, the wealthy will flock to it because more than a trophy asset, homes like these are also a collector’s item that will age like fine wine.

Future Development and Upside 

It’s a fact, prime district properties in Singapore are still very much undervalued compared to cities like Hong Kong and London thanks to the government’s successive cooling measures over the past eight years. The cooling measures don’t deter UNWI buyers at all. Rather, they are encouraged by the fact that the Singapore government’s active approach makes high-end real estate here a more stable, less volatile asset compared to its counterpart in other cities.

Another point is that ultra-high-net-worth buyers who are looking to diversify their assets tend to view upside in the broader, macro sense, which is the continued growth of the Singapore economy. With that in mind, a cream-of-the-crop freehold development like Park Nova is one of the best investments possible, simply because it’s sufficiently differentiated with exceptional scarcity value.

That being said, buyers should still be aware of Park Nova’s surrounding future developments, because new high-rise buildings can affect their enjoyment of the view, and also the perceived standing of the trophy asset. To the East of Park Nova across the Tomlinson Road junction, there are two land parcels earmarked for future residential development of a similar density to Park Nova. However, these developments will be 99-year leasehold in nature, which means that any future condo will provide no direct competition.

At the same time, the government’s current master plan for Orchard Road also bodes well for Park Nova and the Tanglin neighbourhood in general. Specifically, there are plans to uplift the Tanglin neighbourhood where Park Nova is located, and transform it into a place where art and artisanal craft co-exists with outdoor dining and lifestyle amenities. The catalyst for this transformation will be the upcoming Orchard Boulevard MRT station that’s easily accessible from Park Nova.

 

In an earlier review on Irwell Hill Residences, we also mentioned that the area around Orchard MRT will likely see significant new developments after the Thomson-East Coast Line (TEL) interchange is up and running. The authority’s vision is to create a continuous green path leading from Fort Canning Park to the Singapore Botanic Gardens.

 

Already, we know that there will be two new luxury hotels coming up along Cuscaden Road, just 200 metres from Park Nova. One of these hotels, Artyzen Cuscaden Singapore, is developed by Shun Tak as well and is scheduled for completion in 2022/2023. The Singapore Edition Hotel will be located directly opposite. Together these hotels will increase land value in the Tanglin neighbourhood and provide Park Nova residents with even more fine dining and leisure options at their doorstep.

So, Tanglin’s full potential is yet to be, and one of the most prime neighbourhoods in Singapore is poised to see further increase in land value for decades to come.

Park Nova: Conclusion

For ultra-high-networth buyers who are discerning to the finest detail and only settle for the best, Park Nova looks to be the perfect trophy asset, on top of being a highly astute purchase. There’s competition from resale ultra-luxe condos, but by and large the architectural, locational and interior unit attributes combined make Park Nova a compelling proposition, even for the well-heeled foreign buyer who has seen all the luxuries in the world.