Orchard apartment paid for $21m

Indonesian tycoon Trihatma Kusuma Haliman is considered to have purchased a seventh floor unit at the Le Nouvel Ardmore condominium near Orchard Road for $21 million, reported The Business Times.

This translates to $4,006 psf based on the 5,242 sq ft strata region, which contains a strata null region of 280 sq ft.

Trihatma commands Indonesian property group Agung Podomoro Property, which has lately been in Indonesia under the limelight.

Agung Podomoro Property is among the leading investors of the Pluit City reclamation project that is planned.

Meanwhile, the flat obtained by Trihatma will be the sixth unit sold by Wing Tai within the project that is freehold.

Designed by 2008 Pritzker Architecture Prize winner Jean Nouvel, the 43-unit condominium received its TOP in April 2014.

Wing Tai sold the first unit Cheng Wai Family, the oldest brother of Group Chairman Cheng Wai Keung. at the project for $4,362 psf in 2011 to Edgar At more than $4,300 psf., it sold two more units in 2013

The developer would have began paying extension fees for the project, as it did not satisfy the two-year deadline from the TOP date to sell all units within the project under the Qualifying Certificate (QC) rules, which is directed at preventing foreign property developers from hoarding or theorizing in residential acreage here.