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Singapore Property | Pandora co-founder and son buy 2 units at Boulevard Vue

By Kalpana

The 33-storey freehold condo near Orchard Road received its Temporary Occupation Permit in November 2013.

Feb 29, 20165:50 AM


TWO members of the well-known Danish family that founded Pandora, a company famous for its charm bracelets, are plonking down over S$31.1 million for two high-end apartments at the Orchard belt. The apartments, each of which is 4,478 square feet, are at the plush Boulevard Vue condo along Cuscaden Walk.

Per Algot Enevoldsen is paying almost S$15.9 million or S$3,550 per square foot (psf) for his apartment while son Christian is buying a unit three floors below for close to S$15.23 million or S$3,400 psf.

Both units were sold by the project's developer, a unit of Far East Organization. The 33-storey freehold condo near Orchard Road received its Temporary Occupation Permit in November 2013.

The psf prices the Enevoldsens paid for their two units are 17.6 per cent and 21.1 per cent lower than the S$4,308 psf at which the developer sold an apartment on a similar floor in April 2011.

The senior Enevoldsen set up Pandora in Denmark in 1982 with his then-wife Winnie. The couple started the business by initially importing jewellery from Thailand for sale to consumers. They went on to set up a wholesale business before deciding to have their own in-house designers in 1987. In 1989, the company began manufacturing its jewellery in Thailand. In 2000, Pandora introduced its charm bracelet.

Even before the Copenhagen-headquartered company did its initial public offering in October 2010, the Enevoldsens had substantially sold down their stake to a Danish private equity group. The family later reduced their stake in the company further; today it is below 5 per cent if any at all.

Pandora is listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2015, Pandora's total revenue was 16.7 billion Danish krone (about 2.2 billion euros or S$3.4 billion), according to a recent news release by the company. The group employs more than 16,700 people worldwide of whom some 11,000 are in Gemopolis, Thailand, where it manufactures its jewellery.

At Boulevard Vue, there was also a third transaction recently - a mid-floor unit sold by Far East at close to S$14.7 million or S$3,280 psf. The buyer is an Indonesian national who is a Singapore permanent resident.

Built on a site of about 45,000 sq ft, Boulevard Vue has 26 apartments - just one 4,478 sq ft apartment per floor - on levels four to 29.

There are also two penthouses.

One was sold by the developer in late-2009 for S$33.4 million or S$4,150 psf based on the strata area of 8,051 sq ft; it is on levels 30 and 31. The other penthouse, spanning 11,098 sq ft on Levels 32, 33 and the roof terrace above, is available for sale.

Including this penthouse, seven units in the 28-unit development have yet to be sold.

Boulevard Vue's facade was designed by well-known Japanese interior designer Super Potato.

Facilities include a swimming pool, jacuzzi, spa suite with heated stone bed and a steam room. Boulevard Vue has 133 car parking lots. Each unit has three designated car park lots. Penthouse owners each get four designated parking spaces.

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