Thursday, July 27, 2017

The Interlace | SG Luxury Freehold Condo

The Interlace

Singapore Freehold Luxury Condo




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๐Ÿ”น3br+family: fr $2.90M
๐Ÿ”น4br: fr $2.73M
๐Ÿ”น4br (multi gen): fr $3.03M
๐Ÿ”นPenthouse: fr $3.86M




๐Ÿ”นNot Your Typical Condo! Space is Luxury Why be ordinary when U can be unique?

With recent GLS, prices will never Be the same in 2018!


For more information, please contact us @ SG Luxury Condo or call/Whatsapp +65 91385008

One Balmoral | Freehold SG Luxury Condo

One Balmoral

Freehold Luxury Condo



85.7% Sold! 2BR & 3BR left with 2 units each 

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๐Ÿ3BR from $3.068m
๐Ÿ4BR from $3.703m


For more information, visit SG Luxury Condo, or call/whatsapp +65 91385008 

En Bloc News: Serangoon Ville | SG Luxury Condo

Serangoon Ville sold en bloc, each owner to get about $2m


Serangoon Ville sold en bloc, each owner to get about $2m
The former HUDC estate was purchased for $499 million by a consortium led by Oxley Holdings.
The former HUDC estate Serangoon Ville has been sold in a collective sale to an Oxley Holdings-led consortium for $499 million, following the close of the tender exercise on 25 July. Each owner will get about $2 million.
This exceeds the expected offers of $400 million to $430 million. Located along Serangoon North Avenue 1, the estate sits on a 296,913 sq ft site and has a plot ratio of 2.8.
Privatised in 2014 and with 69 years left on its lease, Serangoon Ville comprises 244 apartments and maisonettes spread across seven blocks.
The sale price, on top of an estimated differential premium of $195 million to top-up the lease to a fresh 99 years and intensify the site, works out to a land rate of $835 psf per plot ratio, said Stanley Koo, Division Director at ERA Realty Network, which brokered the sale.
Eugene Lim, ERA’s Key Executive Officer, said: “This serves as yet another indication that developers are of the view that the property market’s down cycle is almost over.”
He noted that strong sales seen at the nearby Hundred Palms Residences executive condominium along Yio Chu Kang Road would have given developers more confidence in the tender of Serangoon Ville.

A consortium led by Oxley Holdings has acquired Serangoon Ville, a former HUDC estate in Serangoon North Avenue 1, for S$499 million in a collective sale.
Offers of S$400 million to S$430 million had been expected.
This collective sale brings the year's number so far to seven, in deals worth S$2.5 billion; for the whole of last year, only three deals worth S$1 billion were closed. The rest of the year is likely to yield another few billions more as the collective sales market roars back to life, amid a transactions-led property recovery and limited land up for grabs in state tenders.
Oxley takes up a 40 per cent stake in the consortium; the balance is equally split among Lian Beng Group, Unique Invesco Pte Ltd and Apricot Capital. Unique Invesco is a 37.5 per cent indirect associate of KSH Holdings; Apricot is the private investment firm of Super Group's Teo family.
Speculation is now rife that the Oxley-led consortium will take part in the public tender for the Serangoon North Avenue 1 site offered under the confirmed list of the government land sales (GLS) programme. This tender closes on Thursday.
The four companies - Oxley Holdings, Lian Beng Group, KSH Holdings and Apricot - had in May teamed up to acquire Rio Casa, a former HUDC estate in Hougang, in a collective sale for S$575 million.
The purchase price for Serangoon Ville works out to a land rate of close to S$835 per square foot per plot ratio (psf ppr), given the estimated differential premium of S$195 million payable to the state for a top-up to a fresh 99-year lease and for the intensification of the 296,913 sq ft site to a gross plot ratio of 2.8.
Owners at the 244-unit Serangoon Ville are expected to pocket S$2 million on average, said ERA Realty, which brokered the deal.
Locational attributes were key considerations for the bid, Oxley Holdings executive chairman and chief executive Ching Chiat Kwong said.
Some 1,200 units are expected to be built on the site. "The project will provide affordable condominium housing for the masses," he added.
Notably, Serangoon Ville is near Hundred Palms Residences, the 531-unit executive condominium along Yio Chu Kang Road which sold out within seven hours on Saturday.
The purchase price for Serangoon Ville has been described as aggressive and bullish, reflecting the sentiment for Singapore's property market.
ERA Realty key executive officer Eugene Lim said: "This serves as yet another indication that developers are of the view that the property market's down cycle is almost over."
Having diversified actively outside of Singapore in recent years, Oxley is making a swift comeback in the Singapore market, where it has acquired three other plots this year.
Besides snapping up Rio Casa through a consortium, it acquired in May a property at 494 Upper East Coast Road from its owner for S$10.5 million; this month, it acquired a freehold property at 231 Pasir Panjang Road for residential redevelopment for S$121 million.
Consultants say that the en bloc fever will go on for a while as developers still cannot find sufficient land. The second-half 2017 GLS is probably not enough to satisfy their appetite. Former HUDC sites tend to be popular with developers, since their locations are preferred by upgraders, who now form the majority of the end-buyers.
Owners at another privatised HUDC estate, the 336-unit Florence Regency in Hougang, as well as at the freehold Amber Park condominium have crossed 70 per cent consensus for their collective sales agreement.
Owners of the 12-unit freehold Dunearn Court in the prime District 11 are asking for S$38.8 million in a tender to be launched the following day. This will translate to a land rate of around S$1,443 psf ppr.
Redevelopment sites are now highly sought after, particularly boutique redevelopment sites with gross development value (GDV) of below S$100 million.
Of Dunearn Court, the purchaser could potentially configure the maximum permissible gross floor area (GFA) of approximately 26,884 sq ft into 32 apartment units with an average size of 753 sq ft, subject to the Urban Redevelopment Authority's approval.
Already up for sale is the freehold Villa D'Este condominium in Dalvey Road. Owners are asking for S$96 million for the prime District 10 property comprising 12 apartments; this translates to about S$1,730 per sq ft on the land area of 55,480 sq ft.
At Tampines Court, which is also launched for sale, owners of the privatised HUDC property are eyeing S$960 million, with each owner standing to receive about S$1.7 million from the sale.
The revival in the en bloc market has stoked more property owners into thinking of making a windfall from their ageing homes.
Normanton Park owners are due to meet this Saturday to approve the collective sale agreement with a reserve price of S$800 million, unchanged from its initial attempt in October 2015, said S S Chopra, who chairs the collective sales committee.
Over at the iconic Pearl Bank Apartments in Outram, owners are looking at a reserve price of S$728 million for the 288-unit building.
Owners of Lakepoint condominium near Lakeside MRT station are said to have formed a collective sale committee, a news report from online portal PropertyGuru said on Wednesday.

3 Balmoral | Freehold SG Luxury Condo

3 BALMORAL - Freehold; Immediate Move-in

Enjoy Panoramic Lush Treetop Views Of Goodwood Hill
3 Balmoral View


Project Information

Name: 3 Balmoral
Location: 3 Balmoral Road
District: 10
No of units: 40
Tenure: Freehold
TOP: Immediate move-in


Key Points

Coveted location & luxurious lifestyle living
Prestigious & exclusive District 10
Within 1 KM SCGS & ACS Primary
Within 2 mins drive to Orchard Shopping Belt
Panoramic lust treetop views of Goodwood Hill

3 Balmoral Site Plan


For more information, visit our official website or call/whatsapp +65 91385008 for actual unit viewing.

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Monday, July 24, 2017

Ardmore Three | SG Luxury Condo

Up To 18% Great Rebates Now!
Contemporary Architecture
Prestigious Location
Comes With Private Lift
Ready To Move In!
- FREEHOLD 
- 36 Storeys - Exclusive 84 units 
- Ready to move in
- Exquisite Fittings & Finishings
- Super attractive price now
- Normal Payment Scheme or Deferred Payment Scheme available
Fast Facts
Address: 3 Ardmore Park Singapore 259950
Site Area: approx 55,000sq ft
Expected TOP: Obtained (For Immediate Move-In)
Tenure: Freehold
No. of Units: 84 units
Floorplan: #09-01 to #36-01, 1787sq ft
Floorplan: #09-03 to #36-03, 1744sq ft
Visit Us "here" to Actual Units!
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Super Starbuy (Normal Payment Scheme)
3 Bedroom, #29-01 (1787sq ft)
OTP Price: $6.612mil
18% Rebate: $1.19mil
Nett Price: $5.422mil ($3033psf)


3 Bedroom, #32-03 (1744sq ft)
OTP Price: $7.11mil
16% Rebate: $1.138mil
Nett Price: $5.972mil ($3424psf)

Sunday, July 23, 2017

Best Condo Profit in District 10 | SG Luxury Condo

Units in District 10 fetch million-dollar profits


The sellers of two units from two separate freehold condominium developments located in District 10 pocketed profits of more than $1 million each in the week of May 16 to 23.
The most profitable deal was the sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park for a profit of $3.25 million. The previous owner purchased the unit on the 15th floor for $4.75 million ($1,647 psf) in a sub-sale in February 2000 and sold it for $8 million ($2,773 psf) on May 18. This translates into a 68% gain over a 17-year holding period, or an annualised gain of 3%.
Based on caveats lodged with URA Realis, the unit’s first owner had bought it directly from the developer for $5.05 million ($1,750 psf) in August 1996 and suffered a $297,235 loss when it was sold at $4.75 million in February 2000. The loss translates into 6%, or 2% a year over 3½ years.
At Ardmore Park, there were 20 rental contracts for four-bedroom units measuring 2,800 to 2,900 sq ft in 1Q2017, with the monthly rent averaging $14,203. This implies a 2% gross rental yield, based on the recently transacted price of $8 million.
The transaction on May 18 marks the fifth profitable transaction at Ardmore Park this year. Profits have ranged from $2.45 million to $4.6 million so far this year. There has been just one unprofitable transaction this year, with a $70,000 loss. In 2016, there was one unprofitable transaction with a $400,000 loss and six profitable transactions with profits ranging from $180,000 to $3.53 million.

A 2,885 sq ft, four-bedroom unit at Ardmore Park fetched a profit of $3.25 million on May 18. Find the most affordable listing in the project here

Ardmore Park was developed by Wheelock Properties and completed in 2001. It comprises 2,885 sq ft, four-bedroom units and penthouses spanning 8,000 sq ft. Sitting on a sprawling eight-acre freehold land site, the project has been regarded as the standard for luxury residential projects.
The second-most profitable deal of the week involved a 2,056 sq ft, three-bedroom unit at Beaverton Court that fetched a $1.29 million profit on May 17. The previous owner bought the ninth-floor unit for $1.26 million ($613 psf) in April 2006 and sold it for $2.55 million ($1,240 psf). He recognised a gain of 102%, or an annualised gain of 7% over a holding period of 11 years.
Based on caveats lodged with URA Realis, the previous seller of the unit purchased it at $1.35 million ($657 psf) in April 1995 and suffered a $90,000 loss when he sold it in April 2006.
On April 22, 2016, a 2,056 sq ft unit on the 10th floor fetched a profit of $1.32 million. The previous owner purchased it for $1.48 million ($720 psf) in March 2000 and sold it for $2.8 million ($1,362 psf). This translates into a gain of 89%, or an annualised gain of 4% over 16 years.

The sale of a 2,056 sq ft, three-bedroom unit at Beaverton Court was the second-most profitable deal of the week. Find the most affordable listing in the project here

There have been two rental contracts for three-bedroom units ranging from 2,000 to 2,100 sq ft at Beaverton Court so far this year, with monthly rents of $4,600 and $5,700 respectively. Beaverton Court is a freehold condo completed in 1984. It has 54 units and is located about 600m from the Dover MRT station.
The biggest loss of the week was the sale of a 3,864 sq ft, four-bedroom unit at The Interlace in District 4. The unit was purchased for $3.52 million ($910 psf) from the developer in May 2013 and sold at $2.9 million ($750 psf) on May 19. After a holding period of four years and four days, the seller suffered a $615,070 loss. He would have been liable for a 4%, or $116,000, seller’s stamp duty if he had sold the unit just four days earlier.
This transaction marks the second unprofitable transaction at The Interlace this year. On March 15, a 2,131 sq ft unit was sold at a $26,330 loss. Meanwhile, there have been five profitable transactions at The Interlace this year, with profits ranging from $109,500 to $490,400.
The Interlace is located on Depot Road, off Alexandra Road. This 99-year leasehold development with 1,040 units was designed by world-acclaimed architect Ole Scheeren, who also designed other icons such as the China Central Television Headquarters in Beijing and the floating auditorium on Nai Pi Lae Lagoon in Thailand.

Signs of recovery in high-end condo segment | SG Luxury Condo

Signs of recovery in high-end condo segment



Even on a weekday afternoon, real estate agents are ubiquitous at Gramercy Park: waiting for their clients at the basement carpark; touring the 170,000 sq ft manicured grounds, which include a 50m pool and clubhouse; or viewing the new show suites at the South Tower with prospective buyers. The 174-unit freehold, luxury condominium, developed by listed property giant City Developments (CDL), was completed last year. Located on Grange Road, Gramercy Park is a twin-tower development with 87 units each in the North and South Towers.
CDL released Phase 1 of Gramercy Park a year ago. As at May 15, 73 units of the North Tower, or 84%, were sold. A second phase of 20 units in the South Tower was released at end-March, and 19 units have been snapped up so far. Average sale prices at Gramercy Park have risen from over $2,600 psf in Phase 1 to over $2,800 psf in Phase 2, according to CDL.
Early-bird pricing for the South Tower (Phase 2) starts from $3.4 million for a two-bedroom-plus-study unit to $5.1 million for a three-bedroom unit and $6.8 million for a four-bedroom unit. The deferred payment scheme (DPS) is said to be available for only “a limited number of units”.

The show suite of a 2,562 sq ft, four-bedroom unit at the South Tower of Gramercy Park

The rooftop swimming pool of a 7,287 sq ft, five-bedroom penthouse at Gramercy Park

The twin curved towers of the 174-unit Gramercy Park

The 50m swimming pool and manicured gardens of the 170,000 sq ft freehold grounds of Gramercy Park
A tweak in time
Is the pickup in sales at Gramercy Park symptomatic of a wider recovery in the Core Central Region (CCR)? Samuel Eyo, managing director of Singapore Christie’s International Real Estate, believes so. “There are certainly signs of a recovery in the high-end condo segment, especially since March,” he says.

Eyo: With those tweaks [by the government], buyers are hopeful that more measures will be unwound

Eyo attributes the pickup in transactions partly to the government’s tweaking of the property cooling measures, which cut the seller’s stamp duty period from four years to three, and reduced the rate to 4% to 12% for those who sell within the first to third years of completion. The total debt servicing ratio (TDSR) framework will also no longer apply for mortgage equity loans in cases where the loan-to-value ratio is 50% or less.
“With those tweaks, buyers are hopeful that more measures will be unwound,” notes Eyo. “Those who have been sitting on the sidelines and waiting for the right opportunity have also decided to take the plunge.”
Sales figures in the first four months of 2017 bear him out. Based on URA Realis data, there were 1,084 transactions in CCR from January to April this year, says Ong Teck Hui, JLL Singapore’s national director of research and consultancy. This is 35% higher than the 802 units transacted over the same four-month period in 2016, “which reflects a significant increase”, he adds.

Incentive schemes for buyers
To entice buyers, more developers — especially those who are up against an additional buyer’s stamp duty or a Qualifying Certificate (QC) deadline — are rolling out DPS, some form of ABSD reimbursement or even direct discounts. For instance, Singapore- listed United Industrial Corp’s (UIC) Pollen & Bleu boutique high-end condo on Farrer Drive has seen a significant pickup in sales over the past two months. As at May 15, only 12 units were available for sale in the eight-storey, 99-year leasehold condo in prime District 10. In contrast, a year ago, only 12 units were sold in the 106-unit project, according to URA data (see table).


The recent strong sales at Pollen & Bleu is partly attributed to the developer’s offer of a cash rebate on ABSD of up to 18%. The remaining units at the project include 1,163 sq ft, two-bedroom-plus-study lofts priced from $2.05 million ($1,445 psf); a 2,099 sq ft, three-bedroom- plus-family duplex penthouse with a $4 million price tag; and a 2,831 sq ft, four-bedroom-plus-family penthouse that costs $5.25 million. These are listed prices prior to the 18% cash rebate.
Although DPS is available for Pollen & Bleu, most buyers have opted for the normal progressive scheme, according to a UIC spokesperson. The project affords views of the Holland Road Good Class Bungalow estate and Singapore Botanic Gardens from the fourth floor, which is where facilities such as the swimming pool and residents’ lounge are located. The project obtained Temporary Occupation Permit (TOP) at end-2016.
UIC has just over a month (until June 27) to sell the remaining 12 units at Pollen & Bleu. This is because the developer was awarded the 99-year leasehold site on Farrer Drive on June 27, 2012.

Pollen & Bleu has a bridge on the roof terrace and the fourth floor to link all the blocks within the development

The swimming pool at the facilities deck on the fourth level of Pollen & Bleu

Penalty for unsold units
The ABSD for developers buying residential development sites was 10% when it was introduced in January 2011, and hiked to 15% in January 2013. This means developers have to build and sell all units within five years of being awarded a development site in order to qualify for the clawback on the ABSD, which is based on the land cost.
UIC’s other boutique high-end condo is the 109-unit Mon Jervois on Jervois Road. The developer said in its 1Q2017 results that it had paid $14.8 million in ABSD in February. The regulations require the developer to sell all the units in Mon Jervois by the Feb 8 deadline.
As at May 15, there were still 27 unsold units in Mon Jervois. UIC is offering buyers a 15% ABSD cash rebate, which was introduced on April 5. From May 12, it is also offering an interior design and furnishing package for selected units.
However, it looks like prices at Mon Jervois have also crept up. Two transactions in May were for a 614 sq ft one-bedder that was sold for $1.38 million ($2,256 psf) and a 1,001 sq ft two-bedder that fetched $2.22 million ($2,220 psf). The prices of $2,220 to $2,256 psf were higher than those of units sold in the first four months of the year, which ranged from $1,752 to $2,041 psf, based on caveats lodged with URA Realis.

The 109-unit Mon Jervois, which was completed last August, has only 27 unsold units
‘Promotional prices’
At Leedon Residence, Singapore-listed GuocoLand sold 55 of the remaining 95 units in the first four months of 2017. This means only 40 units are still available in the 381-unit freehold condo at Leedon Heights.
To meet the QC conditions, GuocoLand has to sell all the units in the development within two years of TOP, that is, by June 15, 2017. Failing to do so will mean incurring extension charges of 8% to 24% for the first to third years, prorated according to the proportion of unsold units.
Units sold at Leedon Residence over the past month ranged from $2.35 million ($2,250 psf) for a 1,044 sq ft, two-bedroom unit to $10.2 million ($2,168 psf) for a 4,704 sq ft, five-bedroom unit. GuocoLand has also offered DPS and special promotional prices for selected units.
For instance, a 5,694 sq ft, five-bedroom penthouse fully furnished by interior design and furniture company Saporiti Italia is on the market for $11.1 million, including all the furnishings, which are in excess of $1 million. This is a “promotional price”, according to a marketing agent, as the initial price tag was $13.7 million.
Meanwhile, another penthouse — a 3,764 sq ft, four-bedroom unit — also carries a promotional price tag of $6.8 million ($1,815 psf). The original price tag was $7.6 million ($2,020 psf).

View of the Holland Road enclave in prime District 10 from Leedon Residence

The facilities on the grounds of the 522,326 sq ft Leedon Residence

The show unit of the Saporiti-furnished, 5,694 sq ft, five-bedroom penthouse at Leedon Residence that is on the market for $11.1 million, down from $13.7 million
Unsold inventory reduced
Judging from the recent sales at Gramercy Park, Leedon Residence and Pollen & Bleu, it is clear that developers’ unsold inventory has dropped, says Christie’s Eyo. This was confirmed by JLL Research’s Ong, who says the number of unsold units in CCR was around 5,500 in 1Q2017, down from 8,600 two years ago.
At Wheelock Properties’ luxury condo, Ardmore Three, the developer offered a 15% discount and an additional 15% ABSD assistance package from April last year. And last month, it also gave buyers the option of DPS of up to 24 months. The 84-unit, freehold luxury condo was completed and obtained TOP in December 2015.
Currently, fewer than 20 units are available for sale. Under the requirements of the QC, Wheelock will have to sell all the remaining units by year-end if it wants to avoid paying extension charges.
Prices at Ardmore Three have been rising steadily. Even after a 15% discount, high-floor units at the development — above the 20th floor in the 36-storey tower — have fetched prices above $3,400 psf, according to caveats lodged with URA Realis. In March, a 1,776 sq ft, three-bedroom unit on the 35th floor was sold for $7.48 million, or $4,212 psf, the highest psf price achieved in the luxury condo so far.
Singapore-listed developer OUE was the first to roll out a DPS for a completed project when it relaunched its 462-unit OUE Twin Peaks last April. The 99-year leasehold twin-tower development, which has 231 units in each tower, was completed in February 2015. Currently, it has only 20 unsold units, says Dominic Lee, PropNex Realty’s associate branch district director.
Prices at OUE Twin Peaks have also increased, with many of the high-floor units sold for more than $3,000 psf, says Lee. For instance, in early May, there were seven transactions for one-bedroom units on the 23rd to the 29th floors. Three of the transactions were those of 549 sq ft units sold between $1.56 million ($2,837 psf) and $1.62 million ($2,945 psf). The other units were sold at $1.66 million ($3,035 psf) to $1.86 million ($3,260 psf), based on caveats lodged with URA Realis.
To meet the conditions of the QC, OUE had to sell all the units by February this year to avoid paying extension charges. In its 1Q2017 financial results, the developer said it had incurred an increase of $13 million in administrative expenses, “partially due to transaction costs incurred on the transfer of 22 OUE Twin Peaks units from development properties to investment properties, which will be held for capital appreciation”.

The 130,983 sq ft grounds of OUE Twin Peaks, with landscaping by renowned architect and landscape designer Bill Bensley

The show unit of OUE Twin Peaks, where apartments come fully furnished

The full-marble bathroom of a unit at OUE Twin Peaks

The 462-unit twin towers of OUE Twin Peaks, where only about 20 units are still available for sale

‘Renewed confidence in high-end segment’
Even projects that are not affected by ABSD or QC penalties are chalking up relatively healthy sales, says Joseph Tan, CBRE executive director of residential services. For instance, the 366-unit Corals at Keppel Bay is not subject to QC or ABSD charges. The 99-year leasehold waterfront condo, designed by world-renowned architect Daniel Libeskind, was completed last year. As at end-April, 245 out of 300 units released were sold, with the latest median price at $1,848 psf, according to URA data.
“There is renewed confidence in the high-end segment, and people are starting to come back,” says CBRE’s Tan. “Buyers are recognising that there isn’t that much new supply of high-end condos in the prime districts and that stock is diminishing.”
According to Christie’s Eyo, there has been an increase in interest in the high-end condo segment from Singapore citizens and permanent residents, as well as foreign buyers.
However, the percentage of foreign buyers in CCR in 1Q2017 was 15%, while in 1Q2016, it was 17%, according to JLL’s Ong. “As the bulk of buying in CCR is investment-motivated, the ABSD would still be a major factor affecting foreigners,” he says.
Limited pipeline of new launches
The pipeline of high-end projects to be launched in CCR is limited, says Christie’s Eyo. GuocoLand has announced that it will be launching its 450-unit Martin Modern at the corner of Martin Place and River Valley Close in 2H017.
CDL intends to launch New Futura, its exclusive 124-unit freehold luxury condo, in 2H2017. The New Futura project is located on the site of the old Futura tower on Leonie Hill Road in District 9.
Singapore-listed Bukit Sembawang Estates has yet to launch Paterson Collection, which obtained TOP in October 2015. Construction is underway at its still-unnamed 250-unit condo project at St Thomas Walk (site of the former Airview Towers).
YTL Land, the property arm of Malaysia-listed conglomerate YTL Corp, has also not rolled out its luxury project, the 77-unit 3 Orchard-by- the-Park on Orchard Boulevard.
Meanwhile, Far East Organization has three projects in prime District 9: the newly completed 231-unit Scotts Tower on Scotts Road, the 40- unit Skyline @ Orchard Boulevard on Angullia Park and the former Ferra project on Leonie Hill.
Likewise, Tong Eng Group is holding on to its two completed boutique developments on Balmoral Road — the 40-unit Three on Balmoral and the 76-unit Goodwood Grand. Both are freehold projects.
“Private developers who are not subject to QC, such as Far East Organization, SC Global Developments and Tong Eng Group, are holding on to their freehold projects in the prime districts,” notes Christies’ Eyo. “They recognise that such freehold sites are not easy to come by these days.”
At The Marq on Paterson Hill, the most recent transaction was that of a 6,232 sq ft, four-bedroom unit on the 13th floor of The Signature Tower, where all the units are of this size and come with a 15m lap pool. The unit was sold for $21.8 million ($3,498 psf), according to a caveat lodged with URA Realis on April 12. The price was $4.6 million lower than the purchase price of $26.44 million ($4,242 psf) paid by the original buyer a decade ago.
SC Global has remained firm on its selling prices at the 66-unit The Marq on Paterson Hill. A record price of $6,840 psf was achieved in November 2011, when a 3,003 sq ft, four-bedroom unit on the 20th floor of The Premier Tower was sold for $20.54 million. SC Global has yet to launch its 34-unit ultra-luxurious Sculptura at Ardmore project, even though the development is already completed.

Are prices bottoming?
Early this month, Lum Chang Group paid $65 million for One Tree Hill Gardens. The collective sale site, with a three-storey residential development containing just six maisonettes and seven apartments, has a freehold land area of 39,063 sq ft. The $65 million price tag translates into a land rate of $1,664 psf, according to Ian Loh, Knight Frank executive director and head of investment and capital markets, who brokered the sale.
Under the Master Plan 2014, the site is zoned for redevelopment into a landed residential project comprising two-storey semi-detached houses. “One Tree Hill Gardens is the first successful collective sale of 2017,” says Loh. “This is the only sizeable landed redevelopment site [close to] Orchard Road.”
The URA non-landed price index for CCR has been hovering between +0.3% and -1.9% over the past five quarters (from 1Q2016 to 1Q2017). JLL’s Ong reckons it is an indication that the index is bottoming. “The median price of non-landed homes in CCR has been trending up in the last two quarters, and stood at $1,899 psf in 1Q2017,” he says.
JLL’s capital value data on the prime district segments has also recorded a mild turnaround. “We foresee that sentiment will remain positive, sustaining buying interest and leading to a price recovery,” adds Ong.


This article appeared in The Edge Property Pullout, Issue 780 (May 20, 2017) of The Edge Singapore.