There was a flurry of activity in the Newton Road area, with five transactions of between $1,100 and $1,676 psf carried out from Sept 25 to Oct 2, according to caveats lodged with URA Realis. The highest psf transacted price for that week was seen at a 1,216 sq ft, 10th-floor apartment at Newton One — it was sold for $2.038 million or $1,676 psf. Another transaction that took place in the same tower was for a 21st-floor, 1,808 sq ft apartment that changed hands for $3.028 million ($1,675 psf).
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Property transactions with contract dates from Sep 25 18 to Oct 2
Newton One, a 91-unit freehold luxury condominium project by Lippo Group, received its TOP just a few months ago. It was launched in mid- 2006 at $1,200 to $1,250 psf, which was considered a new price benchmark in the Newton area at a time when most developments there were fetching around $1,000 psf.
The two sellers at Newton One must be pretty pleased with their sale. The owner of the two-bedroom 1216 sqft apartment on the 10th floor purchased it from the developer in July 2006 for $1.36 million, or $1,122 psf. He enjoyed a 49% price appreciation from the transaction.
Meanwhile, the owner of the three-bedroom 1,808 sq ft apartment on the 21st floor who sold the unit at $1,675 psf, purchased it in a sub-sale in May 2007 for $2.72 million ($1,504 psf). The previous owner had purchased the unit during its launch in July 2006 for $2.235 million or $1,236 psf. Continue reading
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