Monthly Archives: May 2011

Elizabeth Tower up for en bloc sale

Posted on 18 May 2011 | Comments Off on Elizabeth Tower up for en bloc sale

Elizabeth Tower, located in the heart of Orchard Road’s shopping belt, is up for en bloc sale at an asking price of S$630 million.

Marketing agent Credo Real Estate said the freehold development would be a perfect fit for a luxury homes branded developer.

The development has a land area of above 54,000 square feet, with 80 units ranging from just under 2,000 square feet to above 3,100 square feet.

As such, Credo said unit owners stand to receive minimum gross prices of between S$6.3 million and S$9.7 million, while the penthouse owners could walk away with at least $14.2 million.

Elizabeth Tower has been designated with a gross plot ratio of 2.8 under the Master Plan, but Credo said the Urban Redevelopment Authority (URA) has confirmed that the development baseline plot ratio is actually 4.84.

Gross floor area is around 278,000 square feet, including the additional 10 per cent gross floor area of balcony.

As such, Credo said the new development may be configured into 132 apartments with an average size of 2,000 square feet.

It added that Elizabeth Tower is part of the ultra-prime residential sites off Orchard Road where there are only two dozen sites.

In 2006 and 2007, there were 14 of such sites that were sold to developers, but since then, no sites had been put up for sale.

Observers said Singapore, with its booming economy and as the financial capital of the region, should see growth in luxury home prices.

Credo expects the break-even price to be at about S$3,000 to S$3,100 per square foot based on the asking price of S$630 million.

Some units at the nearby freehold The Ritz-Carlton Residences had fetched $3,762 per square foot, and $4,307 per square foot, in February.

The tender will close in the afternoon on June 22.

Source : Channel NewsAsia – 18 May 2011

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Posted in En-bloc / Collective Sales

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Unit at The Marq sets new price record

Posted on 18 May 2011 | Comments Off on Unit at The Marq sets new price record

A new price record has been set for private property in Singapore.

According to an anonymous source, a four-bedroom apartment at SC Global Developments’ The Marq on Paterson Hill has been sold for S$5,842 psf, surpassing the previous record of S$5,600 psf at The Orchard Residences in October 2007.

In addition, the recent transaction at The Marq sets a new benchmark for the project, exceeding the S$5,262 psf that was reached in 2007 for a 16th floor unit which was sold for S$15.8 million, according to caveats data. Both units are sized at 3,003 sq ft.

The recent record breaker at The Marq, which includes a lump sum price of S$17.5 million, is said to be on the mid to upper levels of the 24-level project but is not a penthouse unit.

Earlier this year, the freehold development obtained Temporary Occupation Permit (TOP). With the latest deal, slightly more than 40 percent, or 28 out of the development’s 66 units have been sold.

Meanwhile, Jacqueline Wong, Head of Residential and National Director of Jones Lang LaSalle (JLL), believes that the lack of condo / apartment deals higher than S$5,000 psf since the previous 2007 record was due to the absence of new project launches in the luxury segment and lower demand from foreign investors.

“I don’t recall any launches at S$4,500 psf or higher, post 2007. Right now, there are five new projects in the prime Ardmore Park area whose developers could launch them if they chose to — but they haven’t.”

She added, “If any developer were to launch a new condo at above, say, S$5,000 psf today, demand will likely come from owner occupiers rather than those buying with a view to collecting rental income, because the yields won’t be attractive.”

Source : PropertyGuru – 18 May 2011

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Posted in Luxury Property, Property Market / Real Estate

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