Aussie firm linked to world’s richest woman buys Sentosa condos

Posted on 26 Jul 2012 | Comments Off on Aussie firm linked to world’s richest woman buys Sentosa condos

A company linked to Australian mining tycoon Gina Rinehart’s Hancock Prospecting is acquiring two units at Seven Palms, a Sentosa Cove condo project by SC Global Developments for S$57.2 million, according to sources who spoke to The Business Times.

Rinehart is considered the world’s richest woman with a fortune estimated at around A$30 billion (S$39 billion).

Located near Tanjong Beach, Seven Palms is a four-storey residential development that features just 41 units. Nearing completion, it is designed by award-winning Kerry Hill architects.

The firm linked to Hancock Prospecting is said to be paying around S$23.3 million for a third floor unit and nearly S$33.9 million for a unit on the fourth floor. However, the unit sizes are not known.

One industry watcher estimated that the two units are likely to have surpassed S$4,000 psf, a new benchmark for Sentosa Cove.

If the price of the fourth floor unit is indeed S$33.9 million, it would break the present record set for a duplex penthouse at Far East Organization’s Boulevard Vue project, which hit S$33.4 million in 2009. This translates to S$4,150 psf for the 8,051 sq ft unit, based on CBRE’s analysis of URA Realis caveats data.

Source : PropertyGuru – 26 Jul 2012

 

 

 

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Posted in General, Luxury Property, Sentosa Property

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Rentals of luxury apartments fall 0.8%

Posted on 26 Jul 2012 | Comments Off on Rentals of luxury apartments fall 0.8%

Monthly rentals of luxury apartments fell 0.8 percent in Q2 this year due to tighter immigration rules, noted Colliers International Research.

The consultancy stated that stricter immigration controls affected spill-over leasing demand from foreigners who cancelled or postponed their buying decisions due to the additional buyer’s stamp duty (ABSD).

“Coupled with the seasonal summer break lull, the leasing market was relatively quiet in the three months from April to June,” Colliers said.

“Although enquiries picked up towards the tail end of Q2 2012, tenants with tightened housing budgets kept a lookout for more affordable housing alternatives in the high-end market segment while expatriate families with comparatively bigger housing budgets diverted their attention to landed properties, in search of a relatively more private and spacious environment.”

Consequently, average monthly gross rents of luxury/super-luxury apartments dropped 0.8 percent quarter-on-quarter to S$5.64 psf in Q2.

Source : PropertyGuru – 26 Jul 2012

 

 

 

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Posted in Property Market / Real Estate, Rental / Lease

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