Tag Archives: Far East Organization

Unit at The Sail @ Marina Bay hits $2,999 psf

Posted on 2 Jun 2011 | Comments Off on Unit at The Sail @ Marina Bay hits $2,999 psf

Residents of the 1,111-unit The Sail @ Marina Bay enjoy a spectacular view of Marina Promenade.

There has been a flurry of transactions at The Sail @ Marina Bay, with prices playing catchup with those at Marina Bay Residences (MBR).

Last month, a unit at MBR hit an alltime high of $4,368 psf. A 2,368 sq ft apartment on the 46th floor was sold for $10.3 million on April 15. This trumped the previous record of $3,790 psf, which was achieved when a 1,959 sq ft unit on the 46th floor was sold for $7.2 million in Sept 2010.

At the 1,111-unit The Sail @ Marina Bay, prices breached the $3,000 psf level for the first time this year, when a 1,184 sq ft unit on the 61st storey was sold for $3.6 million ($3,040 psf) on April 4. Prices peaked in April 2008, when a 1,033 sq ft unit was sold for $3.5 million ($3,387 psf).

The two condominiums are located along Marina Boulevard and enjoy spectacular views of Marina Promenade. MBR is a 55-storey, 428-unit luxury waterfront condo located within the Marina Bay Financial Centre, a mixed development built by the consortium of Hongkong Land, Keppel Land and Cheung Kong (Holdings). The condo was completed last year. Meanwhile, The Sail, developed by City Developments and AIG Real Estate, was completed in 4Q2008, at the height of the global financial crisis.

Desmond Tan, group director of Dennis Wee Realty, says, “There is strong demand for both The Sail and MBR, as they are the only two condos with a good bay view. MBR commands a better price than The Sail, as it is farther away from the financial centre and nearer to the integrated resort. MBR is also newer. In terms of monthly rental, a studio unit at The Sail can fetch about $4,000, while a one-bedroom unit at MBR can command between $4,500 and $4,800.”

According to a private investor who owns several units at The Sail, “there’s no doubt that The Sail currently offers the best value for money. That’s why it continues to be the most highly transacted of the properties in the area”.

Between April 29 and May 10, The Sail saw three transactions, with prices ranging from $2,503 to $2,999 psf, according to caveats lodged with URA Realis.

A 2,077 sq ft unit on the 59th floor was sold for $6.23 million ($2,999 psf) on April 29. This represents a 169% gain over the last transacted price of $2.3 million ($1,116 psf) in 2004.

Subsequently, a 1,797 sq ft unit on the 16th floor changed hands for $4.5 million ($2,503 psf) on May 4.

A third transaction was for a 613 sq ft unit on the 24th floor, which was sold for $1.57 million ($2,559 psf) on May 9. This represented a 50% gain over the last transacted price of $1.04 million ($1,701 psf) in April 2007. Prior to this, the unit sold for $921,000 ($1,501 psf) in January 2007 and $726,240 ($1,184 psf) in December 2005.

Tan says, “Asking prices at The Sail are $3,200 to $3,500 psf currently. Most buyers are foreigners. We see quite a few buyers from China and Hong Kong.” He adds that the strong prices at MBR will have a positive impact on condos at One Shenton and The Cliff, al- though it is hard to quantify the extent of the impact, as “there is a big difference” in the view from condos along Shenton Way and from those at Marina Boulevard.

The latest transaction at the 341- unit One Shenton was for a 581 sq ft unit on the 20th floor, which changed hands for $1.28 million ($2,202 psf) on May 9. Prices at the condo hit a high of $2,757 psf in 2007, when a 1,894 sq ft unit on the 44th floor was sold for $5.2 million. The condo was developed by City Developments and completed earlier this year.

Another project completed this year is The Clift along Mccallum Street, a short walk from the Tanjong Pagar MRT Station. The latest transaction at the 312- unit condo developed by Far East Organization was for a 527 sq ft unit on the 17th floor. It was sold for $1.05 million ($1,998 psf) on May 9, representing a 44% gain over the last transacted price of $727,000 ($1,378 psf) in 2007. Prior to that, the unit sold for $577,786 ($1,095 psf) in 2006.

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Source : TheEdge – 2 Jun 2011

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Posted in Luxury Property, Property Market / Real Estate, Property Price, Property Transactions

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Keen interest in Cairnhill and Scotts Road projects

Posted on 30 May 2011 | Comments Off on Keen interest in Cairnhill and Scotts Road projects

Homes around Cairnhill and Scotts Roads are getting a buzz from new launches and the completion of condominiums in the neighbourhood. CapitaLand recently launched its boutique development, the 64-unit Urban Resort Condominium, and of 34 units launched, 21 had been sold as at end-April, with the latest median price achieved at $3,076 psf, according to the latest data by URA.

At the neighbouring The Laurels, Sing Holdings sold a unit at the 229-unit project for $2,947 psf last month.

Up on Cairnhill Rise, SC Global’s 240-unit upscale condo Hilltops and the neighbouring 140-unit Helios Residences by Wing Tai have obtained their temporary occupation permits (TOP) earlier this year. Along Cairnhill Road, KOP Properties is expected to complete its 56-unit boutique branded residences, Ritz-Carlton Residences by 2H2011. The most recent transaction here was in February, when the 6,501 sq ft triplex penthouse on the 36th level was sold for a whopping $28 million, or $4,307 psf.

Meanwhile, Cairnhill Mansions along Cairnhill Road was put up for en bloc sale last month at a reserve price of $361.5 million, or $2,308 psf ppr. Based on the price tag, the breakeven cost for the developer would be in the range of $3,000 to $3,100 psf, and that means the new development could sell at prices averaging $3,500 psf. The tender for the site, which closes at end-May, is handled by CB Richard Ellis.

Work is also underway at the show flat of Scotts Tower, a bespoke development by Far East Organization. The project, designed by award-winning Dutch architect Ben van Berkel of UNStudio, is located on Cairnhill Road, just off Scotts Road. The development could potentially be launched later this year.

With the spotlight in the Cairnhill-Scotts Road neighbourhood, it’s not surprising that some homebuyers are also turning to the existing condos there. One that has been receiving quite a lot of attention, resulting in a spike in the number of transactions last month, is the 136-unit Scotts 28 located along Scotts Road. The project was jointly developed by Hotel Properties Ltd and MCL Land, and completed in 1999. It was considered one of the most upscale developments in the area when launched, and coveted by the who’s who in Singapore. Scotts 28 has a mix of sizeable units, starting from two-bedroom to four-bedroom apartments, with sizes ranging from 1,098 to 3,606 sq ft. Penthouses are from 4,650 to 6,846 sq ft.

At the peak of the market in 2007, a 1,636 sq ft unit was sold for $3.93 million, or $2,400 psf. Prices this year are approaching that level, and hit a high of $2,250 psf last month when a 1,733 sq ft unit on the 13th floor was sold for $3.9 million. These days, owners of units at Scotts 28 are asking for prices of as high as $2,500 psf on the resale market, notes Arthur Tan, an agent with PropNex. “The sellers are basing their price tags on the recent transacted prices of condos in the area,” he says.

There were three transactions at Scotts 28 from April 26 to 29, with prices ranging from $1,991 to $2,222 psf. A 1,733 sq ft unit on the 15th floor was sold for $3.85 million ($2,222 psf) on April 27. This represents an 81% gain for the previous owner who purchased it at $2.125 million ($1,226 psf) in 2004. Before this, the unit changed hands at $2.2 million ($1,280 psf) in 1999 and $2.4 million ($1,393 psf) in 1995.

Another 1,733 sq ft unit on the 23rd floor was sold for $3.45 million ($1,991 psf). Before this, the unit changed hands at $2.78 million ($1,600 psf) in 1999 and $2.49 million ($1,437 psf) in 1995.On the 18th floor, a 1,636 sq ft unit was sold for $3.5 million ($2,139 psf), or a more than 51% premium over the last transacted price of $2.3 million ($1,408 psf) during the launch in 1995.

Source : The Edge

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Posted in En-bloc / Collective Sales, Luxury Property, New Launches, Property Market / Real Estate, Property Transactions

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