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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