Tag Archives: Le Nouvel Ardmore

$1.5 mill commission from record condo sale

A young property agent by the name of Shirley Seng would have received a hefty commission of about $1.5 million after selling a penthouse at Le Nouvel Ardmore for $51 million in April 2015, media reports said.

The transaction at the 43-unit freehold condominium is believed to be a local record-setter, with the penthouse sold to Alibaba’s co-founder Sun Tongyu, a Singapore permanent resident. Read more > SOLD: $51 million Ardmore Park penthouse

According to the PropNex agent, the tycoon was referred to her by a client whom she had previously served at Marina Bay Residences. Despite having less than five years of experience in the job, Seng was able to get to know wealthy clients as she had brokered several rental deals in the Marina Bay and Orchard areas.

Even though the 26-year-old agent has already become an overnight millionaire, Seng said she doesn’t plan to take a break.

“This deal is good money, like hitting the jackpot. But this is my lifelong career; if I go for a long holiday now, I may lose my clients when I return,” said the Nanyang Polytechnic graduate.

In fact, she brokered another seven transactions this month, in addition to the 16 she recorded in April. It is estimated that she made about $1.7 million in commissions from 53 deals since joining PropNex in January, but most of them involved leasing.

She previously worked at HSR International Realtors for four months, and spent another four years at ERA Realty.

When asked for her secret in dealing with affluent clients, Seng said that property agents should be time-conscious. “Speed is crucial. I always try to get back to them within one to two hours. I want to let them know that they are my priority.”

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Buyers shun luxury city apartments despite price falls

Luxury apartment sales in the city centre sank markedly in the first half of 2014, revealed a CBRE report.

According to caveats data for the Core Central Region (CCR), there were 48 transactions of properties costing $5 million and above in the first six months of the year, compared to 78 and 107 deals in H2 2013 and H1 2013 respectively.

CBRE attributed the drop in sales over the past year to the TDSR framework which took effect at the end of June 2013.

At the same time, foreign buyers who used to be big players in Singapore’s prime residential market, appear to be retreating since the ABSD was raised to 15 percent.

Purchases by foreigners plummeted to 14 units in H1 2014 from 35 the year before.

Weak market conditions have also put pressure on prices, with the average price of completed luxury apartments at $2,800 psf, down slightly from $2,825 psf at end-2013.

Helped by the sale of 16 units at Goodwood Residence after factoring price discounts and rebates, the average price for new developments was $2,400 psf.

As at end-June, three luxury residential projects were completed, namely Tomlinson Heights, TwentyOne Angullia Park and Le Nouvel Ardmore. But the report noted that approximately 70 percent of the 167 units from these developments remain unsold, on top of 300 unsold units from other projects completed over the last one to two years.

To help close deals, CBRE said: “Some developers are looking for bulk purchasers while others are seeking to attract buyers via direct discounts and ABSD rebates. With prices softening, sales volume might see improvement in H2 2014.”