Tag Archives: Park Infinia

Park Infinia at Wee Nam hits $2,180 psf

Prices at Park Infinia at Wee Nam hit an all time high of $2,180 psf last month. This is the second time prices at the three year old condominium along Lincoln Road have breached the $2,000 psf level. Before this, a 560 sq ft unit on the 30th floor was sold for $1.13 million ($2,019 psf) in April. The 486 unit condo was developed by Keppel Land and completed in 2008.

Across the road, at the 85-unit Miro by Far East Organization, prices at the freehold condo hit a peak of $2,300 psf last December, when a 2,917 sq ft unit on the 29th floor sold for $6.7 million. The latest transaction was for a 1,248 sq ft unit on the 23rd floor for $2.47 million ($1,980 psf), according to caveats lodged with URA Realis. Miro is targeted for completion in 2012.

Located next to Miro and directly across the street from Park Infinia is The Linc, a 51 unit boutique development, also by Keppel Land, completed in 2006. In May, a 1,292 sq ft unit on the 15th floor was sold for $1.82 million ($1,409 psf), near the high of $1,471 psf achieved when a 646 sq ft unit on the first floor was sold for $950,000 in March.

Anthony Liang, CEO of Liang Long Real Estate, says prices of condos in the Newton-Novena neighbourhood in prime District 11 could be rising in anticipation of City Developments Ltd’s upcoming launch of Buckley Classique along Buckley Road, just off Newton Road and near Lincoln Road. The upcoming 64-unit condo is a redevelopment of the former Buckley Mansion en bloc site and a bungalow sitting on a 71,812 sq ft freehold site. The bungalow belongs to the Kwek family of Hong Leong Group, and will be conserved and retrofitted into a clubhouse for the new condo. Buckley Classique is said to be a low-rise, high end condo with large units ranging from two-bedroom apartments of 1,098 sq ft to penthouses of up to 4,381 sq ft. Prices are said to start from $2.4 million for the two-bedroom apartments, $3 million for the three-bedroom units, and $4 million for the four-bedroom units.

Park Infinia stands out among developments in the Newton-Novena area as it is one of the largest condo projects sitting on one of the biggest freehold sites in prime District 11, notes Raymond Ho, a team director at ERA. It also has a wide range of facilities, including a swimming pool, tennis courts and a clubhouse. The development has a mix of one to four bedroom units as well as penthouses meas- uring 560 to 3,315 sq ft. The condo is popular with expatriate families as most units are three to four bedroom apartments.

Park Infinia is a few minutes’ drive to the Newton MRT and Novena MRT as well as to the Orchard Road shopping belt and the CBD. It is also near good schools such as Anglo Chinese School and St Joseph’s Institution Junior and therefore sought-after by Singapore- ans as well. In the vicinity are shopping malls such as United Square and Velocity@Novena Square, and the wet market and hawker centre along Cambridge Road.

For the period of May 10 to 16, there were two transactions at Park Infinia. On May 12, a 560 sq ft unit on the 28th floor was sold for $1.22 million ($2,180 psf), representing a 17.5% premium over the last transacted price of $1.038 million ($1,854 psf) in October 2010. The unit was sold for $858,159 ($1,533 psf) at the launch in 2007.

The other transaction was for a 1,001 sq ft unit on the seventh floor for $1.76 million ($1,758 psf). The unit had changed handsfor $1.53 million ($1,530 psf) in 2007 and$866,000 ($865 psf) in 2006.

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Source : TheEdge – 6 Jun 2011

Singapore Property : Foreign property buyers go outside prime areas

FOREIGN property investors are venturing out of traditional prime areas to snap up homes in other parts of the island.

A new study has found overseas buyers have become keen on district 12, which includes the Balestier area and which is associated with karaoke bars and lighting shops.

A Savills Singapore study found that districts 9, 10 and 15 have remained the top spots for foreign buyers over the past three years.

District 9 includes the Orchard and River Valley areas; 15 covers Katong, Joo Chiat and Amber Road, and 10 includes the posh Ardmore area, and the Bukit Timah, Holland Road and Tanglin neighbourhoods.

Districts 11 and 22 have become more popular thanks to the higher number of launches there, Savills said.

In the past three years, there have been at least 30 major launches in district 11 – Novena and Thomson – alone, including Viva, Park Infinia at Wee Nam, and Miro at Lincoln Road.

District 22 – it is centred on Jurong – has hosted launches of The Centris, The Caspian and The Lakeshore.

Savills said district 12, which includes the Balestier, Serangoon and Toa Payoh areas, has emerged as one of the top new choices among foreigners this year.

Its new projects include The Arte, Trevista, Vista Residences, Nova 48, Nova 88 and Domus.

‘These city-fringe projects are near to the city and yet relatively more affordable compared to core central projects,’ said Savills’ senior manager of research and consultancy, Ms Christine Sun.

Consultants say that in district 12, average prices have been lower, at about $900 psf compared with the over $1,000 psf that Novena, only a few hundred metres away, can fetch. However, the gap is closing, partly due to district 12’s increased popularity as well as the small units offered which have a higher per unit asking price.

A closer look at the sales data from the three most popular districts of 9, 15 and 10 shows that most of the foreign buyers came from Malaysia, Indonesia, mainland China and India.

In fact, they accounted for 73.9 per cent of total foreign private property purchases in the first nine months, compared with 59.1 per cent for the whole of 2007 when the market was booming.

A lot of foreigners came to Singapore to buy back then.

Many of the high net-worth buyers from Europe, Russia and elsewhere have not quite returned, property experts said.

But Malaysian buyer numbers have risen by 10per cent this year compared with 2007, although Indonesian investor numbers have fallen by 4per cent.

Mainland Chinese buyers are also up 7.4 per cent, while Indian buyers rose 1.1 per cent.

A recent Savills study showed that foreigners, especially those from China were returning to the market.

Foreigners formed about 22.7 per cent of private home sales in the third quarter – above the 19.7 per cent average since the start of 2000.

‘Malaysians and Indonesians prefer prime districts 9 and 10, which tend to be higher-priced projects,’ said Ms Sun.

She added that mainland Chinese and Indian buyers bought more homes in the city fringe and outside of central regions, such as districts 15, 16, 18 and 22.

The properties in these regions tend to be relatively less pricey and more mass market.

Western buyers, including those from Australia, Britain and the United States, tend to congregate in certain districts, such as districts 9, 10 and 15.

The Japanese prefer district 9, while the Koreans are keen on districts 9 and 10, as well as 16, which includes Bedok and Upper East Coast.

District 9 has the highest concentration of foreign buyers, at 31 per cent.

The other top districts popular with foreigners had a proportion of between 19 and 25 per cent.

Source : Straits Times – 16 Nov 2009