Tag Archives: Robinson Suites

New homes on the rise in the CBD

Posted on 21 May 2012 | Comments Off on New homes on the rise in the CBD

Singapore’s central business district (CBD) is evolving from a traditionally corporate location, with more buyers looking for prime residential properties in the area.

According to Savills Singapore, more than 4,600 new homes will likely be completed in the district by end-2015. A number of these homes will be located in Shenton Way, Robinson Road and Tanjong Pagar. This is expected to boost the population of the CBD by 14 times since 2007, according to Alan Cheong, Research Head at Savills.

Meanwhile, various upcoming projects are seeing strong interest from buyers despite the high prices.

For instance, Far East Organization’s The Clift has sold 250 out of the 312 units available, with the smallest unit going for around S$2 million. The condo development along McCallum Street offers one- to two-bedroom units priced at S$2,579 psf on average.

At the same time, the 62-storey Altez condo in Tanjong Pagar has sold 213 of the 280 units on offer at an average price of S$2,206 psf.

Over at 70 Shenton Way, the upcoming mixed development Eon Shenton has sold 95 units of the total 132 at a median price of S$2,400 psf. The 99-year project is jointly developed by Fission Group, Macly Group, Roxy-Pacific Holdings, Pinnacle Assets and architect-turned-developer Chee Hsian Sing.

Other notable projects such as Robinson Suites, the mixed-use Oxley Tower and Skysuites @ Anson will complement earlier developments such as Marina Bay Residences, The Lumiere and Icon.

The new projects will draw in the crowds even after office hours, in line with the government’s plan to transform the CBD into a place to work, live and play.

“The city is finally a hip place to be seen and live and no longer just a place for a quick beer after work,” said Sulian Tan-Wijaya, Senior Director for Retail and Lifestyle at Savills Singapore.

Dr Chua Yang Liang, Research Head at Jones Lang LaSalle South-east Asia, noted that downtown living could be popular, specifically with younger professionals.

“In other mature cities like New York, downtown living is part of the city fabric. In fact, in some cities in the US, the silver population will move back into the city because of the amenities.”

Source : PropertyGury -21 May 2012

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Posted in Property Market / Real Estate, Property Price

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High-end homes may see build-up in sales

Posted on 19 May 2011 | Comments Off on High-end homes may see build-up in sales

Demand in luxury homes seems to be creeping back, if last month’s new private home sales figures and reports of a fresh jaw-dropping record sale price are anything to go by.

A four-bedroom unit at SC Global’s The Marq on Paterson Hill recently sold at $17.5m, a record-breaking $5,842 psf – surpassing the previous high of $5,600 psf at The Orchard Residences in October 2007.

A total of 15 non-landed homes priced at $3,000 psf and above were sold in April – the highest number since December, when more than 60 units of Robinson Suites were sold in this price range, Savills said.

These included properties in Scotts Square, Alba, The Orange Grove and Tomlinson Heights.

Market experts say these sales might provide early signs of a comeback by high-end homes, where prices have struggled to recover to levels recorded during the boom in 2007.

The high-end segment must be monitored closely for the next few months before any trend can be firmly established, they add.

Kim Eng said in an analyst report that only three ultra-luxury projects – The Ritz-Carlton Residences, The Orchard Residences and The Marq on Paterson Hill – have achieved unit prices of more than $5,000 psf.

‘The latest above $5,000 psf transaction will certainly get the attention of high-end developers that are currently holding back on new project launches,’ the report added.

‘It might well be the tip of the iceberg, as we could see more sales breaking above the $5,000 psf mark.’

Cushman & Wakefield Singapore vice-chairman Donald Han noted that while he is confident that the high-end segment will do ‘fairly well’ for the rest of the year, not all projects can expect to set new benchmark prices.

The record price is likely an exception and limited to certain units and specific developments, he added.

‘But Singapore continues to be a sweet spot for investors with its robust economy and political stability… These factors look good to foreigners who contribute to the high-end activity here, making up 60 to 65 per cent of the segment above $3,000 psf,’ he added.

Experts also noted that some of the posh apartments sold last month – such as at Nassim Park Residences, The Orchard Residences and The Orange Grove – are already completed.

This could have encouraged sales since buyers of expensive apartments might prefer seeing the finished product before making a purchase decision.

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