Tag Archives: Singapore Luxury Homes

Luxury apartments for $7 million

Posted on 2 Oct 2009 | Comments Off on Luxury apartments for $7 million

Guide to apartment, condo and landed property deals

Property transactions with contract dates from Aug 24 to Sep 4 2009

Done Deals

In the latest caveats for the week of Aug 28 to Sept 4, there were four transactions for apartments in the $7 million range, mainly for existing freehold projects in the luxury prime districts of 9 and 10.

One is a 3,477 sq ft second-floor unit at the 32-year-old Nassim Mansion, a luxury freehold 72-unit development on Nassim Hill in a neighbourhood of Good Class Bungalows. It was sold for $7.5 million ($2,157 psf), according to a caveat lodged with URA Realis on Sept 3. The previous owner had purchased it for $7.45 million ($2,143 psf) just two years ago, according to a transaction in May 2007. The owner who had sold him the unit made a 58.5% gain as he had purchased it just a year earlier for $4.7 million ($1,352 psf). The seller himself had made a 68% gain as he in turn had purchased it for $2.8 million ($805 psf) in September 2001. This apartment has changed hands four times in eight years.

At Ardmore Park, which is still the bellwether for luxury projects, resale prices are once again at the $2,500 psf level. Most recently, a sixth-floor unit was sold for $7.2 million ($2,496 psf). This unit last changed hands in early 2007 for $6.3 million ($2,184 psf), thus providing the seller a 13.89% gain in over two years. The first owner bought the project at launch in 1997 for $5.14 million ($1,783 psf). Continue reading →

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

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The growing GCB market

Posted on 24 Sep 2009 | Comments Off on The growing GCB market

Prices have more than doubled over the last decade

PRICES of good class bungalows (GCBs) have picked up strongly since early this year, topping prices fetched in the last property peak in 2007. GCBs are owned by a select group of wealthy individuals, who may well own more than one such bungalow. There are an estimated 2,500 GCBs in Singapore today. By definition, GCBs need to have a plot size of at least 1,400 sq m (15,070 sq ft) and be located in one of the areas zoned for GCBs.

Sought after: With the strong demand for GCBs, we are beginning to see a shortage of such properties for sale, especially in the prime areas

Their prices have more than doubled over the last decade, with the average price today being about $1,000 per sq ft (psf) to $1,200 psf of land in prime areas such as Tanglin. For example, a GCB in Ladyhill Road with a land area of 16,340 sq ft was sold at $8.23 million in September 2000. This works out to $504 psf. In the current market, the same bungalow would easily fetch more than $18 million, or about $1,100 psf.

Similarly, a GCB in Bishopsgate with a land area of 19,300 sq ft was sold for $11 million or about $570 psf in November 2000. A similar unit today would fetch $20-22 million.

The rising number of high net worth foreigners who become Singapore permanent residents (PR) and citizens form the bulk of prospective buyers for GCBs. Apart from this group, we are also starting to see investment companies acquiring GCBs for their portfolios.

It is generally perceived that with the pricing of premier condominiums ranging between $2,500 psf and $3,500 psf, there is a lot of upside growth for GCBs whose average price is about $1,000 psf.

With the strong demand for GCBs, we are beginning to see a shortage of such properties for sale, especially in the prime areas. GCB prices have risen steadily since the start of this year, and have climbed by nearly 25 per cent in less than a year. Continue reading →

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Posted in Landed Property

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