Tag Archives: Singapore Property Price

Keen interest in Cairnhill and Scotts Road projects

Posted on 30 May 2011 | Comments Off on Keen interest in Cairnhill and Scotts Road projects

Homes around Cairnhill and Scotts Roads are getting a buzz from new launches and the completion of condominiums in the neighbourhood. CapitaLand recently launched its boutique development, the 64-unit Urban Resort Condominium, and of 34 units launched, 21 had been sold as at end-April, with the latest median price achieved at $3,076 psf, according to the latest data by URA.

At the neighbouring The Laurels, Sing Holdings sold a unit at the 229-unit project for $2,947 psf last month.

Up on Cairnhill Rise, SC Global’s 240-unit upscale condo Hilltops and the neighbouring 140-unit Helios Residences by Wing Tai have obtained their temporary occupation permits (TOP) earlier this year. Along Cairnhill Road, KOP Properties is expected to complete its 56-unit boutique branded residences, Ritz-Carlton Residences by 2H2011. The most recent transaction here was in February, when the 6,501 sq ft triplex penthouse on the 36th level was sold for a whopping $28 million, or $4,307 psf.

Meanwhile, Cairnhill Mansions along Cairnhill Road was put up for en bloc sale last month at a reserve price of $361.5 million, or $2,308 psf ppr. Based on the price tag, the breakeven cost for the developer would be in the range of $3,000 to $3,100 psf, and that means the new development could sell at prices averaging $3,500 psf. The tender for the site, which closes at end-May, is handled by CB Richard Ellis.

Work is also underway at the show flat of Scotts Tower, a bespoke development by Far East Organization. The project, designed by award-winning Dutch architect Ben van Berkel of UNStudio, is located on Cairnhill Road, just off Scotts Road. The development could potentially be launched later this year.

With the spotlight in the Cairnhill-Scotts Road neighbourhood, it’s not surprising that some homebuyers are also turning to the existing condos there. One that has been receiving quite a lot of attention, resulting in a spike in the number of transactions last month, is the 136-unit Scotts 28 located along Scotts Road. The project was jointly developed by Hotel Properties Ltd and MCL Land, and completed in 1999. It was considered one of the most upscale developments in the area when launched, and coveted by the who’s who in Singapore. Scotts 28 has a mix of sizeable units, starting from two-bedroom to four-bedroom apartments, with sizes ranging from 1,098 to 3,606 sq ft. Penthouses are from 4,650 to 6,846 sq ft.

At the peak of the market in 2007, a 1,636 sq ft unit was sold for $3.93 million, or $2,400 psf. Prices this year are approaching that level, and hit a high of $2,250 psf last month when a 1,733 sq ft unit on the 13th floor was sold for $3.9 million. These days, owners of units at Scotts 28 are asking for prices of as high as $2,500 psf on the resale market, notes Arthur Tan, an agent with PropNex. “The sellers are basing their price tags on the recent transacted prices of condos in the area,” he says.

There were three transactions at Scotts 28 from April 26 to 29, with prices ranging from $1,991 to $2,222 psf. A 1,733 sq ft unit on the 15th floor was sold for $3.85 million ($2,222 psf) on April 27. This represents an 81% gain for the previous owner who purchased it at $2.125 million ($1,226 psf) in 2004. Before this, the unit changed hands at $2.2 million ($1,280 psf) in 1999 and $2.4 million ($1,393 psf) in 1995.

Another 1,733 sq ft unit on the 23rd floor was sold for $3.45 million ($1,991 psf). Before this, the unit changed hands at $2.78 million ($1,600 psf) in 1999 and $2.49 million ($1,437 psf) in 1995.On the 18th floor, a 1,636 sq ft unit was sold for $3.5 million ($2,139 psf), or a more than 51% premium over the last transacted price of $2.3 million ($1,408 psf) during the launch in 1995.

Source : The Edge

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Posted in En-bloc / Collective Sales, Luxury Property, New Launches, Property Market / Real Estate, Property Transactions

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Unit at Hougang Green hits $809 psf

Posted on 19 Apr 2011 | Comments Off on Unit at Hougang Green hits $809 psf

Homes in suburbs such as Simei and Buangkok are enjoying a resurgence of interest owing to their affordability and accessibility as new malls and MRT lines are built. The appreciation in the prices of such property is prompting some homeowners to cash out at a profit.

In Buangkok, prices at the 99-year leasehold Hougang Green recently hit a peak of $837 psf in February when a 764 sq ft unit on the 10th floor was sold for $640,000. This comes after the launch of a new executive condominium development a few streets away — the 573-unit Esparina Residences was the first executive condo project to be launched after a five-year hiatus. Executive condos are available to families earning up to $10,000 a month.

Across the road from Esparina Residences is The Quartz, a 99-year leasehold condo with 625 units. Completed in 2009, it is located along Compassvale Bow Road, also just across the road from the Buangkok MRT Station. As such, prices hit $903 psf recently when a 1,162 sq ft unit on the eighth floor changed hands for $1.05 million on March 14. During the peak in November 2010, prices hit a high of $948 psf when a 1,044 sq ft unit on the 19th floor was sold for $990,000.

Meanwhile, older developments in the area such as the 13-year-old Hougang Green are also enjoying a rise in prices. The 90-unit condo developed by Hiap Hoe is located next to Hougang Green Shopping Mall, where there is a supermarket and a number of eateries. The condo is also a 10-minute walk to the Buangkok MRT Station, which is one station away from the Sengkang MRT Station, where the Compass Point shopping mall is located.

In the week of March 15 to 22, three units at Hougang Green changed hands at prices ranging from $646 to $809 psf. A 764 sq ft unit on the third floor was sold for $618,000 ($809 psf), representing a 36% gain for the seller, who purchased the unit for $455,000 ($595 psf) in 2008. Before this, the unit was sold for $498,000 ($652 psf) during the launch in 1997.

On the fourth floor, a 1,130 sq ft unit was sold for $730,000 ($646 psf). The unit was purchased for $555,000 ($491 psf) during the launch in 1998, representing a 32% gain for the seller.

On the eighth floor, a 1,141 sq ft unit was sold for $740,000 ($649 psf), representing a 27% gain for the seller, who purchased the unit for $580,000 ($508 psf) last October. Before that, the unit was sold for $690,800 ($605 psf) during the launch in 1996. In the east, in the neighbourhood of Simei, prices at Changi Rise Condominium hit a high of $789 psf in February when a 1,496 sq ft four-bedroom unit was sold for $1.18 million.

Heng Song Heng, an agent with DTZ, says the main reason for the rise in prices is due to a steeper price increase at the 648-unit Savannah Condo Park, which is adjacent to Changi Rise.

The latest transaction at the eight-year-old, 648-unit Savannah was for a 1,205 sq ft unit on the second floor for $910,000 ($755 psf). Prices in the condo hit a high of $812 psf in January when a 1,453 sq ft unit on the eighth floor was sold for $1.18 million.

There were four transactions at Changi Rise, with prices ranging from $636 to $768 psf for the period of March 15 to 22, according to caveats lodged with URA Realis. A 1,657 sq ft four-bedroom unit on the first floor was sold for $1.055 million ($636 psf) on March 21. That’s a 48% gain for the seller, who purchased the unit for $712,000 ($430 psf) in 2007. Before this, the unit was bought for $660,000 ($398 psf) from the developer in 2004.

On the second floor, a 1,259 sq ft three-bedroom unit was sold for $940,001 ($746 psf) on March 18, representing a 54% gain for the previous owner, who bought the unit for $610,200 ($485 psf) from the developer in 2002.

On the sixth floor, another three-bedroom unit was sold for $925,000 ($734 psf) on March 18, representing a 25% premium over the transacted price of $738,000 ($586 psf) in 2008. Before this, the unit was sold for $635,400 ($505 psf) in 2002.

A neighbouring unit on the same floor, with a floor area of 1,496 sq ft, was sold for $1.15 million ($768 psf) on March 16, representing a premium of 48% over the previous transacted price of $778,100 ($520 psf) in 2001.

Source : CNA – 11 Apr 2011

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Posted in Property Market / Real Estate, Property Price

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