The most coveted address among the traditional prime residential districts is district 9, in the neighbourhood of Claymore Road and Claymore Hill, Ard more Park and Draycott Park and in the vicinity of the American Club and Tanglin Club, just off Orchard Road. Luxury condominiums in both existing and new developments in that area have soared above $2,000 psf in the last two months — which is pretty much back to the levels seen in 1Q2007, near the peak of the recent boom.
At The Claymore, prices are at the levels prior to the Lehman Brothers collapse last September. Last month, a 19th-floor unit in one of the twin towers changed hands for $5.79 million, or $2,160 psf. This is the fourth time the apartment has changed hands in the last 14 years, and it’s the highest price achieved to date for that particular unit. According to URA Realis, the previous owner purchased the unit in early 2005 for $3.2 million ($1,194 psf). Prior to that, it changed hands in September 2000 at $3.45 million ($1,287 psf). In May 1995, the 2,680 sq ft apartment was sold for $3.7 million ($1,380 psf). Continue reading
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