At a private preview of 8 St Thomas held in Hong Kong and Singapore over the weekend of Aug 25 and 26, more than 20 units were sold for more than $3,000 psf. Developed by Singapore-listed Bukit Sembawang Estates, the 250-unit freehold condominium on St Thomas Walk is already completed.
The positive response from the previews “has demonstrated that premium freehold quality developments in prime District 9 continue to be much sought after by discerning buyers”, says Ng Chee Seng, CEO of Bukit Sembawang Estates. About 70% of the buyers are locals, with the rest mostly from Hong Kong.
The units at 8 St Thomas are a mix of one- to four-bedroom apartments and two penthouses. Of the units sold, 17 are one- and two-bedroom units of 441 to 872 sq ft. At least three units sold are three- and four-bedroom units of 1,302 to 1,744 sq ft, says Tan Siew May, CBRE senior director of residential projects, the appointed marketing agency.
Buyers were a good mix of owner- occupiers and investors, owing to the project’s location, off River Valley Road, and its freehold tenure, notes Tan. En bloc beneficiaries from various developments in the River Valley area were also among the buyers, she adds.
“It is rare to find a newly completed project in the area where buyers can immediately move in to stay or rent out,” says Tan. The development has a palatable selling price, with one- and two-bedroom units priced from $1.42 million and $1.78 million respectively, she adds.
The healthy sales at 8 St Thomas were achieved despite the subdued residential market, following the latest property cooling measures, and the holding of the private preview during the Chinese Hungry Ghost Festival. “The Hungry Ghost month is not a concern for luxury property buyers,” says Dominic Lee, PropNex head of luxury team.
In the week of Aug 14 to 21, a unit at Martin Modern also hit a new benchmark of $3,138 psf for the 450-unit, 99-year leasehold development at Martin Place. The 1,798 sq ft, four-bedroom unit on the 28th floor of one of the two 30-storey towers was sold for $5.64 million, according to a caveat lodged on Aug 19. The buyer is believed to be a Chinese national.
The luxury condo was launched for sale in July last year at an average selling price of $2,207 psf. The price has since increased 25% to an average of $2,759 psf in June, prior to the property cooling measures on July 6. According to PropNex’s Lee, sales at Martin Modern have been “steady”.