A 936 sq ft unit on the 11th floor of Emerald Garden was sold for $1.7 million ($1,815 psf) on Nov 15. Located on Club Street in prime District 1, Emerald Garden is one of the few 999-year leasehold properties in the CBD. The latest sale is the 11th at the condominium this year, a doubling in resale transactions compared with last year.
Interest in the condo began to pick up this year and many owners who intended to sell have already divested or are putting their units on the market, says Beverly How, marketing director at PropNex Realty, who brokered the sale of a unit at Emerald Garden recently. The buyers are a mix of locals and PRs seeking an investment property, as well as expatriates looking for an apartment in the CBD, she adds.
Spurred by the collective sale fever, those actively seeking investment properties with en bloc potential have zoomed in on Emerald Garden which, with a 999-year lease at only 18 years old, is as good as a freehold property, says Wendy Ong, associate manager at PropNex Realty, who is marketing a unit there. Despite their age, Emerald Garden units are also easily let, as the project is within walking distance of the Telok Ayer and Tanjong Pagar MRT stations.
Nearby is Wallich Residence, where a 614 sq ft unit on the 42nd floor sold for $1.99 million ($3,240 psf) on Nov 17. This is the fifth unit sold by developer GuocoLand at the District 2 project this year, according to caveat data from URA Realis. A 646 sq ft unit was sold for $1.92 million ($2,970 psf) in January, while the other four were sold after May. Prior to the transaction in January, a 1,625 sq ft unit on the 51st floor was sold for $5.26 million ($3,238 psf) in March 2015.
The 181-unit Wallich Residence is on the 39th to 64th floors of Tanjong Pagar Centre, a mixed-use development by GuocoLand that is situated above and directly linked to the Tanjong Pagar MRT station. According to property agents, the completion of Tanjong Pagar Centre has renewed interest in the area.
Lodged caveats show that 21 units at Wallich Residence were sold at prices ranging from $2,970 to $3,244 psf. The developer is said to be in advanced negotiations with several buyers, with more transactions expected before year-end.
At ICON, another project in Tanjong Pagar, two units changed hands last month: A 689 sq ft unit on the 7th floor was sold for $1.1 million ($1,595 psf) on Nov 16; a 560 sq ft unit on the 12th floor went for $1 million ($1,787 psf) on Nov 17. Prices at ICON ranged from $1,670 to $1,733 psf for the 44 units sold this year. Twenty-six units were sold last year and 16 in 2015.
76 Shenton, which is also in District 2, has seen 13 transactions this year. This is more than thrice the volume in the past two years. The most recent transaction was on Nov 14, when a 592 sq ft unit on the 15th floor was sold for $1.1 million ($$1,858 psf).
Rising prices in prime Districts 9, 10 and 11 have made prices in Districts 1 and 2 look comparatively affordable, leading to a pickup in interest starting from the middle of this year, says a source. As the property market enters a new cycle, transactions in the two districts are expected to rise further, she says.