A buyer recently scored a bargain at luxury condo Tomlinson Heights on Tomlinson Road, just off Orchard Boulevard. The buyer, believed to be an Indian national, paid $6.7 million ($2,441 psf) for a 2,745 sq ft, three-bedroom unit on the 21st floor of the 36-storey tower. The price is 25.2% lower than the original price of $8.96 million ($3,264 psf), lodged in March 2011. 

“It’s a very good price for the buyer,” according to Michael Wan, senior associate director of Savills. The most recent transaction of a similar-sized three-bedroom unit was in June last year, when a 2,734 sq ft unit was sold for $8 million ($2,915 psf). 

“This is likely to be a one-off transaction,” says an agent, who declined to be named. The seller is also believed to be an Indian national and said to be upgrading from the three-bedroom unit at Tomlinson Heights into a bigger unit. 

A Tomlinson Heights unit purchased for $8.96 million five years ago was recently sold for $6.7 million.

The developer, Hotel Properties Ltd, is still holding on to its asking price of $2,800 to $3,000 psf. The two most recent transactions conducted by HPL were those of 4,047 sq ft, five-bedroom units: The unit on the 28th floor was sold in June for $11.9 million ($2,940 psf); the one on the 18th floor was sold for $11.53 million ($2,850 psf) in May. 

Completed in August 2014, the project features sizeable units, with three-bedroom units from 2,745 sq ft, five-bedroom units from 4,004 sq ft and penthouses at 4,941 sq ft. 

At the height of the market five years ago, many of the units at the 70-unit luxury condo were sold at an average of $3,000 psf. The two duplex penthouses of 4,941 sq ft with five bedrooms and a lap pool each on the 36th floor were sold for $18 million ($3,643 psf) and $18.3 million ($3,704 psf) in January and June 2011 respectively. They fetched the highest prices in absolute and per sq ft terms. 

HPL also developed the neighbouring 202-unit, freehold Four Seasons Park condo, completed in 1994. The typical units there are four-bedroom apartments measuring 2,260 to 2,874 sq ft. The most recent transaction at Four Seasons Park was carried out early this month: A 2,260 sq ft, four-bedroom unit on the fourth floor of one of the three towers was sold for $5.33 million ($2,358 psf).   

This article appeared in The Edge Property pullout, Issue 743 (Aug 29, 2016) of The Edge Singapore.