SINGAPORE (EDGEPROP) - There has been a flurry of transactions at The Marq on Paterson Hill since end-September, with four units sold so far, based on caveats lodged as at Oct 29. And these are not the 3,089 sq ft units in the Premium Tower, but the 6,232 to 6,308 sq ft units in the Signature Tower.
Prices of the four units sold have ranged from $23 million ($3,690 psf) to $29.5 million ($4,677 psf) – which was for a 6,308 sq ft unit, the latest deal and highest in both absolute and psf price terms, according to a caveat lodged on Oct 16. The other two units of 6,232 sq ft each went for $25 million ($4,011 psf) and $25.5 million ($4,092 psf), based on caveats lodged on Oct 7.
The Marq on Paterson Hill contains just 66 units. Completed in 2011, the freehold, luxury project was developed by SC Global Developments headed by its founder and chairman, Simon Cheong. The project set the benchmark for luxury condos back in 2007, when it became the first development at which unit prices crossed the $5,000 psf threshold; and again in 2011, when unit prices surpassed $6,000 psf.
Meanwhile, at TwentyOne Angullia Park, the second of two 7,718 sq ft, super penthouses was sold for $32 million ($4,146 psf), according to a caveat lodged on Oct 2. The price is $10.9 million lower than the $42.9 million ($5,560 psf) paid by Malaysian fugitive financier Jho Low for the other penthouse next door in June 2013. Low had purchased the unit directly below as well, a 2,260 sq ft, three-bedroom unit on the 33rd floor that fetched $11.53 million ($5,099 psf) at that time.
The penthouse was sold by Angullia Development, the developer of the 54-unit luxury condo tower that was completed in 2014. Angullia Development had held onto this remaining super penthouse and some of the the four-bedroom units in the project. The remaining units, mainly three-bedders, were sold in a bulk deal in March 2017 to TCRE Partners. The latter was co-founded by Danny Koh, founder of Tower Capital Asia, and Y Developments, the family-owned investment vehicle of Ben Yeo, former managing director of Guthrie GTS.
“The recent unrest in Hong Kong has positioned Singapore as the most desirable investment haven and place to live in Asia,” says Samuel Eyo, managing director of Lighthouse Property Consultants. “The bigger units sold recently, indicate that most foreigners, especially Asians, would like to establish Singapore as their home base, given the fact that the government is upgrading the infrastructure and enhancing living standards in the city state. This gives buyers confidence to commit to big-ticket purchases.”
Meanwhile, three detached houses at 13 Narooma Road developed by boutique property developer Lighthouse Developments are now fully sold. Designed by Ko Shiou Hee of K2LD Architects, the first house (13A Narooma Road) was sold in June for $13.28 million ($2,586 psf). The second house was recently sold for $13 million ($2,510 psf), based on a caveat lodged on Oct 21; and the third, at 13B Narooma Road, is also spoken for, although a caveat has yet to be lodged.
The houses at Narooma Road are located in the Kheam Hock landed housing estate in prime District 11.
For price trends, recent transactions, other project info, check out these projects' research page: The Marq on Paterson Hill, TwentyOne Angullia Park, Narooma Road
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