Sales of high-end homes in prime District 9 have picked up in recent weeks. Notably, a 2,174 sq ft, three-bedroom unit on the 47th floor of the 54-storey tower at The Orchard Residences was sold for $7.4 million ($3,403 psf), according to a caveat lodged on March 28. It is believed to be a developer’s sale.
The last transaction at The Orchard Residences was in December, when a 2,465 sq ft, four-bedroom unit on the 21st floor changed hands for $7.65 million ($3,104 psf). The seller had paid $6.99 million ($2,836 psf) for the unit in April 2007.
Developed jointly by CapitaLand and Sun Hung Kai Properties, the 175- unit, 99-year leasehold Orchard Residences sits atop ION Orchard mall and the Orchard MRT station on the North-South Line. The Orchard Residences was completed in 2010, a year after ION Orchard opened.
A three-bedroom unit on the 47th floor of The Orchard Residences was sold for $7.4 million
At The Vermont on Cairnhill, two units changed hands on March 24. The larger unit, a 1,711 sq ft, four-bedder on the 12th floor, was sold for $3.4 million ($1,987 psf). In terms of psf price, this is the second lowest in the development so far, after a 1,335 sq ft, three-bedroom unit on the 13th floor changed hands for $2.65 million ($1,985 psf) in March 2015.
The other unit that was sold recently at The Vermont was a 527 sq ft, one-bedroom unit that went for $1.25 million ($2,370 psf). The seller had purchased it from the developer for $1.41 million ($2,674 psf) in April 2010. Likewise, the previous owner of the four-bedder that changed hands recently had purchased it at launch for $3.73 million ($2,180 psf), according to a caveat lodged in August 2010. Both owners sold their units at prices slightly below their purchase price.
The Vermont on Cairnhill is a 158-unit, freehold condominium on Cairnhill Rise. The project was developed by Bukit Sembawang Estates and completed in 2013.
Some observers reckon interest has returned to the Cairnhill area with the launch of the remaining units at CapitaLand Ltd’s Cairnhill Nine at end-February. The 99-year leasehold, 268-unit, high-end condo was completed last October. It is part of a mixed-use development that includes a 20-storey block with 220 serviced apartments branded The Ascott Singapore. The project is directly linked to Paragon shopping centre via an overhead bridge across the busy Bideford Road.
Sales at Cairnhill Nine have been brisk, with 18 units snapped up in the past month, based on caveats lodged. The latest transaction was for a 1,033 sq ft, two-bedroom unit on the 19th floor of the 30-storey tower that fetched $2.69 million ($2,600 psf), according to a caveat lodged on March 25. Prices of 1,033 sq ft, two-bedroom units sold recently ranged from $2.47 million ($2,393 psf) to $2.82 million ($2,731 psf).
Also in District 9 is The Rise @ Oxley – Residences, where a 1,163 sq ft, four-bedroom unit was sold for $2.58 million ($2,200 psf), according to a caveat lodged on March 25. The Rise @ Oxley is a freehold mixed-use development by listed property group Oxley Holdings comprising 120 apartments and two levels of retail and F&B space. It is about 90% sold and on schedule for completion.
“Overall buying sentiment has improved, with some buyers who were waiting on the sidelines returning to snap up value deals in the prime districts,” says Samuel Eyo, managing director of Singapore Christie’s International Real Estate.
This article appeared in The Edge Property Pullout, Issue 774 (Apr 10, 2017) of The Edge Singapore.