Two units at luxury condominium Boulevard Vue were sold in May and June at prices above $4,000 psf. The latest transaction was the sale of a 4,478 sq ft, four-bedroom unit on the 24th floor that fetched $18.27 million ($4,080 psf), according to a caveat lodged on June 25. The other unit — on the 25th floor — was sold on May 7 for $18.18 million ($4,060 psf).
The 28-unit Boulevard Vue is a freehold condo by Far East Organization that was completed in 2013. Of the 28 units, 26 are four-bedroom apartments of 4,424 to 4,510 sq ft and occupy an entire level each. There are also two penthouses of 8,051 sq ft and 11,098 sq ft, with private pool and roof terrace. The 8,051 sq ft penthouse was sold in 2009 for $33.41 million ($4,150 psf).
The last time a unit at Boulevard Vue crossed the $4,000 psf threshold was in 2012, when a 4,478 sq ft unit on the 26th floor fetched $19.37 million ($4,326 psf). The all-time high in terms of psf price was achieved by a unit on the 28th floor that was sold for $21.39 million ($4,800 psf) in November 2010.
“Units at Boulevard Vue are exclusive and can command such prices because the prime districts have a limited supply of luxury, freehold units of more than 3,000 sq ft,” says Jason Tan, executive director at JTResi. It is also rare to have a single unit occupying an entire floor, he adds.
On June 25, a unit on the 24th floor of Boulevard Vue was sold for $18.3 million ($4,080 psf) [Picture: Samuel Isaac Chua/The Edge Sinapore]
Boulevard Vue is located on Cuscaden Walk, off Orchard Boulevard and it is one of those rare projects with exclusively large, four-bedroom units. New developments in the Orchard Boulevard enclave include the upcoming 3 Orchard By-the-Park, a 77-unit development by YTL Corp, which contains a mix of two- to four-bedroom units. Prices are said to be about $4,000 psf.
Luxury condos launched more than a decade ago include The Marq on Paterson Hill, which has two towers with a total of 66 units. One tower contains 3,000 sq ft, four-bedroom units; the other tower — called the Signature Tower — contains units of more than 6,200 sq ft, and each unit comes with a private lap pool. In the latest transaction at The Marq on Paterson Hill, a 3,089 sq ft unit on the eighth floor was sold for $10.28 million ($3,328 psf) last December. In April last year, a 6,232 sq ft unit on the eighth floor of the Signature Tower went for $21.8 million ($3,498 psf). The highest psf price achieved at The Marq was in late 2011, when a 3,089 sq ft unit on the 20th floor was sold for $20.54 million, or $6,650 psf, which is also a record high psf price in Singapore.
Prices are heading northwards elsewhere in the prime districts. At Nassim Mansion, located on Nassim Hill and completed in 1977, an all-time-high psf price was achieved last month. It was for a 3,412 sq ft, four-bedroom unit on the ninth floor of the 10-storey, 72-unit freehold block. The unit changed hands for $10.6 million ($3,107 psf) on June 25. The last time the unit changed hands was in 2011, when it fetched $10.5 million ($3,077 psf).
Meanwhile, at Marina One Residences, one of the four penthouses in the first tower was sold recently: The 6,469 sq ft duplex on the 33rd floor fetched $18 million ($2,782 psf). Marina One Residences comprises twin 521-unit, 34-storey blocks, which were completed last year. The penthouses range from 6,491 to 8,568 sq ft in size.