Average prices at Perfect Ten hit $3,000 psf with 27% of units sold
By Timothy Tay
/ EdgeProp Singapore |
“Sales [at Perfect Ten] have picked up quite a bit in the past few months, and we are encouraged by the pace of sales so far. We hope to launch units in the next tower later this year or early next year,” says Justin Chiu, executive director of CK Asset Holdings.
Seven months after the luxury project Perfect Ten on Bukit Timah Road was launched for sale in December 2021, at least 64 units (27%) have been sold by the developer, CK Asset Holdings. The Hong Kong-based company is the flagship real estate company of Hong Kong billionaire Li-Ka Shing.
According to Justin Chiu, executive director of CK Asset Holdings, about 80% of the buyers so far are locals and 10% are permanent residents. The rest are buyers from mainland China and Hong Kong. He says that approximately two-thirds of the units sold are two-bedroom units, while the rest are three-bedders.
Perfect Ten is a freehold development in prime District 10. The 230-unit development comprises two 24-storey towers, and the project is designed by Singapore-based architectural firm DP Architects. So far, the developer has released units in one of the residential towers that comprises 115 units.
The development comprises two-bedroom units of 753 to 797 sq ft and three-bedroom units of 1,227 to 1,281 sq ft.
The two-bedroom show unit at Perfect Ten. About two-thirds of the units sold so far at of this unit type. (Picture: Samuel Isaac Chua/The Edge Singapore)
The developer has just refreshed its sales gallery, incorporating new interior designs into its two- and three-bedroom show units. The developer says it plans to regularly overhaul the show unit designs.
“We want our buyers to see something new each time they visit the show flat. We hope this gives them an incentive to consider the project and a more memorable experience when they visit,” says Chiu.
“Sales [at Perfect Ten] have picked up quite a bit in the past few months, and we are encouraged by the pace of sales so far. We hope to launch units in the next tower later this year or early next year,” he says.
The Perfect Ten sales galery has been refreshed with new interior designs of the show units. Pictured is the kitchen of the two-bedroom show unit (Picture: Samuel Isaac Chua/The Edge Singapore)
He adds that most overseas buyers of Perfect Ten are either businessmen with established businesses in Singapore, or parents who intend to educate their children in Singapore.
In addition, “the impact of the property cooling measures in Singapore has given more opportunities for local buyers to invest in new launches such as Perfect Ten”, says Chiu. He says that a good portion of the buyers so far are younger homeowners, and some are tapping their parents’ finances to secure a District 10 home.
“Most of the time, these buyers already live in the area, and they are drawn to the development due to its design and the size of our units,” he says.
The master bedroom of the three-bedroom unit. According to CK Asset, 80% of the buyers so far are locals. (Picture: Samuel Isaac Chua/The Edge Singapore)
Based on URA caveats compiled by EdgeProp Singapore, the average selling price at Perfect Ten is about $3,000 psf, and prices have ranged from $2,650 to $3,504 psf. This price range is “quite reasonable”, says Chiu, given the project’s freehold tenure and location in prime District 10.
According to EdgeProp Singapore’s data, the average selling price at Perfect Ten is marginally on a par with Sloane Residences, a freehold project that launched in July 2019, which has an average selling price of about $2,940 psf. None of the already-completed developments in the area commands similar prices. For example, the nearby Belmond Green has an average price of $2,180 psf, while Palm Spring is selling for about $2,122 psf.
According to Chiu, the successive rounds of property cooling measures in Singapore have deterred a handful of foreign buyers from entering the residential market, but the developer CK Asset has also seen a slight uptick in the number of Singapore-based buyers entering the Hong Kong residential market over the past few months.
At about $3,000 psf, Perfect Ten still commands a relatively high average selling price compared to most condos in the vicinity. (Map: EdgeProp Singapore)
Looking ahead, the developer is still keen to expand its landbank in Singapore. But due to the relatively low cost of funding before the start of this year, developers in Singapore had been quite aggressive in their land bids, says Chiu. “We felt that land prices (at the time) were quite high, but as we see interest rates rising, coupled with the property cooling measures, we feel that developers in Singapore are not as aggressively bidding anymore,” he says.
Rather than describing the company’s stance as conservative, Chiu thinks that it is more accurate to describe the company as prudent with strong financial discipline.
Perfect Ten features luxury fittings and many high-end appliances, such as Villeroy & Boch, Duravit, Hansgrohe, Gaggenau, and Miele. Pictured is the ensuite bathroom of the three-bedroom unit. (Picture: Samuel Isaac Chua/The Edge Singapore)
Concerning its future projects in Singapore, Chiu says that the developer prefers to consider sites of a certain size that could be developed into a 300- to 400-unit project with a gross floor area of about 500,000 sq ft. “We need the scale because as a foreign developer, our overhead costs tend to be quite high,” he says.
CK Asset is also examining locations outside of the prime Districts 9, 10, and 11. “We don’t mind considering land outside the prime districts, and we have considered almost every piece of land that has gone up for tender in the past few months,” says Chiu.
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