Commonwealth Towers, Principal Garden benefit from launch of Queens Peak

By Tan Chee Yuen / The Edge Property | November 13, 2016 8:00 AM SGT
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Queens Peak has been drawing crowds to its sales gallery and show flats since the project previewed on Oct 22 and 23. When the project was launched for sale on Nov 5, it moved 242 units by 5pm. Over the weekend of Nov 5 and 6, the developer sold 250 out of a total of 736 units, achieving 34% sales. The average price of units sold was $1,632 psf. One-bedroom units of 431 sq ft are priced from $680,000.
Hao Yuan Investment, the developer of Queens Peak, purchased the 99-year leasehold site on Dundee Road in June last year for $483.2 million ($871 psf per plot ratio). The site sits adjacent to the Queenstown MRT station, and the developer will have a direct link from the overhead bridge of the station to Queens Peak, says MCC Land, the project manager.
According to property agents, the launch of Queens Peak has stirred interest in neighbouring projects with unsold units, especially the Commonwealth-Alexandra neighbourhood between the Queenstown and Redhill MRT stations.
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The crowd at Queens Peak on balloting day on Nov 5
Next door to Queens Peak is Commonwealth Towers, an 845-unit, 43-storey twin tower project by Hong Leong Holdings. Launched in May 2014, the 99-year leasehold private condo saw 175 units snapped up on the first day of sales, at prices ranging from $1,635 to $1,690 psf. As at end-September, the project had sold 428 units (50.7%).
Having sold just two units in September, Commonwealth Towers saw at least 13 units sold in October, based on caveats lodged. Prices of units sold in October ranged from $1,530 to $1,806 psf. Units sold ranged from one-bedders of 441 sq ft priced at $788,200 ($1,786 psf) to three-bedders of 904 sq ft, for $1.47 million ($1,621 psf).
Commonwealth Towers was not the only one to benefit from the launch of Queens Peak. Principal Garden, located on Prince Charles Crescent, off Alexandra Road, was another beneficiary. Having sold 14 units in September at a median price of $1,651 psf, it moved a similar number of units in October, based on caveats lodged.
Units at Principal Garden sold in October ranged from $1,574 psf for a four-bedroom fourth-floor unit to $1,730 psf for a 797 sq ft, two-bedroom unit. Based on caveats lodged as at Nov 1, 326 units, or 49% out of a total of 663, had been sold. The project is jointly developed by UOL Group and Kheng Leong Co.
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Across the road from Principal Garden is Wing Tai Holdings’ 373-unit Ascentia Sky, completed in 2013. The 99-year leasehold condo comprises a single 45-storey tower. The latest transaction at Ascentia Sky was of a 1,475 sq ft, three-bedroom unit sold for $2.15 million ($1,458 psf), according to a caveat lodged on Oct 27. The unit was first purchased by the buyer for $2.14 million ($1,453 psf) in April 2011. Both the buyer and seller are HDB upgraders.
Besides Principal Garden and Ascentia Sky, the Alexandra neighbourhood also saw the recent completion of the 508-unit Echelon. Next door to Echelon is the 429-unit Alex Residences by United Industrial Corp, which is over 65% sold and expected to be completed next year. The most recent transaction at the 45-storey tower was for a 657 sq ft, two-bedroom unit on the 33rd floor for $1.37 million ($2,079 psf), according to a caveat lodged in October.
Next to Principal Garden is also the 469-unit The Crest by Wing Tai Holdings. The 99-year leasehold private condo is expected to be completed sometime next year. The project has sold about 145 units to date, with the latest transaction prices ranging from $1,726 to $1,775 psf, based on caveats lodged as at end-October.
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This article appeared in The Edge Property Pullout, Issue 754 (Nov 14, 2016) of The Edge Singapore.

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