Hilltops unit sold for $2,397 psf

By Tan Chee Yuen / The Edge Property | June 7, 2016 10:00 AM SGT
A 1,335 sq ft, two-bedroom unit at the 241-unit Hilltops on Cairnhill Circle was sold for $3.2 million ($2,397 psf), according to a caveat lodged on May 17. The seller of the unit had purchased it for $3.34 million ($2,500 psf) in July 2009, thus recognising a loss of 4.1%. The $2,397 psf price is the lowest since July 2009, when two units in the development — an 807 sq ft, one-bedroom unit and another 1,335 sq ft, two-bedroom unit — were sold for $2,199 psf and $2,350 psf respectively.
At the peak of the market in late 2007, a 2,465 sq ft unit at Hilltops fetched $11.86 million, or a record $4,812 psf.
Prior to the recent sale, the last transaction at Hilltops was a year ago, when a 1,593 sq ft, three-bedroom unit was sold for $4.84 million. Hilltops was completed by SC Global Developments in 2011, and the developer still has unsold units in the project. At the peak of the market in late 2007, a 2,465 sq ft, four-bedroom unit was sold for $11.86 million, or a record $4,812 psf.
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Elsewhere in the luxury condominium scene, a 2,088 sq ft, three-bedroom- plus-study unit at Turquoise in Sentosa Cove was sold for $2.92 million ($1,398 psf) at Knight Frank’s auction on May 18. The unit was a mortgagee sale and the former owner had paid $5.46 million ($2,613 psf) for it in October 2007. At the recent sale price, the loss sustained by the seller was a staggering $2.54 million, or 46.5%.
That is not all. In a neighbouring block, a 2,433 sq ft, four-bedroom unit changed hands for $3.7 million ($1,521 psf), according to a caveat lodged on May 20. The unit was first purchased for $6.23 million ($2,561 psf) in October 2007, thus the loss sustained by the seller was $2.53 million, or 40.6%. The 91-unit Turquoise was developed by Ho Bee Land and completed in 2010.
The mortgagee sale of a unit in prime District 15 (East Coast) that found a buyer at its first auction was the penthouse at One Amber. The 3,165 sq ft, four-bedroom unit had an opening price of $3.8 million. It received an opening bid of $3.3 million and was sold for $3.7 million ($1,169 psf) at Colliers International’s auction on May 26. The previous owner had purchased it for $4.43 million ($1,399 psf) in a sub-sale in January 2011, which means prices have corrected 16.5% in the last five years. The first buyer paid $2.39 million ($756 psf) for the penthouse in March 2006 when the 562-unit freehold project in Amber Gardens in prime district 15 was launched a decade ago.
In the city fringe of Bishan Street 15, within walking distance of the Junction 8 shopping mall and the underground Bishan MRT interchange station, is Sky Vue, a 99-year leasehold condo scheduled for completion by end-2016. The twin 37-storey condo was developed by CapitaLand and Mitsubishi Estate Asia and only 47 units are still available.
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Also at Sky Vue, there was a mortgagee sale of a unit purchased by a buyer with an HDB address in November 2013 for $1.47 million ($1,292 psf). The 1,141 sq ft, three-bedroom unit is located on the second floor of one of the twin towers. It was put up for auction for the first time by Knight Frank on May 18. The unit had an opening price of $1.48 million and was sold immediately after the auction by private treaty.
This article appeared in the City & Country, Issue 731 (June 6, 2016) of The Edge Singapore.