Interest revived in prime condos with large units

By Tan Chee Yuen / The Edge Property | June 14, 2016 10:00 AM SGT
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At The Claymore, a unit on the 23rdfloor was sold for $6.5 million ($2,425 psf), according to a caveat lodged on May 25. The seller bought the spacious 2,680 sq ft apartment — with three bedrooms and a helper’s room — 20 years ago for $4.8 million ($1,788 psf).
The sale price translates to a capital gain of $1.7 million, or 35.4%, and is lower than that registered for an identical unit located on the ninth floor, which sold for $7 million ($2,612 psf) in January, according to a caveat lodged then. Samuel Eyo, managing director of Singapore Christie’s International Real Estate, reckons it is because the latter could have been renovated by the previous owner, who purchased the unit 10 years ago for $4.7 million($1,754 psf), based on a transaction recorded in November 2006. Meanwhile, the unit on the23rd floor was probably not updated, he adds.
During the collective sale fever in 2006/07, some of the owners at The Claymore had attempted a collective sale. Sitting on prime Claymore Hill off the Draycott Drive-Ardmore Park neighbourhood, the project contains just two blocks with 146 units sitting on a 246,000 sq ft freehold site.
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Given its prime District 9 location, the price tag for The Claymore was $1.3 billion — similar to the transacted price of $1.3388 billion at which Farrer Court, a privatised HUDC estate sitting on a 99-year leasehold site of 838,500sq ft, was sold at, in June 2007.
While the price achieved for the collective sale of Farrer Court (now d’Leedon) is still a record today, The Claymore’s attempt was aborted. The project was developed by Tokyo Land Corp and completed in 1985. Despite being 31 years old today, The Claymore is still able to hold its prices. One reason is the large unit sizes, with three-bedroom apartments measuring 2,680 sq ft; four-bedroom apartments, 3,348 sq ft; and five-bedroom units, 4,919 sq ft.
Another reason for the price resilience at The Claymore is the size of the freehold land that it sits on. At 246,000 sq ft, it is second only to Wheelock Properties’ Ardmore Park condominium, which sits on a sprawling eight acre freehold site in the prestigious residential enclave.
The Claymore at Claymore Hill contains just 146 units in two blocks on a freehold land area of 246,000 sq ft
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The Ardmore Park neighbourhood continues to see brisk sales. At Ardmore Three, mid-level units from the 17th to 25th floors in the 36-storey tower were sold at prices ranging from $5.54 million ($3,177 psf) to $6.24 million ($3,513 psf), according to caveats lodged from May 24 to 31. These are prices before the 15% discount and 15% additional buyer’s stamp duty rebate. Since the scheme was introduced by the developer in mid-April, a total of 31 units have been sold so far. The freehold project contains just 84 units in a single tower and was completed in 2014. All units are three-bedroom apartments measuring 1,744 to 1,798 sq ft.
It looks like big units in other luxury condo projects are equally sought after. At Tomlinson Heights, a 4,047 sq ft, five-bedroom unit on the18th floor of the 36-storey tower was recently sold for $11.53 million ($2,850 psf), according to a caveat lodged on May 31. There are only 70 units in the luxury condo project developed by Hotel Properties Ltd. All the units are also large, with three-bedroom apartments measuring 2,745 sq ft and five-bedroom units from 4,004 sq ft. Penthouse sizes are from 4,941 sq ft. Completed in 2014, the project sits on a freehold site of 76,888 sq ft. Based on caveats lodged, 41 units have been sold.
This article appeared in the City & Country, Issue 732 (June 13, 2016) of The Edge Singapore.
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