More developers offering penthouses where you can ‘stay then pay’

By Michael Lim / The Edge Property | August 6, 2016 8:00 AM SGT
Traditionally, developers of high-end private condominiums in the prime districts have been reluctant to offer discounts or deferred payments for penthouses, owing to the rarity of such units, typically described as “bungalows in the sky”. “The belief is that penthouses are designed for the privileged few who do not need a discount or deferred payment scheme,” says Samuel Eyo, managing director of Singapore Christie’s International Real Estate, the appointed marketing agent for penthouses in various projects.
Eyo: The belief is that the penthouses are designed for the privileged few who do not need a discount
or deferred payment scheme
However, the recent success achieved by developers offering discounts and deferred payments for high-end projects — such as OUE for OUE Twin Peaks and CapitaLand with its stay-then-pay programme for remaining units at The Interlace and d’Leedon — have spurred more developers to contemplate such schemes, especially if they have unsold units that have been lingering on the market for a number of years, says Eyo.
A case in point is Frasers Centrepoint, which recently offered a stay-then-pay plan for the fourth and last penthouse on the 35th floor of one of its twin towers at Soleil @ Sinaran. The 99-year leasehold condo contains 417 units and is located adjacent to the Novena medical cluster and a two-minute walk to the MRT station. The project was completed in 2011 and all the units have been sold except for this penthouse.
The living and dining area of the fully furnished 4,715 sq ft penthouse at Soleil @ Sinaran, priced at $9 million
The two largest five-bedroom penthouses sized at 4,930 sq ft fetched $9.7 million ($1,980 psf) in June 2011, and $10.8 million ($2,191 psf) in February 2014. The third five-bedroom, 4,715 sq ft penthouse was sold...