New luxury condos drive prices

By EdgeProp Team / EdgeProp | November 10, 2018 12:00 PM SGT
Four months after property cooling measures were implemented, demand for luxury condominiums has stayed resilient, going by the high psf prices that they have commanded.
In the week of Oct 23 to 30, a unit at the recently launched South Beach Residences on Beach Road in District 7 topped the chart for the highest psf price attained. It was achieved in the sale of a 2,616 sq ft, four-bedroom on the 36th floor of the 45-storey tower. The unit fetched $9.43 million, or $3,606 psf, according to a caveat lodged on Oct 24.
In the latest transaction at South Beach Residences, a unit on the 36th floor was sold for $9.43 million, or $3,606 psf, the highest psf price for the week in review (Credit: Samuel Isaac Chua/ The Edge Singapore)
The 190-unit South Beach Residences previewed on Sept 8. So far, more than 10 units have been sold, including the biggest penthouse, which fetched $26 million ($3,864 psf). The 6,728 sq ft, five-bedroom penthouse has achieved the highest psf price in the development so far.
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South Beach Residences is jointly developed by City Developments (CDL) and IOI Group. Units comprise a mix of two- to four-bedroom apartments ranging from 936 to 2,616 sq ft, and six penthouses of 3,897 to 6,728 sq ft.
Two units were sold in late October at Wallich Residence. One was a 646 sq ft, one-bedroom unit on the 44th floor that went for $2.13 million ($3,290 psf). The other was a 614 sq ft, one-bedroom unit on the 47th floor that went for $2.05 million ($3,333 psf). Units at Wallich Residence, located on Wallich Street and completed in 4Q2017, have been transacting at an average of $3,395 psf.
Both South Beach Residences and Wallich Residence are part of integrated developments with hotel, office, retail and residential components, and are linked directly to MRT stations. South Beach Residences is connected to both City Hall MRT station and Esplanade MRT station; Wallich Residence is part of Tanjong Pagar Centre, which is linked underground to Tanjong Pagar MRT station. Moreover, both projects offer “spectacular views and are in great locations”, says Dominic Lee, head of the luxury team at PropNex Realty.
The luxury condo market has seen prices driven by new launches, notes Lee. There is “good value” in the resale market in prime Districts 9 and 10 as well.
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In District 9, a 1,593 sq ft, four-bedroom unit at Hilltops on Cairnhill Circle fetched $4.43 million ($2,783 psf), according to a caveat lodged on Oct 26. Meanwhile, in District 10, a 2,723 sq ft, four-bedroom unit at Goodwood Residence on Bukit Timah Road changed hands for $7.18 million ($2,637 psf) on Oct 24. At The Boulevard Resi dence on Cuscaden Walk, a 2,034 sq ft, three-bedroom unit was sold for $5.08 million ($2,497 psf) on Oct 23.
Samuel Eyo, managing director of Lighthouse Property Consultants, says: “Because of the prime locations, resale units at these three developments are still very attractive.”
The Boulevard Residence was completed in 2005, Hilltops in 2011, and Goodwood Residence in 2013.
A 2,034 sq ft, three-bedroom unit at The Boulevard Residence changed hands for $5.08 million ($2,497 psf) last month (Credit: Samuel Isaac Chua/The Edge Singapore)
“Some buyers prefer newer developments, despite the smaller unit sizes,” says Eyo. “This is because newer developments — especially the new integrated developments — come with better facilities.” On the other hand, those who want a location in the traditional prime districts of 9 and 10, bigger sizes and freehold tenure will gravitate towards the older projects, he observes.
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