Prime freehold units at Scotts Square, Tate Residences sold

By Tan Chee Yuen / The Edge Property | April 25, 2017 8:00 AM SGT
Join our  Telegram  channel and follow our  Facebook  for the latest update.
The freehold 338-unit Scotts Square, located on Scotts Road, has seen several units change hands in the week of April 4 to 11. One of the transactions was the sale of a 947 sq ft, two-bedroom unit on the 21st floor that fetched $2.76 million ($2,914 psf), according to a caveat lodged on April 7. The seller had purchased the unit from the developer for $3.65 million ($3,849 psf) in August 2007, when the project was launched.
Another bigger unit, a 1,249 sq ft, three-bedroom unit on the 31st floor changed hands for $3.9 million ($3,123 psf). The unit was purchased from the developer as well, for $5.2 million ($4,161 psf) a decade ago.
Last month, there were four transactions at Scotts Square with prices ranging from $1.81 million ($2,899 psf) for a 624 sq ft, one-bedroom unit on the 10th floor to $2.86 million ($3,019 psf) for a 947 sq ft, two-bedroom unit on the 37th floor.
ADVERTISEMENT
A 1,249 sq ft, three-bedroom unit on the 31st floor of Scotts Square changed hands for $3.9 million ($3,123 psf) earlier this month
Scotts Square was developed by Wheelock Properties and completed in 2011. At its launch in 2007, units were sold at an average price of $4,000 psf. At the peak of the market, a 635 sq ft, one-bedroom unit fetched $3.05 million ($4,803 psf) in June 2012. The mixed-use development has two residential towers — one of 34 storeys and the other of 43 storeys — sitting on top of a luxury shopping mall.
Over the years, prices have softened, following the implementation of cooling measures. Prices fell below the $3,000 psf mark for the first time in 2015 when a 624 sq ft unit changed hands for $1.8 million ($2,883 psf), according to a caveat lodged on Nov 20.
Across the road, up on the hillslope of Claymore Road is Tate Residences. The 85-unit freehold project by Hong Leong Holdings was completed in 2009. The luxury condo comprises only three-bedroom units of at least 1,895 sq ft and four-bedroom units from 3,200 sq ft.
ADVERTISEMENT
Tate Residences recently saw a 1,894 sq ft, three-bedroom unit on the 12th floor of one of the twin 36-storey towers sold for $4.4 million ($2,323 psf), according to a caveat lodged on April 7. The unit was purchased for $3.97 million ($2,098 psf) from the developer in September 2006.
Two other units at Tate Residences changed hands in February. One was a 3,218 sq ft, four-bedroom unit that was sold for $7.8 million ($2,424 psf); the other was a 2,185 sq ft, three-bedroom unit that went for $4.69 million ($2,145 psf) on Feb 1.
This article appeared in The Edge Property Pullout, Issue 776 (Apr 24, 2017) of The Edge Singapore.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter
Search Articles
Follow Us On
Our Sites
Edgeprop.sg (previously known as The Edge Property Singapore) – is the best property portal for home-seekers, buyers, investors and real estate agents alike in Singapore. On EdgeProp, you will be able to find all the latest news and views, informational guides, historical transactions and rental searches, and research data and analysis.
Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDB flats, landed houses or commercial properties, we bring you Singapore’s the most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.
Make better decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property and find properties below market value in Singapore. Meanwhile, discover all things en bloc, including Singapore en bloc news, trends and our En Bloc Calculator, which helps to determine the probability of a Singapore project being put up for collective sale.
Web Version 4.6.37
Aside from that, EdgeProp also offers a market trend tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heat map that lets you find out where all Singapore’s most popular property sales locations are, a HDB lease tool that lets you calculate your HDB tenure, an affordability calculator, and a property watch list to track your preferred Singapore property by project or location, as well as new launches.
On the lookout for undervalued property or buying to rent? EdgeProp’s powerful search filters let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools and childcare centres, or a good-value condo with a sea view – so that you find exactly what you are looking for.