St Regis Residences unit with greenery view for sale at $7.9 mil
By Amy Tan
/ EdgeProp Singapore |
A 2,756 sq ft four-bedroom apartment on the 12th floor of St Regis Residences has been put up for sale with an asking price of $7.9 million ($2,866 psf). This asking price is lower than City Developments Ltd’s (CDL’s) starting price of around $2,900 psf for its remaining units at the project, according to Sueann Lye, associate director of List Sotheby’s International Realty (List SIR). She is the exclusive marketing agent for the unit.
Completed in 2008, the 999-year leasehold St Regis Residences comprises 173 three- and four-bedroom apartments spread across two 23-storey blocks. Adjoining the residences is the 20-storey St Regis Singapore that comprises 299 guest rooms.
St Regis Residences (Pictures: Samuel Isaac Chua/EdgeProp Singapore)
The apartment for sale has four en suite bedrooms as well as a helper’s room with en suite bathroom. The master bedroom comes with a separate walk-in wardrobe. The unit also comes with two carpark lots. Each unit at St Regis Residences is served by its own dedicated concierge. Residents may also order room service from the adjoining hotel.
The particular unit for sale faces Nassim Road and has unblocked views of the landed housing estate as well as greenery. It is also currently the only unit at St Regis Residences with this view in the market, according to Lye. “It’s not common to find a development that is in the heart of Orchard Road that boasts a view of greenery. The other units at St Regis Residences face Cuscaden Road so when the upcoming Boulevard 88 is completed, the view may be partially blocked,” she observes.
According to her, the layout of this unit stands out in that it is rectangular. This is unlike some units in the development that have pillars in the corner. “This is the most effective layout and there are not many units at St Regis Residences with both a greenery view and functional layout. Here, you have a spacious living and dining space that is good for entertaining,” she adds.
The unit has unblocked views of greenery
The owner had purchased the unit in November 2006 for $7.62 million ($2,766 psf). In the past six years, the unit has been tenanted by the same family at a monthly rent of $12,500 per month. This brings rental yield to about 2% a year. The tenants had wanted to renew their lease. However, the owner wants to sell the unit as he has found something else, says Lye.
While the unit is more than 10 years old, its original finishing is well-maintained. “The marble floor will be polished and the unit will receive a few touches of paint before it is handed over to the new owner,” she says.
Lye notes that demand for units at St Regis Residences has been boosted by the March 8 preview of Boulevard 88. Based on URA caveats, the average price achieved is at $3,820 psf. Located along Orchard Boulevard, the freehold 154-unit luxury condo project developed by CDL will be integrated with the first Edition Hotel by Marriott International. The apartments range from two-bedroom-plus-study to four-bedroom units and penthouses.
“Boulevard 88 has done pretty well, so there is a spillover effect for St Regis Residences,” she says.
Han Huan Mei, List SIR’s director of research notes that there has been a steady level of interest in resale units at St Regis Residences over the past four years.
In 2H2018, median psf prices increased 18% to $2,636 psf compared with $2,231 psf in 2H2017.
She attributes this to the launch of YTL’s 3 Orchard By-The-Park in at $3,600 psf in 2H2018 as well as strong bids for development sites in the immediate vicinity.
These include the sale of a 99-year leasehold government land sales (GLS) site at Cuscaden Road in May 2018. The highest bid of $410 million came from a joint venture between niche luxury developer SC Global Developments and two Hong Kong-listed property groups – Far East Consortium International and New World Development. The bid translates into $2,377 psf per plot ratio (ppr).
Adjacent to the GLS site, the collective sale of freehold Park House transacted at $375.5 million or $2,910 psf ppr in June 2018. The site was sold to a wholly-owned subsidiary of Hong Kong-listed Shun Tak Holdings.
Based on these land prices, Han estimates that the new projects on both sites could translate to $3,500 to $4,000 psf.
“As a result, astute buyers who recognise that units in St Regis Residences have been undervalued bought them at very attractive price levels despite the spike in prices,” she states.
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