Surge in sales in Alexandra-Queenstown area

By Tan Chee Yuen / The Edge Property | April 17, 2017 8:00 AM SGT
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Sales activity has heated up in the Alexandra- Commonwealth neighbourhood, ahead of the upcoming preview of Artra on the weekend of April 15 and 16. The mixed-use development comprises a single 44-storey tower with 400 apartments, 16 retail units and a supermarket. The 99-year leasehold project will be linked to the Redhill MRT station, and is expected to be completed in 2021. There is a mix of two- to five-bedroom units of 786 to 2,583 sq ft in the development.
Adjacent to Artra is the 429-unit Alex Residences on Alexandra View, where developer United Industrial Corp moved 16 units in March. That is equivalent to the total units sold from last September to February. Prices ranged from $952,000 ($2,010 psf) for a 474 sq ft, one-bedroom unit to $1.91 million ($1,828 psf) for a 1,044 sq ft, three-bedroom unit. The project is over 70% sold and expected to be completed by the end of this year.
Meanwhile, on the other side of Artra is The Metropolitan Condominium, a 99-year leasehold project on Alexandra View jointly developed by CapitaLand and Lippo Group. The 382-unit, high-rise development with units spread over two 45-storey tower blocks was completed in 2009. A 1,066 sq ft, two-bedder changed hands for $1.35 million ($1,267 psf), according to a caveat lodged on March 29.
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However, it is Principal Garden on Prince Charles Crescent, on the opposite side of Alexandra Road, that has seen the biggest surge in sales. In February, 27 units were sold at a median price of $1,657 psf. In March, another 44 units found buyers, based on caveats lodged. Units sold in March ranged from $1,539 psf for a 764 sq ft, two-bedroom unit to $1,793 psf for a 1,076 sq ft, three-bedroom unit. Based on caveats lodged, 430 units, or 65% out of a total of 663, were sold. The project is jointly developed by UOL Group and Kheng Leong Co.
One MRT stop away from Redhill is Queenstown. Next to the Queenstown MRT station is Commonwealth Towers, which saw the biggest leap in monthly sales — with 43 units sold in March. Prices ranged from $788,000 ($1,786 psf) for a 441 sq ft, one-bedder to $2.34 million ($1,797 psf) for a 1,302 sq ft, four-bedroom unit. It was the highest number of units sold in a single month since the project was launched in May 2014. That month saw 238 units snapped up. The 845-unit project is jointly developed by a consortium made up of City Developments, Hong Leong Holdings and Hong Realty.

Source: Hong Leong Holdings

The project that saw the biggest leap in monthly sales in March was Commonwealth Towers, with 43 units sold
Adjacent to Commonwealth Towers is the 736- unit Queens Peak, a 99-year leasehold condo developed by Hao Yuan Investment, with MCC Land handling the marketing, project management and construction. Last month, 20 units were sold at prices ranging from $721,000 ($1,634 psf) for a 441 sq ft, one-bedder to $3.03 million ($1,515 psf) for a 2,002 sq ft, five-bedroom unit. The project is about 44% sold, according to caveats lodged with URA Realis.
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The area around the Queenstown MRT station has also drawn interest from land-hungry developers. A residential site on Stirling Road, next to Queens condo, will be launched for sale by tender in about two weeks. Recently, a developer triggered the site for sale by committing to a minimum bid of $685.25 million or $718 psf per plot ratio (psf ppr).
The site, which is within walking distance of the Queenstown MRT station, has a maximum permissible gross floor area of 954,327 sq ft and can yield an estimated 1,110 units. It is substantially larger than the Commonwealth Towers and Queens Peak condo sites, which fetched prices of $883 and $871 psf ppr respectively.
Last December, there were 14 bids at the close of the tender for a residential site at Margaret Drive, in the Dawson Road and Strathmore Avenue neighbourhood, off Alexandra Road. It is also near Commonwealth Towers and Queens Peak on Dundee Road.
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The winner of the 238,907 sq ft site on Margaret Drive was MCL Land, which paid $238.39 million or $998 psf ppr. The site can be developed into a new condo project of about 300 units, and is expected to be launched for sale late this year or early 2018. This project is the smallest among all the recent launches in the area, including the upcoming site on Stirling Road.
It looks like interest, from buyers and developers, is definitely heating up in the Alexandra- Queenstown area.
This article appeared in The Edge Property Pullout, Issue 775 (Apr 17, 2017) of The Edge Singapore.

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