Unit at Hilltops sold for $2,419 psf

By Tan Chee Yuen / The Edge Property | September 30, 2016 10:00 AM SGT
A handful of luxury condominium units in prime Districts 9 and 10 changed hands recently, according to caveats lodged with URA Realis in the week of Sept 13 to 20.
In the prime Cairnhill Circle neighbourhood, a 1,550 sq ft, three-bedroom unit at Hilltops changed hands for $3.75 million ($2,419 psf), according to a caveat lodged on Sept 15. The unit was purchased for $5.54 million ($3,576 psf) in November 2007, at the peak of the last property boom.
This was the lowest psf price achieved at the project since May, when a 1,335 sq ft, two-bedroom unit sold for $3.2 million ($2,397 psf). The seller purchased the unit for $3.34 million ($2,500 psf) in July 2009.
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At the trough of the market in 2009, following the global financial crisis, two units at Hilltops were sold at even lower prices. An 807 sq ft one-bedder fetched $1.775 million ($2,199 psf), while a 1,335 sq ft two-bedder went for $3.14 million ($2,350 psf).
Developed by SC Global Developments, the 291- unit Hilltops was completed in 2011. At the peak of the market, units crossed $4,000 psf, with the highest sold being a 2,465, sq ft four-bedroom unit that went for $11.86 million, or $4,812 psf.
In the prime Cairnhill Circle neighbourhood, a 1,550 sq ft, three-bedroom unit at Hilltops changed hands for $3.75 million ($2,419 psf), according to a caveat lodged on Sept 15
At Urban Suites, located on Cairnhill Road and Hullet Road, a 1,572 sq ft, three-bedroom unit changed hands for $4.17 million ($2,652 psf), according to a caveat lodged on Sept 15. The unit was purchased for $3.86 million ($2,458 psf) in January 2010.
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This year, three other units at Urban Suites were sold at prices ranging from $2,567 to $2,669 psf, according to caveats lodged with URA Realis from February to June. The units sold ranged from three-bedroom units of 1,604 sq ft to a four-bedroom unit of 2,045 sq ft. The highest psf price achieved at Urban Suites was for the sale of a 1,044 sq ft, two-bedroom unit, which fetched $3.10 million ($2,969 psf) in a sub-sale in early 2013.
Urban Suites is a freehold 165-unit condo devel opment with twin 20-storey towers and a 17-storey tower. The project was developed by CapitaLand and completed in 2013.
CapitaLand and Sun Hung Kai Properties jointly developed The Orchard Residences, which sits atop the ION Orchard shopping mall and the Orchard MRT station. Just across the road is the construction of the upcoming Orchard Boulevard MRT station on the Thomson-East Coast Line. The 175- unit, 99-year leasehold luxury condo project was completed in 2010, a year after ION Orchard mall opened. The project had achieved record prices of above $5,000 psf for its four penthouses, which were sold at prices of up to $5,600 psf.
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The most recent transaction at The Orchard Residences was for a 4,532 sq ft, three-bedroom unit with a private garden on the ninth floor, which is where the luxury condo’s shared facilities, such as the clubhouse, spa, wine and cigar room, reception room and grand ballroom, are located. The unit was sold for $14.7 million ($3,244 psf), according to a caveat lodged on Sept 15. The previous owner paid $14 million ($3,089 psf) for the unit, which was purchased in a sub-sale in March 2011. The original owner paid $12.73 million ($2,808 psf) when the project was launched in 2007. The unit is considered one of the “rare garden units” in the project.
At The Tate Residences on Claymore Road, just off Ardmore Park, a 2,185 sq ft, three-bedroom unit changed hands for $5.03 million ($2,300 psf), according to a caveat lodged on Sept 14. The unit was last sold for $5.244 million ($2,400 psf) in a subsale in July 2009. Prior to that, it fetched $4.12 million ($1,885 psf) in August 2006 when the project was launched. The 85-unit freehold Tate Residences was developed by Hong Leong Holdings and completed in 2009.
This article appeared in The Edge Property Pullout, Issue 748 (October 3, 2016) of The Edge Singapore.