Unit at Parkview Éclat sinks to record low of $2,523 psf
By Tay Hock Meng
/ The Edge Property |
A 3,251 sq ft, four-bedroom unit on the sixth floor of the 36-storey Parkview Éclat was sold on July 20 for $8.2million ($2,523 psf). It was a 28.3% drop from the $11.4 million ($3,518psf) that the seller paid for the unit when the project was launched eight years ago at the height of the property boom in 2007.
The latest average sale price has also set a new low for the 35-unit Parkview Éclat. “The price is a bargain,” says Ernest Teo, associate team director of PropNex Realty. This is because the most recent listing for an identical sized,four-bedroom unit at Parkview Square had an asking price of $12 million ($3,692 psf).“It might be one of those cases that we see quite frequently in the luxury condominium market today, where owners are either overleveraged or facing cash flow problems and are forced to sell at whatever price they can get,” he reckons.
The last sale of a Parkview Éclat unit was in October 2011. The three-bedroom unit on the eighth floor was sold for $9.3 million ($3,212psf). When the project was first launched in May 2007, prices started from $8.08 million ($2,791 psf), and it was for the three-bedroom unit on the sixth floor that is adjacent to the unit that just changed hands recently.
Parkview Éclat is designed as an ultra-luxury18-storey condo block on Grange Road and was completed in 2009. The project was developed by the Hong Kong-headquartered Chyau Fwu Group, which also developed the Parkview Square office tower on North Bridge Road.
The freehold condo project comprises three and four-bedroom units with sizes of 2,896sq ft and 3,251 sq ft respectively. All units come with a 15m lap pool. Every floor consists of just two units — a three-bedroom and a four-bedroom — and each of them comes with private lift access. “Parkview Éclat is a nice project in a prestigious location with a limited number of units,” says Teo.
A 3,215 sq ft, four-bedroom unit on the sixth floor of Parkview Éclat
was sold on July 20 for $8.2 million, the first transaction since 2011
Sitting across the road from Parkview Éclat is The Grange, a 95-unit, freehold condo located on Grange Garden, off Grange Road. On July20, a 1,765 sq ft, three-bedroom-plus-study unit at the condo was sold for $3.71 million ($2,102 psf). The unit last changed hands in a sub-sale for $3.84 million ($2,175 psf) in 2008.Hence, the seller realised just a slight loss. The high-end condo was completed in 2008and jointly developed by Wing Tai Holdings, MCL Land and AIG Real Estate.
Further along Grange Road and located next to the upcoming luxury condo Gramercy Park is the 99-year leasehold Spring Grove condo. Last year, the 325-unit private condo attempted a collective sale with a hefty price tag of$1.39 billion. It failed to find a buyer as the break-even price would have worked out to$3,370 psf, which means a selling price of at least $3,700 psf, and that is assuming that the developer was expecting a profit margin of just 10%.
Following the failed collective sale last year, four units had changed hands between April and July. A 1,012 sq ft unit on the 15th floor was sold in April for $1.7 million ($1,680 psf). In June, two units of identical size (1,389 sq ft) were sold for $2 million ($1,440 psf) each.
The latest transaction at Spring Grove was for a 1,012 sq ft unit on the ninth floor that fetched $1.5 million ($1,482 psf), according to a caveat lodged on July 9. The unit was last purchased for $1.55 million ($1,532 psf) in March 2012. The 99-year leasehold condo was completed 19 years ago in 1996.
Besides The Grange and Spring Grove, a project on Grange Road that saw a handful of transactions this year was Grange Residences. Units in the freehold condo by Wheelock Properties that was completed in 2004 changed hands at prices ranging from $5.4 million($2,090 psf) to $7.3 million ($2,559 psf) in April to June. The project has two 18-storeyblocks containing 164 units. Located at the junction of Grange Road and Tanglin Road, Grange Residences is a redevelopment of the former Marco Polo Hotel.
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