Unit at Scotts Square sells for $3,716 psf

By
/ EdgeProp
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July 30, 2018 8:00 AM SGT
People are still shopping for luxury homes in the prime districts even after the latest round of property cooling measures implemented on July 6. They are, however, going for established developers whose names are synonymous with luxury, for instance, SC Global Developments and Wheelock Properties.
The latter’s Scotts Square is one such development that has benefited from buying interest from this group. A 635 sq ft, one-bedroom unit on the 34th floor was sold for $2.36 million ($3,716 psf), according to a July 12 caveat. This is comparable to the psf prices of $3,003- to-$3,835 fetched by the previous 10 units transacted at Scotts Square from last October to April this year, based on caveats with URA Realis.
“Some of the buyers who purchased units at Scotts Square earlier this year and in 2017 were betting that prices in the luxury segment were poised to rise,” observes a veteran property agent in the luxury market, who declined to be named. “With the latest property cooling measures, they will be holding on to these units for some time.” Most of them are likely to be investors in the $2 million-to-$5 million range, he adds.
The most recent sale at Scotts Square was that of a one-bedroom unit which went for $2.36 million ($3,716 psf) [Picture: Samuel Isaac Chua/The Edge Singapore]
Completed in 2011, the freehold Scotts Square has 338 units. It is 89% (301 units) sold, according to Wheelock Properties’ 1Q2018 results ended March 31. Of the remaining unsold inventory, 81% of the 26 units earmarked for lease are tenanted.
Another luxury development that has been on the radar since 2H2017 and where sales have ramped up dramatically since March is Hilltops on Cairnhill Circle. The 241-unit freehold project by SC Global Developments was completed in 2011.
The most recent transaction at Hilltops was that of a 1,550 sq ft, three-bedroom unit on the ninth floor that went for $4.65 million ($3,000 psf), according to a caveat filed on July 16. Since March, 17 units at Hilltops have fetched prices ranging from $2,776 psf for a 1,249 sq ft, two-bedroom unit, to $3,696 psf for a 2,379 sq ft, four-bedder.
The most recent transaction at Hilltops was that of a 1,550 sq ft, three-bedroom unit on the ninth floor that went for $4.65 million ($3,000 psf) on July 16 (Picture: The Edge Singapore)