Unit at The Tate Residences sold at $2,082 psf

By Tan Chee Yuen / The Edge Property | May 18, 2016 10:00 AM SGT
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At The Tate Residences, a prime freehold condominium project located on Claymore Road, a 3,218 sq ft, four-bedroom unit on the 18th floor of one of the twin 36-storey towers was sold for $6.7 million ($2,082 psf). The unit was first purchased for $7.06 million ($2,193 psf) in September 2006 when the project was launched. The 85-unit project by Hong Leong Holdings was completed in 2009 and has three-bedroom units of at least 1,895 sq ft and four-bedroom units from 3,200 sq ft.
A four-bedroom unit on the 18th floor of The Tate Residences was sold for $6.7 million ($2,082 psf)
There have been few resales at The Tate Residences. The last transaction was carried out 18 months ago, when a 3,208 sq ft unit on the ninth floor fetched $7.15 million ($2,229 psf), according to a caveat lodged in October 2014.
In the neighbouring Ardmore Park area, Wheelock Properties is said to have sold at least 26 units at Ardmore Three over the past fortnight. These transactions follow the launch of a special package offering a 15% discount and a 15% additional buyer’s stamp duty assistance package. After the 15% discount, prices are said to start from $2,540 psf, or $4.5 million, for a 1,776 sq ft, three-bedroom unit. The special promotion prices are said to be for units from the ninth to 20th floors in the 36-storey tower and for a limited period.
Recent caveats lodged for some of the transacted units on the ninth to the 16th floors of Ardmore Three still reflect prices of $2,989 to $3,296 psf, according to caveats lodged on April 28 and 29. As the project has already obtained Temporary Occupation Permit (TOP) in December 2014 and Certificate of Statutory Completion (CSC) a year later, the developer need not declare discounts to the URA, given that the transactions are reflected as “resales”, or secondary market deals, says Alan Cheong, head of research at Savills Singapore. When taking a mortgage, however, buyers will have to declare to the banks any discounts they receive from the developer.
Meanwhile at Grange Infinite, a 2,594 sq ft, four-bedroom unit on the 29th floor of the 36-storey tower was sold for $5.7 million ($2,197 psf). The 68-unit freehold project located next to the High Commission of India was completed in 2011 and jointly developed by Chip Eng Seng and Citadel. In 2008, ARA Asset Management’s Asia Dragon Fund purchased 53 units in the development for $388 million, or an average of $2,650 psf.
Indonesian tycoon and philanthropist Tahir is said to have purchased 12 units in the project in September 2014 for a total of $70 million from Asia Dragon Fund. The units are said to comprise 11 four-bedroom apartments measuring 2,560 to 2,700 sq ft and a 6,039 sq ft junior penthouse on the 34th floor. Tahir’s purchase price translates to $2,060 psf for the four-bedroom units and $1,950 psf for the junior penthouse.
The recently sold unit on the 29th floor of Grange Infinite is unlikely to be one of those that Tahir bought two years ago, as he would be subject to a 12% seller’s stamp duty, says Samuel Eyo, managing director of Singapore Christie’s International Real Estate. “It is likely to be a resale unit by one of the individual investors who had purchased from ARA,” he reckons.
This article appeared in the City & Country, Issue 728 (May 16. 2016) of The Edge Singapore

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