Units at Hilltops sold from $2,722 psf
By Tan Chee Yuen
/ The Edge Property |
In the prime Cairnhill area, luxury developer SC Global Developments is offering a deferred payment scheme to move unsold units at its 241-unit Hilltops. The “enhanced purchase plan” was launched at end-July, with 30 units offered for sale. These are a mix of two- and three-bedroom apartments sized from 800 to 1,700 sq ft, and priced from $2.5 million to $6 million.
Buyers need to pay a 20% down payment or $600,000 on a $3 million unit and earn a 10% return ($60,000) per annum for two years before completing their purchase. This is because the 30 units offered for sale are already leased and returns are backed by rents. The enhanced purchase plan is said to offer buyers up to $100,000 savings on mortgage payments.
There was “a good crowd” at the open house over the weekend of July 30 and 31. “It’s a very attractive deal because even if you put your money in the bank, you won’t get such high returns,” says Samuel Eyo, managing director of Christie’s International Real Estate.
Three units at Hilltops have been sold at prices ranging from $2.26 million to $3.48 million
In the wake of the launch of the enhanced payment scheme, three units at Hilltops have been sold, according to caveats lodged on Aug 1 to 3. The units are all two-bedroom apartments located in the mid- to high-floors of the 20-storey block. One of the units is an 829 sq ft unit on the 19th floor that was sold for $2.76 million ($3,326 psf), while the other is a similar-sized unit on the 16th floor that fetched $2.26 million ($2,722 psf). The biggest of the three is a 1,184 unit on the 10th floor that went for $3.48 million ($2,941 psf).
When Hilltops was launched at the peak of the market in 4Q2007, two- to four-bedroom apartments with sizes ranging from 1,249 to 2,465 sq ft were sold at prices ranging from $4.37 million ($3,501 psf) to $11.86 million ($4,812 psf).
Hilltops comprises two- to five-bedroom apartments of 800 to 5,300 sq ft and penthouses with the largest sized at 11,000 sq ft. The units are spread across three towers — two of them are 20 storeys and the third is 14 storeys. The freehold development was designed by award-winning architect Mok Wei Wei of W Architects and completed in 2011.
Even at today’s lowered prices, Hilltops still commands a premium. Adjacent to Hilltops is the 140-unit freehold Helios Residences that was also completed in 2011. The development consists of a 20-storey and 19-storey block. The most recent transaction at Helios Residences was in May, when a 1,313 sq ft, two-bedroom unit on the 16th floor changed hands for $2.75 million ($2,094 psf). The unit was purchased in July 2007 for $4.44 million ($3,378 psf).
Wing Tai Holdings, the developer of Helios Residences, also developed the neighbouring The Light @ Cairnhill. The development comprises 118 units in a 20-storey block and was completed in 2004. The most recent transaction at The Light @ Cairnhill was for a 1,561 sq ft, three-bedroom unit on the 14th floor that changed hands for $3.15 million ($2,018 psf) in July.
This article appeared in The Edge Property pullout, Issue 742 (Aug 22, 2016) of The Edge Singapore.
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