Units at The Lumos from $2,310 psf

By
/ EdgeProp Singapore
|
March 31, 2019 2:01 PM SGT
A private equity real estate fund that had purchased the remaining units at The Lumos on Leonie Hill Road two years ago, is now offering the individual units for sale.
The majority of the remaining 34 units offered are three- and four-bedroom units, with sizes ranging from 1,754 to 2,432 sq ft. There are two penthouses: a duplex of 5,714 sq ft and simplex of 5,929 sq ft. Both penthouses have their own private pool. There are also a few one-bedders of 699 sq ft and two-bedders of 1,173 sq ft.
Selling prices start from $2,310 psf. "The three-bedroom units which are priced from $2,310 to $2,700 psf are a steal," remarks Tan Tee Khoon, executive director and head of residential project marketing at Knight Frank’s agency arm, KF Property Network, which is marketing the units jointly with SRI.
The 53-unit The Lumos was developed by a joint venture between Koh Brothers and Heeton Holdings and completed in 2011 (Credit: Koh Brothers/Heeton Holdings)
The private equity real estate fund had purchased the units from Buildhome Pte Ltd, the 50:50 joint venture between the subsidiaries of Singapore-listed Koh Brothers Group and Heeton Holdings, which had developed The Lumos. According to an announcement on the Singapore Exchange in July 2017, Buildhome was sold for $41.6 million, with the remaining 36 units at The Lumos valued at $185.6 million.
The Lumos is a freehold, boutique luxury development completed in 2011. It contains 53 units in a 36-storey tower located in prime District 9.

Priced 26% below initial launch

When the project was first launched in August 2007 – the peak of the last property boom – prices ranged from $3,074 psf to a high of $3,984 psf, according to caveats lodged then. This brought overall average price to $3,276 psf.
“With the latest promotion, the available units are priced at least 26% lower than the initial launch prices in 2007," notes Ken Low, managing partner at SRI. Investors can also opt to buy the tenanted units for immediate rental income, he says. The three-bedroom units have achieved monthly rental rates of $6,800 to $7,800, while the four-bedroom units have been leased for $7,800 to $9,000.
Most of the units that are up for sale are large units, made up of three- and four-bedroom apartments and duplexes (Credit: Koh Brothers/Heeton Holdings)