Units at Twentyone Angullia Park and The Orchard Residences sold above $3,000 psf
By Tan Chee Yuen
/ The Edge Property |
Transactions of high-end condominiums in Singapore’s prime district 9 have continued in recent weeks, with more units commanding more than $3,000 psf. At Twentyone Angullia Park, a 3,154 sq ft, four-bedroom unit on the 20th floor of the 36-storey tower was sold for $10.5 million ($3,329 psf), according to a caveat lodged on June 7. In January, another 3,154 sq ft unit on the 30th floor of the high-end condo fetched $11.99 million ($3,800 psf).
The 54-unit Twentyone Angullia Park is a flagship project by CS Land, formerly known as China Sonangol, and completed in 2014. It was designed by Chan Soo Khian of SCDA Architects, the same architect behind The Marq on Paterson Hill.
At the peak of the market in June 2013, the 7,718 sq ft penthouse at TwentyOne Angullia Park and the 2,260 sq ft three-bedroom unit directly below it were sold to Malaysian businessman Low Taek Jho, also known as Jho Low, for $42.91 million ($5,560 psf) and $11.53 million ($5,099 psf), or a total of $54.44 million. Low has been linked to the state fund 1Malaysia Development Berhad scandal.
Prices at TwentyOne Angullia Park sank below $3,000 psf last year, when a 2,777 sq ft, four-bedroom unit on the second floor fetched $8.3 million ($2,989 psf).
In March this year, the unsold units at TwentyOne Angullia Park were reportedly sold to a consortium of Singaporean investors, who purchased the company that developed the luxury condo before a new additional conveyance stamp duty for bulk purchases kicked in on the 11th of that month.
At The Orchard Residences, a 2,852 sq ft, four-bedroom unit on the 11th floor of the of the 54-storey tower was sold for $8.9 million ($3,120 psf) on June 9. The seller purchased the unit for $8.5 million ($2,980 psf) in June 2010. The Orchard Residences sits on top of ION Orchard shopping mall and the Orchard MRT station underground.
There were two other transactions at The Orchard Residences this year. One was for a 1,808 sq ft, three-bedroom unit on the 13th floor that changed hands for $3.8 million ($2,101 psf) in April. The price was the lowest price achieved in per-square-foot terms at the development historically. The seller paid $6.99 million ($2,836 psf) for the unit in April 2007. The other transaction saw a 2,174 sq ft, three-bedroom unit on the 47th floor change hands for $7.4 million ($3,403 psf) in March.
The Orchard Residences was jointly developed by CapitaLand and Sun Hung Kai Properties and completed in 2010. Samuel Eyo, managing director of Singapore Christie’s International Real Estate, foresees more transactions crossing the $3,000 psf threshold in the high-end segment in the coming months. “Buyers are returning to the luxury condo market as they feel prices are at an attractive level,” he notes.
In the neighbourhood of Holland Road-Farrer Road is Sommerville Park, a freehold development with 396 apartments and 57 townhouses, where two townhouses were sold recently. One of them was a three-storey, 4,101 sq ft unit that debuted as a mortgagee sale at Colliers International’s auction on Oct 27 last year. It changed hands for $4.8 million ($1,170 psf), according to a caveat lodged on June 7. The other townhouse, a 3,294 sq ft unit, was sold for $4.05 million ($1,230 psf), according to a caveat lodged on June 12.
This article appeared in The Edge Property Pullout, Issue 785 (June 26, 2017) of The Edge Singapore
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