Value deals float up across market segments

By Tan Chee Yuen / The Edge Property | November 5, 2016 8:00 AM SGT
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A number of properties were transacted at bargain prices in the week of Oct 18 to 25. In the high-end segment, an 883 sq ft, low-floor unit at Icon in Tanjong Pagar was sold for $1.15 million ($1,303 psf), according to a caveat lodged on Oct 20. The transacted price was on a par with prices in 2010, when an 872 sq ft unit on the same level changed hands for $1,353 psf in September. This year, similar-sized units on the high floors were transacted at an average price of $1,647 psf.
The 646-unit Icon, developed by Far East Organization, was one of the best-selling residential projects when it was launched in 2003, right after the Severe Acute Respiratory Syndrome outbreak. Many units were snapped up at an average price of $650 psf. The 99-year leasehold condominium, a short walk from the Tanjong Pagar MRT station, was completed in 2007.
The commercial podium of the project, Icon Village, houses a mix of F&B outlets, retail and convenience stores. Icon is also a stone’s throw from 100 AM mall and the new mall at Tanjong Pagar Centre which will have several new-to-market F&B brands, including Japan Rail Café, SBCD Tofu House and The Little Island.
An 883 sq ft unit at Icon was recently sold for $1.15 million ($1,303 psf)
Separately, a 936 sq ft mid-floor unit at Leonie Suites in prime district 9 changed hands for $1.45 million ($1,548 psf), according to a caveat lodged on Oct 20. In May, a 926 sq ft unit was sold for $1,599 psf. Both prices were lower than 2010’s. In fact, another 936 sq ft unit on the mid floor fetched $1,699 psf in April 2010.
Completed in 2006, Leonie Suites is a 99-year leasehold apartment developed by GuocoLand. It comprises a single 32-storey tower with 97 units.
In the city fringe, a 1,378 sq ft, two-bedroom unit at Pebble Bay was sold for $1.35 million ($980 psf), according to a caveat lodged on Oct 25. Last month, a 1,098 sq ft, ground-floor unit fetched $836 psf. Prices for similar-sized units have not dipped below $1,000 psf since 2010.
Located in the Tanjong Rhu area, Pebble Bay is one of Singapore’s first waterfront condos. It is a short walk from the Singapore Sports Hub and Kallang Wave Mall. The 99-year leasehold project was developed by CapitaLand and comprises 510 units.
In Marine Parade, a 1,195 sq ft high-floor unit at One Amber was sold for $1.63 million ($1,364 psf), according to a caveat lodged on Oct 18. Just a week earlier, a 1,281 sq ft unit, also on a high floor, fetched $1,374 psf. Similar-sized units on high floors have generally fetched above $1,400 psf since 2012.
One Amber is a freehold condo in district 15. Completed in 2010, it comprises four 23-storey residential towers with a total of 562 units.
In the suburbs, a 527 sq ft, one-bedroom unit at Archipelago was sold for $600,000 ($1,138 psf) in a sub-sale, according to a caveat lodged on Oct 25. The transacted price was in the bottom 10% of all historical transactions involving 527 sq ft units in the development. Last December, another 527 sq ft unit fetched $1,232 psf.
Completed in 2015, Archipelago comprises 553 condo units and 24 landed homes fronted by Bedok Reservoir Park. The Bedok North MRT station, expected to be completed in 2017, is about 400m from the 99-year leasehold condo.
At Cardiff Residence, a 420 sq ft one-bedder changed hands for $585,000 ($1,394 psf), according to a caveat lodged on Oct 21. This year, two other 420 sq ft units were transacted at an average price of $1,528 psf.
Cardiff Residence is a 99-year leasehold condo located off Lorong Chuan in Serangoon. It is about 400m from the Lorong Chuan MRT station.
This article appeared in The Edge Property Pullout, Issue 753 (Nov 7, 2016) of The Edge Singapore.

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