Wallich Residence hits $4,560 psf

/ EdgeProp Singapore
June 25, 2018 7:00 AM SGT
The string of en bloc sales in the traditional prime Districts 9, 10 and 11 since the start of the year has driven land prices to record levels of up to $2,910 psf per plot ratio (ppr). That means selling prices of new launches are likely to touch $4,000 psf, according to property consultants.
This has had a spillover effect on the other districts in the Core Central Region: Marina Bay and the CBD core in Districts 1 and 2, as well as Sentosa Cove in District 4, where prices have not appreciated as fast until now.
At Tanjong Pagar Centre in District 2, units at Wallich Residence have been snapped up at progressively higher prices. Wallich Residence contains just 181 luxury residences and spans the 39th to 64th floors of Tanjong Pagar Centre. The residences sit on top of the 38-storey Guoco Tower, which contains Grade-A office space. Tanjong Pagar Centre is an integrated development by GuocoLand and includes retail space as well as the luxury Sofitel Singapore hotel. The entire development is linked underground to the Tanjong Pagar MRT station.
The latest transaction at Wallich Residence was the sale of a 3,509 sq ft, four-bedroom unit on the 58th floor that fetched $16 million ($4,560 psf), according to a caveat lodged with URA Realis on June 4.The 1,111-unit The Sail was the first high-rise residential project to be launched in Marina Bay in 2004. The twin-tower residential development was completed in late 2008. Its units are among the most actively traded in the Marina Bay area.
Wallich Residence, which sits on top of Guoco Tower in Tanjong Pagar Centre, has hit a new high (Samuel Isaac Chua/The Edge Singapore)
This is the highest psf price achieved so far not only at Wallich Residence, but also in the Core Central Region. It is also the second transaction in the 99-year leasehold Wallich Residence to hit the $4,000 psf mark. The first transaction to do so was the sale of a 958 sq ft, two-bedroom unit on the 55th floor that fetched $3.83 million ($4,000 psf) last November.
The more positive sentiment has also led M+S to consider rolling out the second tower of the 1,042-unit Marina One Residences. The 34-storey twin-tower development...