What can you buy for $1.5 mil in the prime districts?
By Lin Zhiqin
/ EdgeProp |
Homebuyers seeking a property in the prime districts may want to zoom in on EdgeProp’s list of 22 projects. The list was compiled following the EdgeProp-Knight Frank Homebuyers’ Sentiment Survey, where potential homebuyers showed a preference for condominiums in the prime districts. A large proportion of them also indicated a preference for properties priced below $1.5 million; URA caveat data seems to bear this out. Out of a total of 10,893 transactions for private, non-landed residential properties in 2H2017, most of them, 38.8% to be exact, fell in the $1 million-to-$1.5 million price bracket, according to data as at Jan 22 (see table).
Source: URA caveat data as at Jan 22, EdgeProp
While most people may think that only shoebox units would be available at this price point, several developments had units larger than 800 sq ft that went for less than $1.5 million in 2H2017. At Hillcrest Arcadia, located off Adam Road, there were eight transactions below $1.5 million in 2H2017. The largest were the three-bedroom 1,711 sq ft units. Two of them were sold at $1.35 million ($789 psf) and a third at $1.5 million ($876 psf). In the same period, the smallest unit transacted was a 581 sq ft that went for $560,088 ($964 psf). The 272-unit Hillcrest Arcadia is a 99-year leasehold project that was completed in 1980.
Also located near Adam Road is the freehold 19 Shelford Road, where three two-bedroom units of about 900 sq ft were sold at $1.38 million ($1,508 psf) to $1.41 million ($1,486 psf) in 2H2017. Two 732 sq ft units sold for $950,000 ($1,298 psf) and $1 million ($1,366 psf). The smallest transaction was the sale of a 635 sq ft one-bedder at $920,000 ($1,449 psf). The condo was completed in 1997.
Located across Bukit Timah Road from Shelford Road is The Asana, a new project completed in 2017 by boutique developer Aurum Land, which is a wholly-owned subsidiary of Woh Hup Holdings. The Asana is a freehold development with 48 units. In 2H2017, the developer sold eight units at prices below $1.5 million, according to URA caveat data. The prices ranged from $995,000 ($2,498 psf) to $1.4 million ($2,243 psf). According to URA data on developer sales, 12 units are still available at The Asana as at end-2017.
Another new project where units were sold at below $1.5 million in 2H2017 is Sophia Hills, jointly developed by Hoi Hup Realty and Sunway Group. The development is expected to receive its Temporary Occupation Permit in 2Q2018. According to URA caveat data, 169 units were sold at an average of $1.29 million ($2,031 psf) in 2H2017. There are 19 units still available for sale and among them are one-bedroom-plus-study units priced below $1.5 million, says Hoi Hup. Sophia Hills is located on Mount Sophia, approximately 300m from Dhoby Ghaut MRT station.
Also completed in 2017 is freehold condo 6 Derbyshire, which is Fantasia Investment’s maiden project in Singapore. The firm is a subsidiary of Fantasia Holdings, a Hong Kong-listed Chinese developer. In 2H2017, there were 36 transactions at 6 Derbyshire below the $1.5 million price point. The largest unit sold was a 732 sq ft two-bedder that went for $1.39 million ($1,904 psf). The smallest were the 474 sq ft one-bedders, of which 15 were sold in 2H2017 for $1.08 million ($2,275 psf) to $1.36 million ($2,875 psf). The 168-unit 6 Derbyshire is located off Thomson Road, in the vicinity of Novena MRT station.
Soleil @ Sinaran is a 417-unit condo located beside Novena Square mall, which is linked to Novena MRT station. Eight units at the 99-year leasehold development were sold at below $1.5 million in 2H2017, according to URA caveat data. The largest and priciest was a 958 sq ft, two-bedroom unit that sold for $1.36 million ($1,420 psf). The lowest priced unit was also the smallest, measuring 506 sq ft; it went for $988,000 ($1,953 psf).
Also in the area is 26 Newton, a freehold project that was completed in 2016. The development comprises 180 units, and 20 of them with sizes ranging from 474 to 570 sq ft were transacted at $1.16 million ($2,447 psf) to $1.46 million ($2,599 psf) in 2H2017.
About 100m from 26 Newton is Amaryllis Ville, where a 1,033 sq ft, two-bedroom unit on the fourth floor was transacted at $1.33 million ($1,287 psf) in October 2017. In the same month, three two-bedroom units of between 958 and 980 sq ft were sold for $1.41 million ($1,439 psf) to $1.49 million ($1,521 psf). Amaryllis Ville is a 99-year leasehold condo with 311 units, completed in 2004.
In the Cairnhill area, an established residential enclave located between Newton, Orchard and Somerset is Vida, a freehold development with 137 apartments. In 2H2017, five units at Vida with sizes from 517 to 527 sq ft were sold at between $1.06 million ($2,052 psf) and $1.15 million ($2,180 psf).
In the CBD, 125 units across five projects were sold at prices below $1.5 million in 2H2017. While most of the transactions were of the smaller units, 24 were of units of at least 700 sq ft in size. Two 904 sq ft units at Icon, a mixed-use project in Tanjong Pagar, were sold at $1.37 million ($1,515 psf) and $1.47 million ($1,620 psf) in July and November 2017, respectively.
Over at The Sail @ Marina Bay, a two-bedroom 893 sq ft unit on the 14th storey went for $1.495 million ($1,673 psf) in July 2017 and an 861 sq ft unit on the 41st floor transacted at $1.499 million ($1,742 psf) in October 2017. At The Clift, located opposite Amoy Street Food Centre, two 775 sq ft units and a 818 sq ft unit were sold for $1.27 million ($1,639 psf) to $1.38 million ($1,687 psf) in 2H2017. Meanwhile, 14 two-bedroom units sized 700 sq ft at Skysuites@ Anson were sold for $1.3 million ($1,858 psf) to $1.49 million ($2,131 psf) in 2H2017.
In the River Valley area, 999-year leasehold and freehold projects such as Valley Park, Nathan Residences, RV Residences and Espada also have units that were sold for below $1.5 million in 2H2017. At Valley Park, which is located beside Valley Point Shopping Centre, six units of between 797 and 861 sq ft were transacted at prices ranging from $1.16 million ($1,412 psf) to $1.3 million ($1,510 psf). The 248-unit RV Residences, situated beside Valley Park and Valley Point, saw 26 transactions below the $1.5 million price point in 2H2017. The largest units sold were three 700 sq ft two-bedders that went for $1.35 million ($1,934 psf) to $1.38 million ($1,975 psf).
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