One Shenton will be the latest residential development at Marina Bay to achieve completion, with the temporary occupation permit (TOP) expected this month. “Owners of the lower floor units at One Shenton are expecting to collect their keys soon, while mid- to high-floor units will also be ready for handover in the near future,” says Kelvin Cheong, an associate director at Dennis Wee Realty Pte Ltd.
City Developments Ltd’s 341-unit One Shenton was designed by world-renowned architect Carlos Ott and comprises of two gleaming towers of 50 and 43 storeys linked by a podium with 11 retail units. The 99-year leasehold development contains a mix of units featuring one bedroom, with or without study, to four bedrooms. There are also penthouses, sky suites and sky villas.
Like most buyers of property in Districts 1 and 2 in the CBD, the majority of purchasers at One Shenton are investors expecting strong rental rates and future capital appreciation, Cheong says. “Rental rates at One Shenton will probably be in the same range as that of The Sail @ Marina Bay. However, One Shenton cannot command the same rates as Marina Bay Residences, whose location offers unobstructed sea views for most of its units.”
Owners are already asking agents to put their units up for rent. “About a dozen owners have already contacted me,” says Desmond Tan, division director of resale agency at HSR. He estimates that one-bedroom units sized at 517 to 1,001 sq ft (for those that come with a study) have asking monthly rental rates of $4,000 to $4,800, while two-bedroom units of 904 to 1,227 sq ft are going for $5,300 to $5,500.
One Shenton’s three-bedroom units measuring 1,455 to 1,604 sq ft are likely to indicate $6,000 per month — similar to The Sail, which commands $5,700 to $6,500 depending on layout.
At Marina Bay Residences, on the other hand, three-bedroom units command $8,000 to $9,000 a month, as the three- and four-bedroom apartments there have private lift entrances.
At the soft launch in January 2007, units at One Shenton were sold at $1,500 to more than $2,000 psf. At least 70% of the 341 apartments were snapped up during the preview. The highest average price achieved was $2,757 psf, or a total of $5.2 million, for a four-bedroom, 1,894 sq ft unit on the 44th floor in June 2007.
In the week of Jan 18 to 25, One Shenton saw two transactions at $1,970 and $1,999 psf, according to caveats lodged with URA Realis. The higher price was set on Jan 21, when an 850 sq ft, onebedroom unit on the 23rd floor changed hands in a sub-sale for $1.7 million. This represented a 22.4% capital gain for the seller, who bought the unit for $1.39 million ($1,633 psf) from the developer during its launch four years ago. The other transaction, also a sub-sale, was for a 36th-floor, 581 sq ft unit, which sold for $1.14 million.
The latest asking price at One Shenton is from $2,040 psf or so, says Cheong. This is slightly lower than the 1,111-unit The Sail also by City Developments and Keppel Land’s 428-unit Marina Bay Residences. The Sail has an average asking price of $2,050 psf, while owners at Marina Bay Residences are indicating $3,130 psf, he adds.
In the most recent transactions there, based on URA Realis data, a 1,184 sq ft, 10th-floor unit at The Sail changed hands for $2.6 million ($2,196 psf) in the resale market on Jan 13, while a 1,636 sq ft unit at Marina Bay Residences went for $5.12 million ($3,130 psf) on Jan 7.
Source : The Edge – 14 Feb 2011
Following completion in December, buyer interest has returned to the 231- unit The Trillium located along Kim Seng Road. The luxury condominium was fully sold by Lippo Group at private previews in early 2007, at prices averaging $1,700 psf.
Prices of units at the project, which obtained its Temporary Occupation Permit (TOP) in December, are well supported above the $2,000 psf level. A 5,533 sq ft penthouse on the 28th floor of one of the three 29-storey towers was sold last month for $12.38 million ($2,238 psf), according to a caveat lodged on Jan 25, which was after the latest round of government measures. The price achieved at the penthouse is just below the peak of $2,239 psf in 2007, when a 2,217 sq ft unit on the 25th floor was sold for $4.9 million.
Most apartments in the development enjoy a 270° view of the city skyline and the Singapore River as well as private lift access. Two bedroom apartments measure 1,400 sq ft while five-bedroom ones are 2,440 sq ft and penthouses, more than 5,000 sq ft each.
The Trillium is also popular with homebuyers and investors, given that it’s just across the street from the Great World City shopping mall. There’s also a free shuttle service from Great World City to Orchard Road and Chinatown. The property is within walking distance to Clarke Quay, along the Singapore River and a short drive to the CBD and Marina Bay. It is also very near amenities, such as eateries and the wet market at Tiong Bahru.
Since its completion, The Trillium has seen greater interest from owner-occupiers than from investors, notes Harry Boey a property agent with PropNex. When the project was first launched four years ago, most of the buyers were said to be Indonesian Chinese, owing to its proximity to Great World City. Boey is currently marketing a two-bedroom, 1,400 sq ft unit with a price tag of $2.8 million ($2,000 psf).
Currently, 30% of the units at The Trillium are occupied. Investors are waiting for the right time to sell and, in the meantime, putting their property on the market for lease, observes Lester Tan, a property agent with HSR International. He is marketing a two-bedroom unit, which is up for lease with an asking monthly rental rate of $7,588.
The Trillium has not been spared from the effects of the government’s property cooling measures, with the resale market having turned sluggish, notes Boey. On the other hand, sellers have holding power and are willing to wait for the right price. He points out that The Trillium commands a slight price premium, compared with The Cosmopolitan, a 228-unit, 36-storey condo located next door and completed in 2008 by Wheelock Properties. The property agent attributes the price premium at The Trillium to the fact that it’s a newer development and units have private lift access.
The most recent transaction at The Cosmopolitan was for a 1,324 sq ft unit on the 12th floor for $2.58 million ($1,950 psf) on Jan 24. However, last year, there were at least 10 units at The Cosmopolitan that changed hands in the resale market at $2,000 psf, with more than a handful sold at above $2,100 psf. The highest average price achieved last year, based on caveats lodged with URA Realis, was for a 35thfloor, 1,679 sq ft unit that was sold for $3.67 million ($2,184 psf).
On the other side of The Trillium is the 36- storey, 97-unit Centennia Suites, also developed by Lippo Group. Launched last March, the project is fully sold, with prices averaging $2,000 to $2,100 psf. Construction is under way, with the condo expected to be completed by 2012.
Meanwhile, at The Trillium, there were three transactions from Jan 25 to Feb 1, with prices ranging from $2,050 to $2,238 psf, according to caveats lodged with URA Realis.
The seller of the 5,533 sq ft penthouse on the 28th floor, which was sold for $12.38 million ($2,238 psf) on Jan 25, reaped a 21% capital gain, having purchased the property for $10.24 million ($1,850 psf) in 2007.
A 2,217 sq ft unit on the 16th floor was sold for $4.6 million ($2,100 psf) on Jan 31. The previous owner had purchased the unit for $3.9 million ($1,760 psf) in 2007, thus enjoying a 19% gain.
On the 10th floor, a 1,797 sq ft unit was sold for $3.69 million ($2,050 psf). This is a 17% gain for the seller, who purchased it for $3.138 million ($1,746 psf) in 2009. Prior to that, the unit was sold for $2.793 million ($1,554 psf).
Source : The Edge – 21 Feb 2011
There was a lull during the Chinese New Year festivities, and some developers decided to close their show flats during the holiday. Yet, in the secondary market, the 16-yearold Chiltern Park condominium on Serangoon Avenue 3 saw brisk sales towards end-January and early February.
Located just a five-minute walk from the Lorong Chuan MRT station, the 500-unit Chiltern Park saw interest pick up pace last year, as more stations along the Circle Line opened and in the wake of the successful launch of the 468-unit The Scala along Serangoon Avenue 3 across the street, notes Eugene Tan, a marketing agent with OrangeTee. The Scala was launched by Hong Leong Group in July and, owing to its prime location right next to the Lorong Chuan MRT station, more than 75% of the units were sold via balloting on the first day of public preview. The average price achieved at The Scala was $1,150 psf.
According to caveats lodged with URA Realis, prices at The Scala hit $1,522 psf for a 473 sq ft unit on the 17th floor last August, setting a new price benchmark for the neighbourhood. The condo is expected to be completed in 2014. The most recent transaction at The Scala was the sub-sale of a 17thfloor, 1,518 sq ft unit at $1.643 million, or $1,083 psf, in December, according to URA. A 474 sq ft unit on the seventh level was sold for $635,000, or $1,341 psf, that month.
The launch of The Scala has raised the profile of condos in the area. Adding to the attraction of the neighbourhood is the largest suburban mall, nex, which opened at the end of last year and is integrated with the Serangoon MRT station just one stop from the Lorong Chuan station.
Generally, a new launch will lift prices in the whole neighbourhood, benefiting condos both old and new. Even the 372-unit The Springbloom, adjacent to Chiltern Park, benefited from the launch of The Scala in terms of a rise in transaction prices. A 1,302 sq ft three-bedroom unit on the 14th level was sold for $1.16 million, or a record high of $891 psf, on Feb 7.
At Chiltern Park, developed by First Capital Corp, prices peaked at $943 psf last November, when a 915 sq ft two-bedroom unit on the eighth floor was sold for $863,000. Nestled in a quiet neighbourhood, Chiltern Park is a massive development consisting of three blocks of apartments and is near good schools such as Nanyang Junior College, St Gabriel’s Primary School and the Australian International School. It is therefore popular with families with school-going children.
The 99-year leasehold condo is also within walking distance of the New Tech Park and one stop away from the Serangoon MRT station. OrangeTee’s Tan, who is marketing a three-bedroom unit at $836 psf, says the condo is popular among locals with school-going children. Tan adds that even though the condo may be rather old, it is well maintained and has beautiful landscaping.
There were three transactions for the period of Feb 1 to 8, with prices ranging from $768 to $873 psf. A 1,302 sq ft two-bedroom unit on the fourth floor was sold for $1 million ($768 psf) on Feb 1 — a 49% gain for the seller, who had purchased the unit for $670,000 ($514 psf) in April 1999.
On the same floor, a 936 sq ft two-bedroom unit was sold for $818,000 ($873 psf), translating into a 30% gain for the seller, who had acquired the unit for $628,000 ($671 psf) in February 2008. Previously, the unit was sold for $640,000 ($683 psf) in December 1996. In another block, a 1,302 sq ft twobedroom unit on the 10th floor was sold for $1.08 million ($829 psf).
Source : The Edge – 28 Feb 2011