SINGAPORE – An overseas buyer has paid $19 million for a 3,003 square ft four-bedroom apartment near Orchard Road, setting a new record in property prices, reported The Straits Times today.
Launched in 2007, The Marq on Paterson Hill had already held the record price of $5,842 per square foot (psf) after the sale of another four-bedroom apartment in May this year. The latest sale, however, worked out to almost $6,400 psf.
The Marq is a freehold condominium developed by SC Global Developments, comprising 66 apartments, ranging from around 3,000 to 15,000 sq ft, in two 24-storey towers. One tower houses 21 five-bedroom units, each with its own private, heated pool. The other tower comprises the four-bedroom units.
The condominium, which is a short walk away from Orchard Road, has sold 28 of its 66 units so far.
The previous psf record set this year was for a three-bedroom unit at The Orchard Residences. An eastern European couple reportedly paid about $4,800 psf or close to $8.7 million for the apartment, said The Straits Times report.
These astronomical prices, however, belie a general decline in the luxury home segment. Property services firm CB Richard Ellis said last week that Singapore luxury home prices declined by 1.7 per cent in April-June from the preceding quarter. Average rents fell by 1.9 per cent as completed units came onto the market.
"Tightened mortgage lending and rising interest rates continued to impact on buyer demand in most Asian markets in the second quarter of 2011," noted CBRE.