Siglap V achieved its highest per sq ft price ever last month at $1,734 psf
| BY JO-ANN HUANG |
THEEDGE SINGAPORE | DECEMBER 17, 2012
Sub-sale activity for properties that are newly completed or near completion saw an uptick in November, reflecting positive sentiment in the secondary market, say property agents.At Siglap V, a nearly completed 114-unit mixed-use property by private real estate developer DB2 Realty located at the junction of East Coast Road and Siglap Road, a studio unit measuring 420 sq ft changed hands at $728,000, or $1,734 psf. That’s the highest per sq ft price that Siglap V, a freehold condo comprising mostly small units, has achieved. The unit was first sold in October 2010 at $646,500 ($1,540 psf), which means the seller saw a gain of 12.6%. It has broken the $1,634 psf record set in February 2010 for a 366 sq ft studio.The property, which is just acrossthe road from Siglap Centre and the bustling Siglap district, has F&B and retail units on the first floor. Unit sizes at Siglap V start from 366 sq ft for a studio unit to 1,453 sq ft for a penthouse. Agents say Siglap V should receive its Temporary Occupation Permit (TOP) by year-end or early January.Desmond Kuah, a unit head at Savills, says prices at MCL Land’s Uber 388, another freehold condo with small units located farther down on East Coast Road, are already reaching $1,800 psf. This is the price before discount. “So, it’s not surprising that Siglap V has transacted at more than $1,700 psf, considering its location in the middle of Siglap. Buyers like the lifestyle and mixed-use element that Siglap V offers,” Kuah says. “On the whole, we are receiving enquiries for attractive projects, but buyers are also negotiating for better prices.”Siglap is a lively area with many F&B options frequented by residents of the Eastern suburbs. It is also near the recreational hub of East Coast Park. “Katong is getting quite congested, so buyers may prefer living in the Siglap area now,” Kuah says. “Buyers also like Siglap V for the convenience of moving in or leasing the property immediately.”Elsewhere, Parvis, a freehold condo on Holland Hill, obtained TOP a few months ago. Developed by Ho Bee Investment and MCL Land, it has 248 units in three 12-storey towers. Three units changed hands in sub-sales last month. A 2,013 sq ft, four-bedroom unit on the ninth floor changed hands for $4.07 million ($2,022 psf). It was originally transacted at $2.98 million ($1,481 psf) in December 2009, when the project was launched. The seller saw a price appreciation of 36.5%.A 1,991 sq ft four-bedroom unit on the 11th floor changed hands for $3.86 million ($1,938 psf). The unit was first sold in December 2009 for $2.96 million ($1,488 psf), or a price increase of 30.2%. Meanwhile, a 1,701 sq ft, three-bedroom unit on the 10th floor was sold for $3.4 million ($2,000 psf), a 31.9% increase over its initial sale in December 2009 at $2.58 million ($1,516 psf).Parvis is located in a landed housing and low-rise condominium enclave in the Holland Road area. It sits on the site of the former Holland Hill Mansion, near Holland Village. Units at Parvis are large, with two-bedroom units measuring 990 to 1,442 sq ft, three-bedroom units from 1,701 to 2,260 sq ft, four-bedroom units from 1,991 to 2,605 sq ft and penthouses from 2,293 to 3,229 sq ft. Facilities include swimming pools, a gym, barbecue pit, tennis court and clubhouse.
“There are many other properties that have received their TOP, which means buyers have many choices and can afford to be more selective,” says Tommi Joshua, a senior associate director at Orange Tee. “Parvis remains attractive because its units are generously laid out and have high ceilings.It’s popular among both owner- occupiers and tenants because they like the large space, the quiet but convenient location, and the full condo facilities.” The property was sold out shortly after its launch in November 2009.
On West Coast Drive, there was also an increase in sub-sale activity at the 956-year leasehold Hundred Trees by City Developments. The condo has 396 units across 12 floors and is fully sold. The property is expected to receive its TOP by 2Q2013, according to property agents. Just last month, a 1,475 sq ft, four bedroom unit on the ninth floor changed hands for $1.89 million ($1,282 psf). It was first transacted in December 2009 for $1.38 million ($938 psf), or a gain of 36.7% for the seller. At another block, a 915 sq ft, two-bedroom-plus-study unit also on the ninth floor was sold for $1.2 million (1,312 sq ft), or 31.6% higher than the original purchase price of $911,800 ($997 psf) achieved three years ago.Hundred Trees sits on the site of the former Hong Leong Garden on West Coast Drive. The project contains a mix of studios, two- to four-bedroom units and penthouses. Clementi Central and Clementi MRT Station are about 15 minutes’ walk away. It is adjacent to Hong Leong Garden Shopping Centre, a mixed-use site being developed by a consortium led by Oxley Holdings. The property is close to Waseda Shibuya Senior High School and Japanese Primary School, thus it is popular among Japanese expatriates, say property agents.