By Kalpana Rashiwala
SINGAPORE - There seems to be a bit more buzz at the high-end condo market again.
SC Global is understood to have sold a penthouse at The Boulevard
Residence recently for $30 million or $4,242 per square foot. In both
absolute quantum and unit price terms, this is the highest achieved in
the development.
The latest transaction involves a 7,072 sq ft triplex unit with five
bedrooms and an 11-metre lap pool. Sources suggest that the buyer is
from China but intends to live here.
It was the final unit to have been sold by the developer in the
freehold condo at Cuscaden Walk which has 46 units. The 36-storey
project was completed in 2005.
The unit is one of two identical 'super penthouses' in the
development. SC Global sold the first such penthouse back in 2006 for
$16 million to Yoshiaki Murakami, a Japanese fund manager who was in the
limelight a few years ago for an insider trading prosecution in Japan.
That was the highest transaction in absolute price quantum in the
development, prior to the latest deal. In unit price terms, too, the
$4,242 psf achieved for the most recent transaction is the highest at
The Boulevard Residence, surpassing the $3,933 psf that a three-bedroom
standard apartment of 2,034 sq ft sold for in late 2007.
Another top-end condo deal recently took place at The Orchard
Residences, where a 40-plus storey unit sold for $4,260 psf. The total
price for the 1,808 sq ft unit, which has three bedrooms, was about $7.7
million. It was sold by the developer of the project, which is expected
to receive Temporary Occupation Permit this month.
Property agents also highlighted another record of sorts that was set
for a penthouse at The Ardmore Park condominium in July. The 8,740 sq
ft unit sold for $30 million or $3,432 psf. Prior to this, the most
expensive penthouse in the development was $20.5 million or $2,345 psf
in 2007, the peak year for the Singapore luxury housing market.
The buyer in the latest deal is understood to be a Hongkonger, who is
also a Singapore permanent resident. According to caveat records, the
unit previously changed hands in December 2006 for $17.3 million,
reaping the seller a cool profit. The seller is said to be a company
controlled by Yunus Gafulbhai Bilakhiya. A person bearing almost the
same name but with the family name spelt slightly differently, as
Bilakhia, founded the Bilakhia Group of India, which is involved in the
inks, agro chemicals, medical devices, education and investment
businesses.
While it remains to be seen if these deals will mark a definitive
return of interest in the luxury condo sector which was dominated by
foreigners in the 2007 boom, Knight Frank managing director (residential
services) Peter Ow says: 'This is the ultra luxury residential sector
we're talking about, where buyers won't be affected by ups and downs in
the property market. Singapore has opened up a lot in recent years and
we're drawing foreigners keen to park their monies as well as live
here.'
While the ultra luxury condo market may be starting to see a revival
in activity, the price benchmarks achieved recently appear to be still
slightly short of the records set earlier. In terms of absolute price
quantum, the title is still held by an 8,051 sq ft unit at Boulevard Vue
at Cuscaden Walk which was sold in November last year for $33.4
million.
In unit price terms, the record price was $5,600 psf for a 53rd level
penthouse at The Orchard Residences sold by the developer in October
2007, although its buyer, who is said to have picked up the unit on the
deferred payment scheme, has yet to lodge a caveat.
This article was first published in The Business Times.