Unit at Queens sells for $1,126 psf; Central Green hits $1,034 p

September 25, 2010 

Homes near MRT stations generally enjoy strong demand. For homes in mature estates with shopping centres and other amenities, demand is well supported — even in a quiet market.

One such development is Queens, located a short walk from the Queenstown MRT station. The 722- unit, 99-year leasehold condominium comprises three 39-storey towers. The eight-year-old condo along Stirling Road is near good schools such as Global Indian International School, Tisch School of Art and Crescent Girls’ School, shopping
amenities — IKEA, Queensway Shopping Centre and Anchorpoint — and car showrooms along Alexandra Road. Tan Jiawei, an agent with PropNex who specialises in this project, says the buyers are mainly local owner-occupiers. Tan also notes that Queens attracts HDB upgraders, as it is more affordable than other condos in the district, which typically command $1,300 to $1,400 psf.

Prices at Queens have increasingly breached the $1,100 psf level this year, hitting a 2010 high of $1,169 psf in March, when a 914 sq ft unit on the 22nd floor was sold for $1.07 million.

There were six transactions from Aug 20 to 31, with prices ranging from $1,064 to $1,126 psf. This compares with the high of $1,328 psf at launch in 2000 by developer Allgreen, when a 1,237 sq ft unit on the 38th floor was sold for $1.6 million.

On Aug 27, a 1,194 sq ft, three-bedroom unit on the 33rd floor was sold for $1.29 million ($1,087 psf), representing a 58% gain for the seller, who purchased the unit for $820,888 ($687 psf) in February 2007. Before that, the unit was sold for $749,000 ($627 psf) at launch.

In another block, Aug 26 saw a transaction for a pair of 1,410 sq ft, four-bedroom units on the 13th floor — one for $1.57 million ($1,113 psf) and the other, $1.53 million ($1,085 psf). Prior to this, the first unit changed hands for $1.31 million ($929 psf) last October, representing a gain of 19.8%. The second unit was sold for $1.32 million ($936 psf) last November, or a gain of 15.9%. During the launch in 2000, the units were sold for $1.071 million ($760 psf) and $1.069 million ($758 psf), respectively.

In the third block, a 914 sq ft, two-bedroom unit on the 12th floor was sold for $1.03 million ($1,126 psf). That’s a 55.8% gain for the original owner, who purchased the unit for $661,000 ($722 psf) in 2000. Two 3 bedroom units, on the 27th and 31st floors, were also sold for $1.26 million ($1,064 psf) and $1.28 million ($1,081 psf), respectively, on Aug 20.

Another popular development is the 412-unit Central Green Condominium, which is a few minutes’ walk from the Tiong Bahru MRT station and near Tiong Bahru Plaza. The 99-year leasehold condo is also a short walk to schools like PSB Academy. Eric Wong, an associate manager from Villa Investments, says Central Green, which was developed by Wing Tai Land and completed in 1995, is a popular rental venue for expatriates, owing to its proximity to the MRT station. However, he says the number of expatriates entering Singapore has fallen of late, and those who come in are usually on local package terms. Wong admits that the reduced number of expatriates, coupled with cooling measures by the government, may to some extent affect demand for the purchase or rental of units at Central Green.

From Aug 20 to 31, there were two transactions at Central Green at $999 and $1,034 psf. Though prices have been moving up and breaking above $1,000 psf, they have yet to surpass the peak of $1,586 psf in 1999, when an 807 sq ft unit on the 22nd floor went for $1.28 million.

The recent transactions were for a 764 sq ft, two bedroom unit on the fifth floor that was sold for $790,000 ($1,034 psf) — a 85% gain for the seller who purchased it for $425,000 ($556 psf) in 2004 — and a 1,291 sq ft, three-bedroom unit on the fourth floor that fetched $1.29 million ($999 psf).

Source : The Edge – 20 Sept 2010