Unit at Queens sells at $1,148 psf

February 6, 2011

Homeowners who have kept their units at Queens since their launch in 2000 have seen prices appreciate over the years. Recently, some took the opportunity to cash out as prices climbed above $1,100 psf, booking gains of more than 50%.

Last year, prices hit a high of $1,284 psf when a 914 sq ft unit on the 38th floor was sold for $1.175 million in November. This is close to the peak of $1,328 psf when a 1,237 sq ft unit on the 38th floor was sold for $1.644 million in August 2000.

The 722-unit, 99-year leasehold Queens comprises three 39-storey towers. Located along Stirling Road and just a short walk to the Queenstown MRT station, the condominium was developed by Allgreen Properties and completed in 2002. Danny Jang, an agent with Zonelink, says the condo is popular with families as it is near good schools such as Global Indian International School, Tisch School of the Arts Asia, and Crescent Girl’s School. It is also near eateries and shops at IKEA, Queensway Shopping Centre, Anchorpoint and car show rooms along Alexandra Road.

Jang, who is marketing a 1,195 sq ft, three-bedroom unit for $1,255 psf, says there continues to be good buying interest in the property. “You can’t get this kind of pricing for homes in this area.” For instance, the most recent transaction at the 382-unit The Metropolitan Condominium along Alexander View Road was for a 1,033 sq ft unit on the 22nd floor for $1.3 million ($1,276 psf) on Dec 30. Jang says the two-year-old The Metropolitan probably commands a higher price as the development is newer and its units come with balconies. The older units at Queens do not have balconies.

Jang notes that another reason for strong interest in Queens is the healthy rental yield — a three-bedroom unit fetches about $4,600 to $5,000 a month. “There are a number of Japanese tenants in the condo. Queens tends to attract interest from Japanese expatriates.” Thomas Gay, a property agent with DTZ who is marketing a three-bedroom unit at $4,800 a month, concurs with Jang.

There were three transactions at Queens on Jan 4, with prices ranging from $1,055 to $1,148 psf. A 1,194.8 sq ft, three-bedroom unit on the 9th floor changed hands at $1.26 million ($1,055 psf). That’s a 48% gain for the previous owner who bought the unit for $850,000 ($711 psf) in 2000.

Meanwhile, a 914 sq ft, two-bedroom unit on the 11th floor was sold for $1.05 million ($1,148 psf). That represents a gain of 60% for the seller who purchased the unit for $657,000 ($718 psf) in 2000.

On another block, a 1,194.8 sq ft unit on the 17th floor was sold for $1.3 million ($1,088 psf), translating to an 83% gain for the seller who paid $710,000 ($594 psf) for it in 2002.

Source : The Edge – 31 Jan 2011

Queens' unit prices continue to rise

Feb 7, 2011 - PropertyGuru.com.sg

Prices of units at the 99-year leasehold Queens have appreciated over the years, since their launch in 2000. Recently, some homeowners took the opportunity to cash out as prices surged above S$1,100 psf, seeing gains of over 50 percent.

Prices reached a high of S$1,284 psf when a 914 sq ft unit on the 38th floor changed hands for S$1.175 million in November 2010. The figure is close to the 2000 high of S$1,328 psf, when a 1,237 sq ft unit on the same floor fetched S$1.644 million.

Located along Stirling Road, the 722-unit Queens consists of three 39-storey towers. Developed by Allgreen Properties, the project was completed in 2002.

The condo is popular among families, with its close proximity to good schools, eateries and shops, said Danny Jang, an agent with Zonelink.

Mr. Jang, who is marketing a 1,195 sq ft, three-bedroom unit for S$1,255 psf, said the property continues to see good buying interest. “You can’t get this kind of pricing for homes in this area,” he said.

Another reason for the healthy interest in Queens is the strong rental yield, with a three-bedroom unit fetching around S$4,600 to S$5,000 per month, said Mr. Jang.

Thomas Gay, a real estate agent with DTZ who is marketing a three-bedroom unit at S$4,800 per month, agreed: “There are a number of Japanese tenants in the condo. Queens tends to attract interest from Japanese expatriates.”

Three transactions were seen at Queens on Friday at prices between S$1,055 to S$1,148 psf. A 1,194.8 sq ft, three-bedroom unit on the ninth floor was sold for S$1.26 million or S$1,055 psf, representing a 48 percent gain for the previous owner, who acquired the unit for S$850,000 or S$711 psf in 2000.