insight
工程技術，地產投資，信仰家園，時尚生活
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| BY AMY TAN |THEEDGE SINGAPORE | JULY 16, 2012
A 3,283 sq ft unit on the fifth floor of one of Reflections at Keppel Bay’s villa blocks was recently sold for $10.5 million ($3,198 psf)
A 1,076 sq ft, two-bedroom loft unit on the 32nd floor of the 43-storey The Clift sold for close to $2.87 million ($2,662 psf)
Transaction activity in apartments and condominiums in the CBD as well as city fringes picked up around end-June. For instance, at the 1,129-unit Reflections at Keppel Bay, a 3,283 sq ft unit on the fifth floor of one of the villa blocks offering unblocked sea views was recently sold by the developer, Keppel Land, for $10.5 million or $3,198 psf.
In terms of price per sq ft, it is the second highest achieved since last November when a neighbouring unit on the same block was sold for $11 million ($3,256 psf). The deal at that time was brokered by Eunice Chen and P K Soh, property agents from Global Property Strategic Alliance. The units are some of the “best facing units with 180º views of the sea” and therefore command a premium, says Chen.
Some buyers had adopted a wait-and-see attitude following the government’s introduction of the additional buyer’s stamp duty (ABSD) in December last year. However, most developers had stayed firm in their pricing and in the case of Reflections at Keppel Bay, the developer has even revised its price list upwards recently, says Chen.
Designed by world-renowned architect Daniel Libeskind, Reflections at Keppel Bay has six soaring towers of 24 to 41 storeys and 11 villa blocks of six- to eight-storeys. The project is a 99-year leasehold condo and like Caribbean, is also developed by Keppel Land and located in Keppel Bay.
Besides the villa unit, two other units at Reflections at Keppel Bay were sold on the secondary market recently. One was a 1,076 sq ft, two-bedroom unit on the eighth floor of one of the towers, which was sold for $1.88 million ($1,749 psf). The same unit fetched a slightly higher price of about $1.97 million ($1,829 psf) when it was launched
in 2007.
Another unit that changed hands was a 2,476 sq ft, three-bedroom + study unit on the 22nd level that went for $4.6 million ($1,860 psf). There were no prior transactions recorded in URA Realis for the unit.
The smaller units at Reflections at Keppel Bay are favoured by investors as they have a lower quantum and are easier to rent out. A two bedroom unit at Reflections at Keppel Bay can command rental rates of between $4,000 and $5,000 per month, according to Chen. “There are currently more units for rent than there are tenants, and rental rates are dependent on how quickly owners want to let out their units.”
The Pearl @ Mount Faber
Nearby, The Pearl @ Mount Faber has also seen buyer interest. A three-bedroom unit on the third floor was sold for $1.6 million ($1,180 psf) on June 25. The seller had purchased the unit in June 2007 for $1.35 million ($995 psf) while the original owner bought the unit from the developer in July 2004 at $790,000 ($582 psf). The 192-unit, 99-year leasehold condo project by Sim Lian was completed in 2005.
The Interlace
As such, SLP Realty’s senior group division director, Benson Koh feels that the 1,040-unit The Interlace, developed by a CapitaLandled consortium and designed by another world-class architect Ole, is undervalued compared with some of the other landmark condo projects. Located on the site of the former Gillman Heights in Telok Blangah, the project features spacious units, and transactions that took place there last month were in the $1,000 to $1,200 psf range. The 99-year leasehold condo, which sports an unconventional design, is scheduled for completion by 2014/15.
Ascentia Sky
Alexis
There were also several transactions at the new condos in the Alexandra Road neighbourhood. At the 293-unit Alexis — famous for sparking the popularity of “Mickey Mouse apartments” — an 883 sq ft unit on the second level of the condo block was recently sold for $1.25 million ($1,416 psf). The previous owner had purchased it at launch in 2009 for $828,000 ($938 psf), hence seeing a 51% price appreciation in three years. When it was launched in 2009, units at Alexis were snapped up within three days at prices ranging from $850 to $1,100 psf. The freehold project is developed jointly by Yi Kai Developments and Fission Group, and is just a short walk to the Queenstown MRT station. Also in the neighbourhood of Alexandra Road but overlooking the prime Tanglin area and close to the Redhill MRT station is Wing Tai’s 373- unit Ascentia Sky, a 99-year leasehold condo. To date, almost all the units in the development have been taken up. The largest penthouse at Ascentia Sky, a 6,308 sq ft, five-bedroom duplex, was recently sold for $8.83 million ($1,400 psf). The buyer is said to be an Indonesian who bought it for his own use and was even willing to pay the 10% ABSD. The deal is said to be brokered by Bruce Lye of SLP Realty.
Right next door to Ascentia Sky is a government land parcel that was sold in December last year to a joint venture between listed City Developments Ltd (CDL) and its parent company Hong Leong Group together with privately held Hong Realty. The site fetched $396 million ($754 psf per plot ratio). The project could be launched later this year.
A 1,076 sq ft unit on the 35th floor of The Metropolitan was sold for $1.61 million ($1,496 psf)
Located closer to the Redhill MRT station is The Metropolitan, a 382-unit, 99-year leasehold condo that was completed in 2009, and jointly developed by CapitaLand and Lippo Group. The most recent transaction there was for a 35th floor, 1,076 sq ft unit that was sold for $1.61 million ($1,496 psf), according to URA Realis. The last time the unit changed hands was three years ago when it fetched $1.26 million ($1,171 psf). Prior to that, the unit was sold by the developer for just over $1 million ($941 psf) in 2007.
Meanwhile, there are two other government land parcels zoned for residential development that were put on the Reserve List of the Government Land Sales Programme for 2H2012. Alexandra View Parcel A directly fronts the Redhill MRT station and is located next door to The Metropolitan. It has a site area of about 90,418 sq ft, plot ratio of 4.9 and can be developed into a new condo project of 485 units. The other parcel, Parcel B, is along Alexandra Road and right next to CDL and Hong Leong’s site. It has a site area of 92,570 sq ft, plot ratio of 4.9 and can be developed into a 495-unit condo. Parcel A is already available for sale while Parcel B will be available in September.
The Sail
One Shenton
The CBD and Marina Bay area is also starting to see quite a bit of action. A 48th floor, 2,174 sq ft, four-bedroom
unit at Tower 2 of the 1,111-unit twin tower development, The Sail, recently changed hands for $5.76 million ($2,650 psf). At the 341- unit One Shenton, also developed by CDL, a 22nd level, 1,098 sq ft, two-bedroom unit was sold for over $2.3 million ($2,100 psf) on the resale market. Two doors away, United Industrial Corp is readying the 510- unit Five on Shenton for preview. According to market sources, indicative pricing is expected to be in the $2,200 to $2,600 psf range. Closer to Tanjong Pagar, Far East Organization sold a 1,076 sq ft, two-bedroom loft unit on the 32nd floor of the 43-storey tower, The Clift, for close to $2.87 million ($2,662 psf). The 312-unit, 99-year leasehold condo located in McCallum Street was completed last year. Located next to the Tanjong Pagar MRT station is Far East Organization’s 646-unit Icon, which was completed in 2007. A 904 sq ft, mid-floor unit in the project changed hands recently for $1.5 million ($1,659 psf).
A 3,283 sq ft unit on the fifth floor of one of Reflections at Keppel Bay’s villa blocks was recently sold for $10.5 million ($3,198 psf)
A 1,076 sq ft, two-bedroom loft unit on the 32nd floor of the 43-storey The Clift sold for close to $2.87 million ($2,662 psf)
Transaction activity in apartments and condominiums in the CBD as well as city fringes picked up around end-June. For instance, at the 1,129-unit Reflections at Keppel Bay, a 3,283 sq ft unit on the fifth floor of one of the villa blocks offering unblocked sea views was recently sold by the developer, Keppel Land, for $10.5 million or $3,198 psf.
In terms of price per sq ft, it is the second highest achieved since last November when a neighbouring unit on the same block was sold for $11 million ($3,256 psf). The deal at that time was brokered by Eunice Chen and P K Soh, property agents from Global Property Strategic Alliance. The units are some of the “best facing units with 180º views of the sea” and therefore command a premium, says Chen.
Some buyers had adopted a wait-and-see attitude following the government’s introduction of the additional buyer’s stamp duty (ABSD) in December last year. However, most developers had stayed firm in their pricing and in the case of Reflections at Keppel Bay, the developer has even revised its price list upwards recently, says Chen.
Designed by world-renowned architect Daniel Libeskind, Reflections at Keppel Bay has six soaring towers of 24 to 41 storeys and 11 villa blocks of six- to eight-storeys. The project is a 99-year leasehold condo and like Caribbean, is also developed by Keppel Land and located in Keppel Bay.
Besides the villa unit, two other units at Reflections at Keppel Bay were sold on the secondary market recently. One was a 1,076 sq ft, two-bedroom unit on the eighth floor of one of the towers, which was sold for $1.88 million ($1,749 psf). The same unit fetched a slightly higher price of about $1.97 million ($1,829 psf) when it was launched
in 2007.
Another unit that changed hands was a 2,476 sq ft, three-bedroom + study unit on the 22nd level that went for $4.6 million ($1,860 psf). There were no prior transactions recorded in URA Realis for the unit.
The smaller units at Reflections at Keppel Bay are favoured by investors as they have a lower quantum and are easier to rent out. A two bedroom unit at Reflections at Keppel Bay can command rental rates of between $4,000 and $5,000 per month, according to Chen. “There are currently more units for rent than there are tenants, and rental rates are dependent on how quickly owners want to let out their units.”
The Pearl @ Mount Faber
Nearby, The Pearl @ Mount Faber has also seen buyer interest. A three-bedroom unit on the third floor was sold for $1.6 million ($1,180 psf) on June 25. The seller had purchased the unit in June 2007 for $1.35 million ($995 psf) while the original owner bought the unit from the developer in July 2004 at $790,000 ($582 psf). The 192-unit, 99-year leasehold condo project by Sim Lian was completed in 2005.
The Interlace
As such, SLP Realty’s senior group division director, Benson Koh feels that the 1,040-unit The Interlace, developed by a CapitaLandled consortium and designed by another world-class architect Ole, is undervalued compared with some of the other landmark condo projects. Located on the site of the former Gillman Heights in Telok Blangah, the project features spacious units, and transactions that took place there last month were in the $1,000 to $1,200 psf range. The 99-year leasehold condo, which sports an unconventional design, is scheduled for completion by 2014/15.
Ascentia Sky
Alexis
There were also several transactions at the new condos in the Alexandra Road neighbourhood. At the 293-unit Alexis — famous for sparking the popularity of “Mickey Mouse apartments” — an 883 sq ft unit on the second level of the condo block was recently sold for $1.25 million ($1,416 psf). The previous owner had purchased it at launch in 2009 for $828,000 ($938 psf), hence seeing a 51% price appreciation in three years. When it was launched in 2009, units at Alexis were snapped up within three days at prices ranging from $850 to $1,100 psf. The freehold project is developed jointly by Yi Kai Developments and Fission Group, and is just a short walk to the Queenstown MRT station. Also in the neighbourhood of Alexandra Road but overlooking the prime Tanglin area and close to the Redhill MRT station is Wing Tai’s 373- unit Ascentia Sky, a 99-year leasehold condo. To date, almost all the units in the development have been taken up. The largest penthouse at Ascentia Sky, a 6,308 sq ft, five-bedroom duplex, was recently sold for $8.83 million ($1,400 psf). The buyer is said to be an Indonesian who bought it for his own use and was even willing to pay the 10% ABSD. The deal is said to be brokered by Bruce Lye of SLP Realty.
Right next door to Ascentia Sky is a government land parcel that was sold in December last year to a joint venture between listed City Developments Ltd (CDL) and its parent company Hong Leong Group together with privately held Hong Realty. The site fetched $396 million ($754 psf per plot ratio). The project could be launched later this year.
A 1,076 sq ft unit on the 35th floor of The Metropolitan was sold for $1.61 million ($1,496 psf)
Located closer to the Redhill MRT station is The Metropolitan, a 382-unit, 99-year leasehold condo that was completed in 2009, and jointly developed by CapitaLand and Lippo Group. The most recent transaction there was for a 35th floor, 1,076 sq ft unit that was sold for $1.61 million ($1,496 psf), according to URA Realis. The last time the unit changed hands was three years ago when it fetched $1.26 million ($1,171 psf). Prior to that, the unit was sold by the developer for just over $1 million ($941 psf) in 2007.
Meanwhile, there are two other government land parcels zoned for residential development that were put on the Reserve List of the Government Land Sales Programme for 2H2012. Alexandra View Parcel A directly fronts the Redhill MRT station and is located next door to The Metropolitan. It has a site area of about 90,418 sq ft, plot ratio of 4.9 and can be developed into a new condo project of 485 units. The other parcel, Parcel B, is along Alexandra Road and right next to CDL and Hong Leong’s site. It has a site area of 92,570 sq ft, plot ratio of 4.9 and can be developed into a 495-unit condo. Parcel A is already available for sale while Parcel B will be available in September.
The Sail
One Shenton
The CBD and Marina Bay area is also starting to see quite a bit of action. A 48th floor, 2,174 sq ft, four-bedroom
unit at Tower 2 of the 1,111-unit twin tower development, The Sail, recently changed hands for $5.76 million ($2,650 psf). At the 341- unit One Shenton, also developed by CDL, a 22nd level, 1,098 sq ft, two-bedroom unit was sold for over $2.3 million ($2,100 psf) on the resale market. Two doors away, United Industrial Corp is readying the 510- unit Five on Shenton for preview. According to market sources, indicative pricing is expected to be in the $2,200 to $2,600 psf range. Closer to Tanjong Pagar, Far East Organization sold a 1,076 sq ft, two-bedroom loft unit on the 32nd floor of the 43-storey tower, The Clift, for close to $2.87 million ($2,662 psf). The 312-unit, 99-year leasehold condo located in McCallum Street was completed last year. Located next to the Tanjong Pagar MRT station is Far East Organization’s 646-unit Icon, which was completed in 2007. A 904 sq ft, mid-floor unit in the project changed hands recently for $1.5 million ($1,659 psf).
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