Property investors have continued to grab “value buys” in Singapore luxury condominiums in the established prime district 9 and district 10, even though concerns over the worldwide stock market rout, interest rate hikes and economic uncertainty. Some transactions recorded were even done at more than $3,000 psf price.
According to caveats lodged recorded last Feb 5 this year, 2 of 3,057 sq ft, 4-bedroom units placed on 26th and 33rd floors of Ritz-Carlton Residences on Cairnhill Road were sold for about $10.6 million or $3,467 psf and $11.6 million or $3,795 psf respectively. These 2 units have been purchased by a mainland Chinese national with prices offers greater than to developer’s asking prices, Lydia Wu of OrangeTee stated.
Last November 2015, a 4-bedroom unit of Ritz-Carlton Residences on the 29th floor was sold in a resale for $8.56 million or $2,800 psf, the project’s psf price is the lowest so far.
In a caveat lodged last Feb 4, a 3,348 sq ft, 4-bedroom unit on the 24th floor of Twenty-One Anguilla Park in District 9 was sold for $12.05 million translating to $3,600 psf. With 54-unit, this project is located at the junction of Orchard Boulevard and Paterson Road and completed in April 2014.
In District 10, 4 of the 73-unit of Tong Eng Group’s Goodwood Grand was snapped up in a bulk by a single buyer, according to caveats lodged last Feb 3. Two of the three-bedroom apartments with 1,044 sq ft size were sold for $2.59 million or $2,478 psf and $2.54 million or $2,428 psf respectively. While the other 2 are 775 sq ft size, 2-bedroom units plus-study, and sold for $1.89 million or $2,442 psf) & $1.93 million or $2,490 psf respectively. The total amount purchase results to $8.95 million.
The 12-storey Goodwood Grand at Balmoral Road includes 8 strata bungalow units and due for completion in year 2018.
Another boutique residential development in District 10 is Three Balmoral by Tong Eng Group, out of 40 total units, 9 units had been sold at end of January this year, according to the data released by URA. The units average price is $2,408 psf.
According to Alan Cheong, Head of research at Savills Singapore, the rising number of transactions with big-ticket luxury condos could be a turnaround sign in Singapore luxury residential space.