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THEEDGE SINGAPORE | AUGUST 6, 2012
A 6,232 sq ft unit at The Marq on Paterson Hill changed hands at $30.4 million ($4,878 psf)
A 2,002 sq ft, four-bedroom unit at the Helios Residences achieved $3,827 psf
| BY AMY TAN |
A 6,232 sq ft unit at The Marq on Paterson Hill changed hands at $30.4 million ($4,878 psf)
A 2,002 sq ft, four-bedroom unit at the Helios Residences achieved $3,827 psf
| BY AMY TAN |
After an eight-month drought, transactions in the luxury segment of the condominium market have resumed. For instance,a 6,232 sq ft, four-bedroom unit on the 18th floor at The Marq on Paterson Hill changed hands at $30.4 million ($4,878 psf) in a subsale recently, according to a July 16 caveat lodged with URA Realis. The buyer is believed to be a Singaporean who plans to live in the property. An earlier caveat in July 2007 shows that the original buyer had paid $24.95 million ($4,003psf) for the unit. Hence, the seller saw a 21.9% price appreciation over the last five years.
The recent quantum price of $30.4 million makes it one of the most expensive apartments in Singapore to date, and the second time that a unit at The Marq on Paterson Hill has crossed the $30 million threshold. The last time that occurred was at the market peak of July 2007, when a 19th floor unit of 6,157 sq ft was sold for $31.4 million ($5,100 psf).
However, the title of most expensive apartment in Singapore at the moment belongs to a unit at SC Global’s 41-unit luxury beachfront condo, Seven Palms, which was one of two reportedly purchased by Hancock Prospecting, the company of Australian mining magnate, Ghina Rinehart, recently. The price was said to have been $33.9 million.
The Marq’s exclusive 66 units are housed in two 24-storey towers. Signature Tower has typical units of over 6,000 sq ft with four spacious bedrooms, 7m ceiling height, a formal living and dining room, family room or home entertainment area and private lap pool. Premier Tower, meanwhile, has four-bedroom apartments of over 3,000 sq ft.
Completed last year, The Marq is widely regarded as the most exclusive trophy home address. Word on the street is that one of its famous residents is Eduardo Saverin, a co-founder of Facebook, who became a Singapore citizen early this year. He recently entered the Forbes Singapore Rich List 2012 at No 8.
Last year, The Marq set several record prices for units in Premier Tower, with the highest achieved just last November when a 3,003 sq ft unit on the 20th floor of Premier Tower was sold for $20.54 million ($6,840 psf). This superseded the previous record price of $19.2 million ($6,393 psf) when a similar-sized unit on the 22nd level was sold by the developer in August — it was the first transaction to have crossed the $6,000 psf level at the time. Prior to that, an 18th floor unit in Premier Tower was sold for $17.54 million ($5,842 psf) in May last year.
Unlike the two recent transactions this year, where the buyers were Singaporeans, the buyers of the units that hit record price levels last year were all said to be foreigners.
According to Samuel Eyo, director of Savills Prestige Homes, there is a niche market of buyers who are still purchasing luxury property today despite the current global economic uncertainty.
And they are looking for deals. With SC Global currently marketing units at The Marq at $5,000 psf, units for sale on the secondary market at prices below that threshold are viewed as “a bargain”, contributing to the recent spate of buying in the luxury segment by Singaporeans, explains Eyo. Unlike foreigners, Singaporeans are also not subject to the 10% additional buyer’s stamp duty (ABSD) on their residential purchases. This measure, which was implemented in December last year, has effectively reduced the number of foreign buyers at the top-end of the market.
“There’s a brand premium attached to The Marq,” says Jacqueline Wong, director and head of corporate residential solutions at HSR Property Group. Wong notes that the transactions at The Marq last year were predominantly for the smaller units of 3,000 sq ft in Premier Tower, and therefore achieved a higher price psf. The recent transaction was for a 6,232 sq ft unit in the Signature Tower, and as it’s a large unit, the price psf is naturally lower. However, she also sees the recent price achieved “as a reflection that the top-end market is now at saner levels”.
At Cairnhill Circle, SC Global’s 241-unit freehold Hilltops luxury project was also completed last year. The development has a mix of two-bedroom units of 1,184 sq ft to five-bedroom apartments of 2,874 sq ft. The most recent transaction in the condo took place in May this year when a 2,465 sq ft unit on the 13th level was sold by the developer for $10.84 million, or $4,398 psf. This is the second highest price psf achieved at Hilltops since October 2007 when a 2,465 sq ft, three-bedroom unit on the 12th floor was purchased from the developer at $11.86 million ($4,812 psf). As at end-June, all 38 units released have been sold.
Next door to Hilltops is the freehold 140-unit the Helios Residences , an upscale development by Wing Tai Holdings. Several units at Helios Residences were sold last month. One was a 2,002 sq ft, four-bedroom unit on the eighth floor that was sold for $7.01 million ($3,502 psf). Another, also a four-bedroom unit of identical size, was on the 13th floor that went for $7.66 million ($3,827 psf). This is the highest psf price achieved in Helios Residences to date.
Owners who purchased units at the Helios Residences when it was launched in 2007 would have paid an average of between $2,800 and $3,200 psf, says Sutiono Han, associate senior group director of GPS Alliance. The two recent deals in July were pegged to the developer’s price list, he says. Wing Tai Holdings is still holding on to several three- and four-bedroom units that has yet to be released for sale.
Since the government’s introduction of the ABSD, Han has noticed a significant drop in the number of enquiries from foreign buyers about property in the luxury condo market. Developers such as Wing Tai Holdings have been offering some form of rebate to buyers at Helios Residences. However, such rebates are not necessarily reflected in the prices lodged with the URA.
However, there are still buyers interested in units in the luxury condos. Besides Singaporeans, others include Indonesians and mainland Chinese, looking to buy for their own use, he says.
Elsewhere, a transaction was also recorded at Ho Bee Group’s The Orange Grove, the 72-unit freehold condo located at the junction of Orange Grove Road and Stevens Road. A 2,153 sq ft, three-bedroom unit on the sixth floor changed hands last month at $4.85 million ($2,253 psf) on July 13.
The recent quantum price of $30.4 million makes it one of the most expensive apartments in Singapore to date, and the second time that a unit at The Marq on Paterson Hill has crossed the $30 million threshold. The last time that occurred was at the market peak of July 2007, when a 19th floor unit of 6,157 sq ft was sold for $31.4 million ($5,100 psf).
However, the title of most expensive apartment in Singapore at the moment belongs to a unit at SC Global’s 41-unit luxury beachfront condo, Seven Palms, which was one of two reportedly purchased by Hancock Prospecting, the company of Australian mining magnate, Ghina Rinehart, recently. The price was said to have been $33.9 million.
The Marq’s exclusive 66 units are housed in two 24-storey towers. Signature Tower has typical units of over 6,000 sq ft with four spacious bedrooms, 7m ceiling height, a formal living and dining room, family room or home entertainment area and private lap pool. Premier Tower, meanwhile, has four-bedroom apartments of over 3,000 sq ft.
Completed last year, The Marq is widely regarded as the most exclusive trophy home address. Word on the street is that one of its famous residents is Eduardo Saverin, a co-founder of Facebook, who became a Singapore citizen early this year. He recently entered the Forbes Singapore Rich List 2012 at No 8.
Last year, The Marq set several record prices for units in Premier Tower, with the highest achieved just last November when a 3,003 sq ft unit on the 20th floor of Premier Tower was sold for $20.54 million ($6,840 psf). This superseded the previous record price of $19.2 million ($6,393 psf) when a similar-sized unit on the 22nd level was sold by the developer in August — it was the first transaction to have crossed the $6,000 psf level at the time. Prior to that, an 18th floor unit in Premier Tower was sold for $17.54 million ($5,842 psf) in May last year.
Unlike the two recent transactions this year, where the buyers were Singaporeans, the buyers of the units that hit record price levels last year were all said to be foreigners.
According to Samuel Eyo, director of Savills Prestige Homes, there is a niche market of buyers who are still purchasing luxury property today despite the current global economic uncertainty.
And they are looking for deals. With SC Global currently marketing units at The Marq at $5,000 psf, units for sale on the secondary market at prices below that threshold are viewed as “a bargain”, contributing to the recent spate of buying in the luxury segment by Singaporeans, explains Eyo. Unlike foreigners, Singaporeans are also not subject to the 10% additional buyer’s stamp duty (ABSD) on their residential purchases. This measure, which was implemented in December last year, has effectively reduced the number of foreign buyers at the top-end of the market.
“There’s a brand premium attached to The Marq,” says Jacqueline Wong, director and head of corporate residential solutions at HSR Property Group. Wong notes that the transactions at The Marq last year were predominantly for the smaller units of 3,000 sq ft in Premier Tower, and therefore achieved a higher price psf. The recent transaction was for a 6,232 sq ft unit in the Signature Tower, and as it’s a large unit, the price psf is naturally lower. However, she also sees the recent price achieved “as a reflection that the top-end market is now at saner levels”.
At Cairnhill Circle, SC Global’s 241-unit freehold Hilltops luxury project was also completed last year. The development has a mix of two-bedroom units of 1,184 sq ft to five-bedroom apartments of 2,874 sq ft. The most recent transaction in the condo took place in May this year when a 2,465 sq ft unit on the 13th level was sold by the developer for $10.84 million, or $4,398 psf. This is the second highest price psf achieved at Hilltops since October 2007 when a 2,465 sq ft, three-bedroom unit on the 12th floor was purchased from the developer at $11.86 million ($4,812 psf). As at end-June, all 38 units released have been sold.
Next door to Hilltops is the freehold 140-unit the Helios Residences , an upscale development by Wing Tai Holdings. Several units at Helios Residences were sold last month. One was a 2,002 sq ft, four-bedroom unit on the eighth floor that was sold for $7.01 million ($3,502 psf). Another, also a four-bedroom unit of identical size, was on the 13th floor that went for $7.66 million ($3,827 psf). This is the highest psf price achieved in Helios Residences to date.
Owners who purchased units at the Helios Residences when it was launched in 2007 would have paid an average of between $2,800 and $3,200 psf, says Sutiono Han, associate senior group director of GPS Alliance. The two recent deals in July were pegged to the developer’s price list, he says. Wing Tai Holdings is still holding on to several three- and four-bedroom units that has yet to be released for sale.
Since the government’s introduction of the ABSD, Han has noticed a significant drop in the number of enquiries from foreign buyers about property in the luxury condo market. Developers such as Wing Tai Holdings have been offering some form of rebate to buyers at Helios Residences. However, such rebates are not necessarily reflected in the prices lodged with the URA.
However, there are still buyers interested in units in the luxury condos. Besides Singaporeans, others include Indonesians and mainland Chinese, looking to buy for their own use, he says.
Elsewhere, a transaction was also recorded at Ho Bee Group’s The Orange Grove, the 72-unit freehold condo located at the junction of Orange Grove Road and Stevens Road. A 2,153 sq ft, three-bedroom unit on the sixth floor changed hands last month at $4.85 million ($2,253 psf) on July 13.
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