Kevin Tan
11-01-16, 14:00
http://www.theedgeproperty.com.sg/content/prices-scotts-square-sink-below-3000-psf
Prices at Scotts Square sink below $3,000 psf
By Tay Hock Meng / The Edge Property | January 8, 2016 9:00 AM MYT
Tags: Done DealsScotts SquareOrchard
The two most recent transactions at Scotts Square saw prices at the luxury condominium on prime Scotts Road fall below $3,000 psf for the first time in the 8˝ years since the project was launched. On Nov 23, a 624 sq ft one-bedroom unit on the 20th floor changed hands for $1.85 million ($2,963 psf). Another similar-sized unit on the 12th floor was sold for $1.8 million ($2,883psf), according to a caveat lodged on Nov 20. Ron Teo, associate team director of PropNex Realty, is said to have brokered the sale of the unit on the 20th floor on behalf of the buyer, a Singaporean investor. The buyer of the unit on the 12th floor is also believed to be a Singaporean investor. “This represents a good buying opportunity,” says Teo. “I haven’t seen prices of freehold one-bedroom units located near the Orchard MRT station fall to such levels.”
Will prices of units at Scotts Square fall further?
A lot will depend on the holding power of the individual sellers, say agents.
Prior to these two transactions, a 947 sq ft two-bedroom unit on the 34th floor changed hands for $3.45 million ($3,642 psf) in September, according to a caveat lodged then. A 1,227sq ft unit on the 21st floor fetched $4.04 million ($3,291 psf). Both were resale units. The previous owner of the unit on the 34th floor purchased it for $3.93 million ($4,154 psf) in August 2007 when the project was launched. Therefore, he realised a loss of 12%. The seller of the unit on the 21st floor bought it for$3.74 million ($3,050 psf) in a sub-sale in November2008 during the global financial crisis. He saw a slight gain of 7.9%.
http://www.theedgeproperty.com.sg/content/prices-scotts-square-sink-below-3000-psf
Prices at Scotts Square sink below $3,000 psf
By Tay Hock Meng / The Edge Property | January 8, 2016 9:00 AM MYT
Tags: Done DealsScotts SquareOrchard
The two most recent transactions at Scotts Square saw prices at the luxury condominium on prime Scotts Road fall below $3,000 psf for the first time in the 8˝ years since the project was launched. On Nov 23, a 624 sq ft one-bedroom unit on the 20th floor changed hands for $1.85 million ($2,963 psf). Another similar-sized unit on the 12th floor was sold for $1.8 million ($2,883psf), according to a caveat lodged on Nov 20. Ron Teo, associate team director of PropNex Realty, is said to have brokered the sale of the unit on the 20th floor on behalf of the buyer, a Singaporean investor. The buyer of the unit on the 12th floor is also believed to be a Singaporean investor. “This represents a good buying opportunity,” says Teo. “I haven’t seen prices of freehold one-bedroom units located near the Orchard MRT station fall to such levels.”
Will prices of units at Scotts Square fall further?
A lot will depend on the holding power of the individual sellers, say agents.
Prior to these two transactions, a 947 sq ft two-bedroom unit on the 34th floor changed hands for $3.45 million ($3,642 psf) in September, according to a caveat lodged then. A 1,227sq ft unit on the 21st floor fetched $4.04 million ($3,291 psf). Both were resale units. The previous owner of the unit on the 34th floor purchased it for $3.93 million ($4,154 psf) in August 2007 when the project was launched. Therefore, he realised a loss of 12%. The seller of the unit on the 21st floor bought it for$3.74 million ($3,050 psf) in a sub-sale in November2008 during the global financial crisis. He saw a slight gain of 7.9%.
http://www.theedgeproperty.com.sg/content/prices-scotts-square-sink-below-3000-psf