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Thread: Apartment at The Marq fetches $5,842 psf, sets a new price record

  1. #1
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    Default Apartment at The Marq fetches $5,842 psf, sets a new price record

    [url]http://www.businesstimes.com.sg/sub/news/story/0,4574,439445,00.html?[/url]

    Published May 18, 2011

    [B][SIZE="5"]Apartment at The Marq fetches $5,842 psf, sets a new price record[/SIZE][/B]

    By KALPANA RASHIWALA


    (SINGAPORE) A new record has been set for the price of a private residential property in Singapore. Sources say that a four-bedroom apartment at SC Global Developments' The Marq on Paterson Hill recently fetched $5,842 per square foot, surpassing the previous high of $5,600 psf set in October 2007 at The Orchard Residences.

    The latest transaction at The Marq also sets a new benchmark for the project, surpassing the $5,262 psf that was achieved in 2007 for a 16th floor unit which was sold for $15.8 million, according to caveats data. Both units are of the same size, 3,003 sq ft.

    The latest record breaker at The Marq, which involves a lump sum price of $17.5 million, is understood to be on the mid-to upper levels of the 24-storey project but is not a penthouse unit. The freehold development received Temporary Occupation Permit (TOP) earlier this year and with the latest transaction, slightly over 40 per cent or 28 of the development's 66 units have been sold.

    The penthouse unit at The Orchard Residences that held the previous record price of $5,600 psf is on the 53rd level and involved a lump sum price of $28.269 million. However, a caveat for that 5,048 sq ft unit does not appear to have been lodged, probably because the high net worth party who bought the apartment did not take any financing for the purchase and wants to preserve anonymity.

    The Orchard Residences, which received Temporary Occupation Permit late last year, is on a site with a 99-year leasehold tenure starting around March 2006.

    Pointing to a dearth of condo/apartment transactions above $5,000 psf since the previous property boom in 2007, Jones Lang LaSalle's head of residential and national director Jacqueline Wong attributes this to a lack of new project launches in the ultra-luxury segment, as well as the fact that demand from foreign investors in this segment has yet to recover to the level seen in 2007 because of the current state of the global economy.

    'I don't recall any launches at $4,500 psf or higher, post 2007. Right now there are five new projects in the prime Ardmore Park area whose developers could launch them if they chose to - but they haven't,' she added.

    Analysts say that developers' strong balance sheets and the difficulty they face in finding replacement land banks in the luxury residential sector at viable prices are some reasons for developers to hold back launches in this market segment.

    'If any developer were to launch a new condo at above say $5,000 psf today, demand will likely come from owner occupiers rather than those buying with a view to collecting rental income because the yields won't be attractive,' JLL's Ms Wong said.

  2. #2
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  3. #3
    Abegail

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    Default Take a sneak peek inside Singapore's most expensive apartment ever

    Full story at [url]http://sbr.com.sg/residential-property/news/take-sneak-peek-inside-singapores-most-expensive-apartment-ever[/url]

  4. #4
    Junior

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    So cheap? I was looking at S$8000psf at least.
    [URL="www.facebook.com/tay.sim.tian"]www.facebook.com/tay.sim.tian[/URL]

  5. #5
    Newbie

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    Does this mean property prices in Novena and Newton will go up as well?

  6. #6
    Junior

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    Hi, people, get real. one transaction does not a market make. If you happen to own a unit in the same project, can you sell it at the the same price within a short period of time? no, you have to wait until your beard has turned white to get just one phone call.

    don't be fooled by this marketing gimmick which ST and BT willingly take part in.

    the luxury condo market in singapore is dead and buried. Period.

    the definition of a hot market is what Vancouver is experiencing: every unit put on the market is sold within 2 weeks. that is hot. by that standard, singapore condo market is just barely alive - most units put up for sale have to wait 3 to 6 months to get even an inquiry. most actions happen in the new launches. this market is built on quicksand, and don't wade in unless you are crazy.
    Last edited by stalingrad; 19th May 2011 at 11:36 AM.

  7. #7
    Junior

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    Quote Originally Posted by stalingrad
    the luxury condo market in singapore is dead and buried. Period.
    staling, look at the psf performance of your favorite project in the month of Apr 2011

    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,821,500 1,485 Strata 1,899 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,784,375 1,485 Strata 1,874 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,700,000 1,464 Strata 1,844 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,750,000 1,485 Strata 1,851 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,900,000 1,604 Strata 1,808 Apr-11

  8. #8
    Junior

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    Quote Originally Posted by amk
    staling, look at the psf performance of your favorite project in the month of Apr 2011

    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,821,500 1,485 Strata 1,899 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,784,375 1,485 Strata 1,874 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,700,000 1,464 Strata 1,844 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,750,000 1,485 Strata 1,851 Apr-11
    DUCHESS RESIDENCES DUCHESS AVENUE Condominium 1 2,900,000 1,604 Strata 1,808 Apr-11
    have the owners made any money? and how long have these properties been on the market? for a large project with 200 plus units for sale, only five sold in one month?

    as I said, dead and buried.

  9. #9
    Exalted

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    got chance to cheong only if 4yrs SSD is removed

  10. #10
    Junior

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    Quote Originally Posted by stalingrad
    for a large project with 200 plus units for sale, only five sold in one month?
    this project has only 120 units lah. with the current CM, 5 a month with an increase of 100psf is not bad.

    ur wonderful carabelle of 338 units had a grand total of 1 unit sold in one month ok ?

    as I said, dead and buried.
    your way of logic is very funny. how did the above data in any way support your assertion ? The real reason for the active transaction for this one despite the CM is very simple. It's just not what you think.

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