the marQ (D9, Freehold, SC Global)

[Reporter]

Rëcörd price for retail shop
H88
Wednesday, 23 December 2009, 15:29



Units at The Marq On Paterson Hill transacted at $5,262 psf in August 2007 and The Orchard Residences (above Ion) at $5,600 psf in October 2007. So you think our high-end condos are expensive? Wait till you hear about another ïnsänë retail shop purchase in Hong Kong - at $135,ÖÖÖ psf!

The 1,212 sqft shop is located at the busy Tsim Sha Tsui district and houses the luxury retailer Emperor Watch & Jewellery, owned by the music tycoon Albert Yeung.

At $135,000 psf, the shop transacted at $163m - you could buy 20 units at The Marq, or both Anson and VTB buildings in the CBD and still have cash left over.

I did some rough calculations; assuming we pave the entire floor of the shop in 2cm thick gold bars - it works out to be almost the same price, give or take a couple of million bucks.

I don't know about you guys, but that shop looks kinda run down, like something you'll see in Little India. What say you?


The exterior of the Emperor jewellery shop on Canton Road in Hong Kong, which was sold for US$108 million

[mr funny]

http://www.straitstimes.com/Money/St...ry_627549.html

Jan 24, 2011

SC Global to provide 'butler-style' service

By Cheryl Lim


FIVE-STAR service, once exclusive to private households, hotels, castles and palaces, will be now available at all of developer SC Global's properties such as Hilltops along Cairnhill Circle.

This swish service will also be on offer at the properties the firm manages, including the Lincoln Modern at Newton.

SC Global is going the extra mile, by training its property management staff to act and think intuitively when serving residents at its properties.

Concierge service will be available at SC Global's four properties while the properties the group manages will have off-site concierge service available.

About 25 frontline staff including condo managers, concierges and technicians from all its properties have undergone a customised six-day programme conducted by Mr Robert Watson, trainer and managing director of the prestigious Guild of Professional English Butlers.

SC Global marketing communications manager Sarah-Jane Smith said exceptional service comes from being observant and picking up on the smaller details.

'(The training will cover) what are the things you think about when you are talking to someone so that you can provide exceptional service,' said Ms Smith. 'Noticing their details, patterns and lifestyles so that you can think 'how I can better provide for them'.'

This attention to detail will eventually cultivate long-term service relationships with residents, said Ms Smith, and is something that will leave residents feeling 'relaxed and comfortable'.

But these soft skills, which could be as simple as remembering a resident's birthday or their preference for tea, often take years to cultivate, said Ms Smith.

SC Global's long-term plan is to send more of its staff for such training.

These skills, she said, will allow SC Global to build up a system of consistently good service.

This will be done through regular training sessions conducted by the guild and creating a 'domino chain' of getting trained staff to pass on their skills and knowledge to their colleagues.

Staff will also undergo different variations of the course to expose them to a range of service scenarios. Examples of these variations would include on-the-job training and individual coaching.

Skills, Mr Watson said, will set them apart from other service providers in Asia, which typically do not have a proactive approach towards service.

Having previously worked with international celebrities such as the late Michael Jackson, Mr Watson has been exposed to many different markets.

But he said Singapore could be a challenging market to serve in because of its multi-cultural environment.

This means staff will need to adapt their services to suit the individual nuances of each culture.

'For example, the English are a little stiff and formal and have to stop for afternoon tea. And if you have an American guest, as long as you've got tomato ketchup on the table you're fine,' said Mr Watson.

[proper-t]

Business Times - 18 May 2011

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

[jezz]

I saw the article. The transacted is 18million. It will be 18 of 1million 1 bedders apartment in district 11. Omg

Wonder if put up for rent how much he shld b asking for? If a 1 bed in district 11 is asking for 3.5k and multiply by 18, the asking rental will be 63k per mth.

Tpl $15k will not b able to afford lah

Business Times - 18 May 2011

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

[Regulators]

The marq really makes paterson residences and paterson linc seem very cheap

[jezz]

The marq really makes paterson residences and paterson linc seem very cheap

The marq got statue of a horse. Just like in HK peninsula hotel got 2 goddess statue. It will bring in lot of fortune. Huat ah

[Regulators]

you want statue can buy 20 statues and put in your house, don't need to pay $2xxxpsf more than paterson residences mah

The marq got statue of a horse. Just like in HK peninsula hotel got 2 goddess statue. It will bring in lot of fortune. Huat ah

[devilplate]

you want statue can buy 20 statues and put in your house, don't need to pay $2xxxpsf more than paterson residences mah

I aso wonder y such a big px gap....

Teddybear got the answer?

[teddybear]

Very simple - Just look at both condo estates: Marq@Paterson vs Paterson Residences - they are just separated by the same road. Property value is in the land, not in the building, even $800 psf building costs difference for same FH land, you can have golden taps and golden toilet WC liao! To me, it simply means PR is seriously under-valued while M@Q is overvalued that is over-hyped up by the developer (got developer to push up prices mah)!

I aso wonder y such a big px gap....

Teddybear got the answer?

[reporter2]

http://www.businesstimes.com.sg/sub/...66005,00.html?

Published November 21, 2011

Latest sale sets another peak at The Marq

By KALPANA RASHIWALA


(SINGAPORE) SC Global Developments has been able to set a new record price at The Marq on Paterson Hill once every three months since May this year.


The Marq: In the latest deal, a four-bedroom apartment is understood to have sold for about $20.5 million

In the latest transaction, a 3,003-sq-ft, four-bedroom apartment in the Premier Tower is understood to have sold for nearly $6,850 per square foot (psf) or about $20.5 million.

This tops the previous record set in August for $6,394 psf, which in turn broke the May record of $5,842 psf. In all three cases, the units are of the same size and in the same tower.

The latest record comes fresh on the heels of news last month of a world-first collaboration between Hermes and SC Global. Designers from the French luxury house will fit out a 6,232-sq-ft, five-bedroom apartment in the Signature Tower at The Marq, with a combination of furniture, fabrics, rugs, carpets, wallpaper and made-to-measure upholstered items. The world's first Hermes apartment is due to be ready next year and will be kept by SC Global for private functions and Hermes exclusive events. It will not be for immediate sale.

The Marq, a freehold project which received Temporary Occupation Permit in January this year, comprises two 24-storey towers with a total of 66 units.

Still, despite SC Global hitting the high notes with The Marq, the luxury apartment market in Singapore is generally quiet compared to its heyday in 2007, say market watchers.

'The majority of buyers in this segment are foreigners. Singaporean buyers typically aim for Good Class Bungalows, since the absolute price for a GCB is quite similar to that for a luxury apartment in a project like The Marq,' says Jones Lang LaSalle's head of residential and national director Jacqueline Wong.

'It is foreigners, who don't qualify to buy a GCB, who are the main players looking at luxury condos right now. Their interest in buying property in Singapore has never dissipated; their interest is still there. But due to the global uncertainty including European debt crisis, everybody's more cautious, more selective now. They want value buys or fire sales - but these are difficult to find in Singapore as our high-end developers are deep-pocketed,' added Ms Wong.

Market watchers note that SC Global has been able to achieve benchmark prices at The Marq despite thin sales volumes generally in the luxury residential sector.

Ms Wong points to the developer's track record of consistently improving its product in terms of quality, design and concept. 'It has always reinvented itself. Take The Marq, for instance. The Signature Tower has an interlocking design for each of the apartments (which are over 6,000 sq ft) so that it feels like a penthouse even for units on lower floors - with double-volume ceiling height in the living and dining area and a private pool for each apartment.

'(SC Global chairman and chief executive) Simon Cheong has paid careful attention to the project's details even in the common areas like the lobby. There's a club lounge/ library where they serve drinks, and the gym is fully equipped. There's a concierge service, and sculptures and other artwork on display in various parts of the development.'

[reporter2]

http://www.businesstimes.com.sg/arch...nsive-globally

Published August 11, 2012

The Marq is 6th most expensive globally

The Paterson Hill project designed by Hermès joins elite ranking of costliest homes in top world cities

By zeinab yusuf saiwalla


DESIGNER HOMES
Hermès furniture, furnishing fabrics, wallpapers, carpets, tableware, along with made-to-order leather upholstered items - BT FILE PHOTO: ARTHUR LEE CH

Uptown addresses

THE Republic's most expensive residential real estate, The Marq on Paterson Hill, was ranked sixth in a global comparison of record transactions in the top 10 "world class" cities, according to a recent study by international real estate adviser Savills.

No previous-year data was available as this was the first time Singapore was included in the rankings.

With a hefty price tag of £3,400 (S$6,606) per square foot, the luxury residence designed by French label Hermès hit the headlines when the transaction was made in 2011.

"The sharp rise in high-end prices for The Marq captured our attention, which deservedly entered Singapore into the ranking," said Savills Singapore research head Alan Cheong.

All the spacious 6,200 sq ft apartments at the Signature Tower at The Marq, developed by SC Global Developments, feature a carefully curated combination of Hermès furniture, furnishing fabrics, wallpapers, carpets, tableware, along with made-to-order leather upholstered items and a choice of artworks.

It is no wonder then, that it made it to the league of the most expensive homes in top world cities.

The league table shows the top three "world class" cities closely grouped with records set at over £8,000 psf.

London's Kensington Garden Palace continued to hold top spot for the fourth year, after setting a record-breaking price of £8,500 psf for a home in 2008.

Following closely behind was the transaction for a house in Hong Kong's Deep Water Bay Road, which sold at £8,400 psf and an apartment in New York's 15 Central Park West which fetched a price of £8,300 psf. Both were transacted in 2011.

"Seven out of 10 of the record transactions were undertaken within the last two years and six out of the 10 properties were new builds. The fact that these prices have been achieved during the global residential market's most turbulent times illustrates the autonomy with which the billionaire market operates, fuelling the very top of the market," said Yolande Barnes, director of Savills global research.

[oda]

GOod Report!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[reporter2]

http://www.straitstimes.com/archive/...nsion-20130109

SC Global to pay $5.5m for sales extension

Published on Jan 09, 2013

By Magdalen Ng


LUXURY developer SC Global Developments has to pay $5.5 million for a six-month extension on the stipulated period for selling The Marq on Paterson Hill.

The company, which is in the midst of a privatisation bid, disclosed the impost on Monday in a statement on the status of the bid.

SC Global is the first developer to announce that it has to pay such a charge to obtain an extension on the usual seven years for selling all units at a new property.

The firm said it had received a letter from the Singapore Land Authority dated Jan 4 stating that the Controller of Residential Property is prepared, in principle, to grant approval for the limited qualifying certificate extension.

This would be granted if SC Global paid about $5.5 million by Feb 1.

Under the Residential Property Act, developers whose shareholders and directors are not all Singaporeans have to get a qualifying certificate to buy residential property for development.

With the certificate, developers have up to five years to build the project and sell all the units within two years of obtaining the temporary occupation permit.

If developers cannot meet the deadline to sell all units, they may face a pro-rated extension charge, based on the proportion of unsold units.

The Marq has 34 out of 66 units unsold.

SC Global declined to comment further on other qualifying certificate charges it may have to pay.

The company's other current project, Hilltops, has sold only 45 out of 241 units. The developer has until about June to complete the Hilltop sales.

The announcement comes amid the privatisation bid by chairman and chief executive Simon Cheong, who is offering $1.80 per share. He requires another 8.85 per cent of SC Global shares in order to bring the free floating shares to below 10 per cent.

Once that happens, Singapore Exchange rules deem the firm should be taken private.

In a circular to investors by Prime Partners Corporate Finance, the independent financial adviser noted that the relevant qualifying certificate extension charges will apply to each completed property regardless of whether SC Global remains listed.

SC Global shares closed one cent down at $1.815 yesterday, their lowest level in more than three weeks.

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