Two units at Pristine Heights were sold at record prices last month, with one setting a new high of $1,264 psf and another hitting $1,257 psf. The prices are above the peak of $1,202 psf in 2007, when a 732 sq ft unit on the 17th floor was sold for $880,000. The 60-unit freehold apartment along Mergui Road is seeing renewed interest from homebuyers following the launch of Cityscape at Farrer Park a block away.
In October last year, Mergui Development — a joint venture between Bursa Malaysia-listed IOI Properties, Singapore Exchange-listed KSH Holdings and LBH Pte Ltd — launched 75 units at Cityscape after KSH made an en-bloc purchase of Norfolk Court, Mergui Lodge, Northern Mansion, Mergui Court and The Mergui in 2007. Units range from 958 sq ft for a two-bedroom unit to 2,971 sq ft for a penthouse. The 250-unit, 30-storey freehold development is expected to receive its temporary occupation permit (TOP) in 2015. Richard Tham, KSH’s project manager, says as at March 9, 43 units of Cityscape have been sold, fetching an average selling price of $1,400 psf.
With Cityscape setting the new benchmark, older condominiums in the vicinity could see a jump in prices. The 16-year-old, 36-unit freehold Mergui Mansions, which sits between Pristine Heights and Cityscape, recorded its last transaction in March 2010, when a 1,431 sq ft unit was sold for $945,000 ($660 psf).
Kenny Lim, a property agent with Huttons, says apartments in projects such as Mergui Mansions and Pristine Heights are bigger compared with those in newer developments in the area such as City Loft along Race Course Road.
Lim adds that Pristine Heights, which received its TOP in 2009, is one of the newer developments in the quiet neighborhood. It was developed by Fragrance Properties and units there range from 732 sq ft for a two-bedroom unit to 1,862 sq ft for a penthouse.
Centrally located between Novena and Little India, Pristine Height is a short drive from shopping facilities such as City Square Mall. The condo is also within walking distance of the Pek Kio market and hawker centre and a few bus stops away from the Farrer Park MRT station, where Connexion — a hospital-cum-hotel complex — is being built on top.
Renu Mahajan, an agent with ARP’s Realtors, who is marketing a three-bedroom unit at Pristine Heights for a rental of $5,400 a month, says response has been quite good, including enquiries from patients from the Middle East.
From Feb 15 to 22, there were two transactions at Pristine Heights, according to caveats lodged with URA Realis. A 732 sq ft unit on the 16th floor was sold for $925,000 ($1,264 psf) on Feb 18. That is a 13% gain for the previous owner who purchased the unit for $818,907 ($1,119 psf) in June 2007.
Another 732 sq ft unit on the 12th floor was sold for $920,000 ($1,257 psf) on Feb 21. This represents a 21% gain for the seller who purchased the unit for $760,000 ($1,038 psf) in June 2007.
Source : The Edge – 14 Mar 2011
