THEEDGE SINGAPORE | JUNE 4, 2012 •
| BY AMY TAN |
Developed by Wing Tai Holdings 14 years ago, Duchess Crest has seen a rise in buyer interest recently. The 9-year leasehold, 251-unit condominium located in prime district 10 in the Bukit Timah enclave saw three units snapped up in May, according to caveats lodged with URA Realis. The four-storey condo located in an established landed housing neighbourhood has a mix of two- to four-bedroom apartments.
A three-bedroom unit on the first floor was sold for $1.92 million ($1,122 psf), according to a May 11 caveat lodged with URA Realis. The owner had bought the unit in August 2010 in a resale for $1.7 million ($1,010 psf).
Another caveat showed a fourbedroom unit on the third floor was sold for $2.03 million ($1,179 psf). The first owner had bought the unit from the developer for $1.15 million ($670 psf) in May 1999. The unit was then sold in April 2010 for $1.77 million ($1,030 psf).
According to a caveat lodged, a three-bedroom unit on the same floor was sold for $1.7 million ($1,263 psf) on May 14. The owner had purchased the unit in June 1996 from the developer for $1.3 million ($974psf). The highest psf price ever recorded at Duchess Crest was for a four-bedroom unit on the second floor that was sold for $2.35 million ($1,350 psf) in March last year.
Despite its leasehold status, Duchess Crest is attractive because of its location — near top schools such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College, says Samuel Eyo, director of Prestige Homes at Savills. “It’s also a nice place to stay, with its Spanish villa theme and tranquil environment,” he adds. The condo is also popular among expatriates whose children attend the international schools nearby.
The prices achieved at Duchess Crest in the past month, ranging from $1,122 to $1,163 psf, are almost on a par with new private condos being launched in the suburbs — for instance, the Punggol area — that are going for about $1,100 psf, says Eyo. “Duchess Crest therefore presents value for money, as it’s in a prime district,” he says. Given the current market uncertainty, there will be a segment of buyers who will prefer to buy an older condo in the prime districts, than at a launch [of new projects] in the suburbs for the same price.”
Just one street away is the 120- unit, 999-year leasehold Duchess Residences, which was completed just last year and jointly developed by UOL Group and Low Keng Huat. The last transaction at Duchess Crest, based on caveats lodged and downloaded as at May 30, was for a 2,992 sq ft ground floor unit that was sold by the developer for $4.64 million ($1,550 psf).
At the neighbouring Sixth Avenue, located off Bukit Timah Road, is Keppel Land’s The Sixth Avenue Residences, completed in 2010. The 175-unit freehold condo saw the recent transaction of a threebedroom unit on the fourth floor for $2.05 million ($1,512 psf). The highest psf price recorded at The Sixth Avenue Residences was that of a 1,636 sq ft unit on the fourth floor, which sold for $2.67 million ($1,632 psf) in November 2010.
Despite being a newer development and having a freehold status, The Sixth Avenue Residences commands an average monthly rental rate of $4 psf, which is on a par with that achieved at the older Duchess Crest. Meanwhile, Duchess Residences fetches a slightly higher premium of an average of $4.50 psf. Eyo reckons that this is a testament to the design and quality of Duchess Crest.
He says, “When it comes to rental, tenants don’t care about whether a property is freehold or leasehold. They look out more for the environment and the amenities surrounding it.”
Duchess Crest, Duchess Residences and The Sixth Avenue Residences are located close to amenities such as Serene Centre and Empress Road Market and Food Centre. Within a short driving distance are Holland Village and the Singapore Botanic Gardens. The condos are located within walking distance of the upcoming MRT stations of the Downtown Line, scheduled for completion in 2015.
| BY AMY TAN |
Developed by Wing Tai Holdings 14 years ago, Duchess Crest has seen a rise in buyer interest recently. The 9-year leasehold, 251-unit condominium located in prime district 10 in the Bukit Timah enclave saw three units snapped up in May, according to caveats lodged with URA Realis. The four-storey condo located in an established landed housing neighbourhood has a mix of two- to four-bedroom apartments.
A three-bedroom unit on the first floor was sold for $1.92 million ($1,122 psf), according to a May 11 caveat lodged with URA Realis. The owner had bought the unit in August 2010 in a resale for $1.7 million ($1,010 psf).
Another caveat showed a fourbedroom unit on the third floor was sold for $2.03 million ($1,179 psf). The first owner had bought the unit from the developer for $1.15 million ($670 psf) in May 1999. The unit was then sold in April 2010 for $1.77 million ($1,030 psf).
According to a caveat lodged, a three-bedroom unit on the same floor was sold for $1.7 million ($1,263 psf) on May 14. The owner had purchased the unit in June 1996 from the developer for $1.3 million ($974psf). The highest psf price ever recorded at Duchess Crest was for a four-bedroom unit on the second floor that was sold for $2.35 million ($1,350 psf) in March last year.
Despite its leasehold status, Duchess Crest is attractive because of its location — near top schools such as Nanyang Primary School, Raffles Girls’ Primary School, Hwa Chong Institution and National Junior College, says Samuel Eyo, director of Prestige Homes at Savills. “It’s also a nice place to stay, with its Spanish villa theme and tranquil environment,” he adds. The condo is also popular among expatriates whose children attend the international schools nearby.
The prices achieved at Duchess Crest in the past month, ranging from $1,122 to $1,163 psf, are almost on a par with new private condos being launched in the suburbs — for instance, the Punggol area — that are going for about $1,100 psf, says Eyo. “Duchess Crest therefore presents value for money, as it’s in a prime district,” he says. Given the current market uncertainty, there will be a segment of buyers who will prefer to buy an older condo in the prime districts, than at a launch [of new projects] in the suburbs for the same price.”
Just one street away is the 120- unit, 999-year leasehold Duchess Residences, which was completed just last year and jointly developed by UOL Group and Low Keng Huat. The last transaction at Duchess Crest, based on caveats lodged and downloaded as at May 30, was for a 2,992 sq ft ground floor unit that was sold by the developer for $4.64 million ($1,550 psf).
At the neighbouring Sixth Avenue, located off Bukit Timah Road, is Keppel Land’s The Sixth Avenue Residences, completed in 2010. The 175-unit freehold condo saw the recent transaction of a threebedroom unit on the fourth floor for $2.05 million ($1,512 psf). The highest psf price recorded at The Sixth Avenue Residences was that of a 1,636 sq ft unit on the fourth floor, which sold for $2.67 million ($1,632 psf) in November 2010.
Despite being a newer development and having a freehold status, The Sixth Avenue Residences commands an average monthly rental rate of $4 psf, which is on a par with that achieved at the older Duchess Crest. Meanwhile, Duchess Residences fetches a slightly higher premium of an average of $4.50 psf. Eyo reckons that this is a testament to the design and quality of Duchess Crest.
He says, “When it comes to rental, tenants don’t care about whether a property is freehold or leasehold. They look out more for the environment and the amenities surrounding it.”
Duchess Crest, Duchess Residences and The Sixth Avenue Residences are located close to amenities such as Serene Centre and Empress Road Market and Food Centre. Within a short driving distance are Holland Village and the Singapore Botanic Gardens. The condos are located within walking distance of the upcoming MRT stations of the Downtown Line, scheduled for completion in 2015.
