A four-bedroom penthouse apartment at 8 Nassim Hill was sold for $8.027 million ($2,486 psf)
A 3,649 sq ft four-bedroom apartment at the 292-unit regency park on Nathan road was sold for $6.9 million ($1,891 psf）
A four-bedroom unit on the 18th floor at Grange Infinite was sold for $6.38 million ($2,380 psf）
THE EDGE SINGAPORE
| September 30 2013， BY ADELE TEO |
There were several noteworthy transactions in the prime districts over the week of Sept 6 to 13. The biggest deal in the non-landed housing segment was the sale of a 3,229 sq ft four-bedroom penthouse apartment at 8 Nassim Hill for $8.027 million ($2,486 psf), according to a caveat lodged with URA Realis on Sept 10. This was one of the last six units (three penthouses and three townhouses) that the developer of the exclusive residential development had offered for sale in April.
So far, five of the six have already been sold, says Steven Ming, deputy managing director and head of investment sales at Savills Singapore, the appointed marketing agent for the property. The developer had initially planned to keep the six units as an investment property for recurring rental income. Upon receiving unsolicited interest to acquire the units, however, it decided to release them for sale, he explains. Buyers were said to be a mix of foreigners and Singaporeans.
A boutique residential project with a total of 16 townhouses and penthouses, 8 Nassim Hill was jointly developed by listed BBR Holdings and privately held Shing Kwan, and completed in 2010.
The next highest-value transaction over the same week was that of a 3,649 sq ft unit on the 24th floor of one of the tower blocks at the freehold Regency Park on Nathan Road that changed hands for $6.9 million ($1,891 psf). The unit last traded for $4.3 million ($1,178 psf) in 2009. Prior to that, it was sold for $4.6 million ($1,261 psf) in July 1997.
The 292-unit Regency Park comprises exclusively three- and four-bedroom apartments and was completed in 1990. The project has a mix of low- and high-rise blocks on a sprawling 500,000 sq ft freehold site. It is situated in the vicinity of the exclusive Bishopsgate Good Class Bungalow.
Meanwhile, at the 68-unit freehold condominium, Grange Infinite, a 2,680 sq ft four-bedroom unit on the 18th floor of the 36-storey tower was sold for $6.38 million ($2,380 psf). The luxury project was jointly developed by Chip Eng Seng and Citadel on the former Grange Tower site, adjacent to the Indian High Commission in Grange Road, and completed in 2011. The project was launched for sale in late 2007, and some units were sold at $3,025 to $3,292 psf. In March 2008, a group of investment funds under ARA Asset Management scooped up the remaining 53 units for $388 million, or an average of $2,650 psf. The latest transaction is believed to be that of one of the units owned by the funds, which had started to offload units from early 2010.
Three sub-sales at Waterbank at Dakota saw prices ranging from $1,730 to $1,874 psfIn the neighbourhood of Jervois Road, the latest launch was that of UIC and Singapore Land’s joint development, the 109-unit Mon Jervois, in March at an average of $2,100 to $2,200 psf. Two recent transactions at Mon Jervois were that of identical 1,905 sq ft units, which were sold for $3.922 million ($2,059 psf) and $3.955 million ($2,076 psf) respectively.
Across the road from Mon Jervois is Jervois Ville, a row of 13 terraced houses arrranged in a semi-circle and completed in 1989. One of the terraced houses, measuring 2,260 sq ft, was sold recently for $4.8 million. It last changed hands for $1.17 million, or $520 psf, in November 1998. There were no other transactions in the development, based on records in the URA Realis dating back to January 1995.
“There has always been interest in high-end properties,” says Samuel Eyo, director of Savills Prestige Homes. “The main draw is if the price is 13% to 15% lower than the prevailing market price, which will offset the additional buyer’s stamp duty. Such properties in the prime Orchard Road area will attract not just Singaporean investors but also foreigners buying for their own stay.”
On the city fringe, one development stood out with three sub-sales done over the week of Sept 6 to 17. The project is Waterbank at Dakota, a 616-unit private condo by UOL Group that obtained temporary occupation permit in 2Q2013. The most recent transaction at Waterbank was that of a 484 sq ft one-bedroom unit, sold for $838,000 ($1,730 psf). Such units have asking rents of $2,900 to $3,000 a month, with rental yields of 4.15% to 4.3%.
In another recent transaction, a 624 sq ft two-bedroom apartment on the 19th floor of one of the seven blocks changed hands for $1.17 million, or $1,874 psf, an all-time-high for the condo project since it was launched in April 2010. The unit was purchased in May 2010 for just $879,000, or $1,408 psf. Thus, the owner realised a price appreciation of 33.1% in just over three years.
Another 624 sq ft two-bedroom unit on the ninth floor of another block was sold for $1.115 million ($1,786 psf). The unit was first purchased for $769,000 ($1,232 psf) in May 2010 and the owner saw a gain of 45% in just three years.
Such two-bedroom apartments are popular with investors, as the project offers views of the Geylang River and is within walking distance of the Dakota MRT station on the Circle Line. The 624 sq ft two-bedroom units are listed on PropertyGuru, with asking rents of $3,300 to $3,500 a month, translating into a yield of 3.4% to 3.6%.
