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Unit at The Sail hits $2,999 psf

(2011-06-05 23:56:31) 下一个

There has been a flurry of transactions at The Sail @ Marina Bay, with prices playing catchup with those at Marina Bay Residences (MBR).

Last month, a unit at MBR hit an alltime high of $4,368 psf. A 2,368 sq ft apartment on the 46th floor was sold for $10.3 million on April 15. This trumped the previous record of $3,790 psf, which was achieved when a 1,959 sq ft unit on the 46th floor was sold for $7.2 million in Sept 2010.

At the 1,111-unit The Sail @ Marina Bay, prices breached the $3,000 psf level for the first time this year, when a 1,184 sq ft unit on the 61st storey was sold for $3.6 million ($3,040 psf) on April 4. Prices peaked in April 2008, when a 1,033 sq ft unit was sold for $3.5 million ($3,387 psf).

The two condominiums are located along Marina Boulevard and enjoy spectacular views of Marina Promenade. MBR is a 55-storey, 428-unit luxury waterfront condo located within the Marina Bay Financial Centre, a mixed development built by the consortium of Hongkong Land, Keppel Land and Cheung Kong (Holdings). The condo was completed last year. Meanwhile, The Sail, developed by City Developments and AIG Real Estate, was completed in 4Q2008, at the height of the global financial crisis.

Desmond Tan, group director of Dennis Wee Realty, says, “There is strong demand for both The Sail and MBR, as they are the only two condos with a good bay view. MBR commands a better price than

The Sail, as it is farther away from the financial centre and nearer to the integrated resort. MBR is also newer. In terms of monthly rental, a studio unit at The Sail can fetch about $4,000, while a one-bedroom unit at MBR can command between $4,500 and $4,800.”

According to a private investor who owns several units at The Sail, “there’s no doubt that The Sail currently offers the best value for money. That’s why it continues to be the most highly transacted of the properties in the area”.

Between April 29 and May 10, The Sail saw three transactions, with prices ranging from $2,503 to $2,999 psf, according to caveats lodged with URA Realis.

A 2,077 sq ft unit on the 59th floor was sold for $6.23 million ($2,999 psf) on April 29. This represents a 169% gain over the last transacted price of $2.3 million ($1,116 psf) in 2004. Subsequently, a 1,797 sq ft unit on the 16th floor changed hands for $4.5 million ($2,503 psf) on May 4.

A third transaction was for a 613 sq ft unit on the 24th floor, which was sold for $1.57 million ($2,559 psf) on May 9. This represented a 50% gain over the last transacted price of $1.04 million ($1,701 psf) in April 2007. Prior to this, the unit sold for $921,000 ($1,501 psf) in January 2007 and $726,240 ($1,184 psf) in December 2005.

Tan says, “Asking prices at The Sail are $3,200 to $3,500 psf currently. Most buyers are foreigners. We see quite a few buyers from China and Hong Kong.” He adds that the strong prices at MBR will have a positive impact on condos at One Shenton and The Cliff, although it is hard to quantify the extent of the impact, as “there is a big difference” in the view from condos along Shenton Way and from those at Marina Boulevard.

The latest transaction at the 341- unit One Shenton was for a 581 sq ft unit on the 20th floor, which changed hands for $1.28 million ($2,202 psf) on May 9. Prices at the condo hit a high of $2,757 psf in 2007, when a 1,894 sq ft unit on the 44th floor was sold for $5.2 million. The condo was developed by City Developments and completed earlier this year.

Another project completed this year is The Clift along Mccallum Street, a short walk from the Tanjong Pagar MRT Station. The latest transaction at the 312- unit condo developed by Far East Organization was for a 527 sq ft unit on the 17th floor. It was sold for $1.05 million ($1,998 psf) on May 9, representing a 44% gain over the last transacted price of $727,000 ($1,378 psf) in 2007. Prior to that, the unit sold for $577,786 ($1,095 psf) in 2006.

Source : The Edge – 30 May 2011

Luxury property buyers ‘cautious about getting their next home’

Sales of luxury properties have hit a sluggish patch in recent weeks.

That is according to industry players who said that the segment has underperformed despite the overall property boom last year.

Analysts said most buyers of luxury properties, who are mostly foreign investors, are turning cautious about buying their next multi-million-dollar home, due to the uncertain global economy.

Hamilton Scotts, for example, has seen slow sales, despite being one of the most anticipated super luxury properties to be launched in the last three years.

Out of the 56 units in the property, only 19 have been sold at between S$3,000 and S$3,700 per sq ft. The freehold property was launched in mid-2008, in the heat of the global financial crisis.

Sales of similar luxury properties have also been slow, with the exclusive development 8 Napier selling 27 out of the total 46 units. Its latest transaction was in April at S$3,000 per sq ft.

Hamilton Scotts was developed at a cost of more than S$100 million and it features a S$20 million en suite car porch. Each unit is selling at between S$8 million and S$10 million or an average of S$3,800 per sq ft.

Hamilton Scotts developer KOP Properties said luxury property buyers have been cautious with their cash.

“I have not shown people – the buyers and consumers – what this project really looks like. I think people are unsure about the car porch mechanism so I think we really need to show them the entire thing and to be able to fully showcase all the wonders of this project,” said Ms Leny Suparman, chief executive officer of KOP Properties.

“For the past 3 years, despite the fact that we didn’t have a show flat and we have been selling very well off the floor plans and the sales gallery in our office, I think we have done very well,” said Ms Suparman.

Mr Liang Thow Ming, head of residential services at Credo Real Estate, said sales of luxury properties tend to be slower when compared to mass market home sales.

“If you look at properties of these price tags somewhere in the region of S$8 million to S$10 million, you don’t expect these units to fly off the shelf anyway, so I think the pace of sales at Hamilton Scotts is comparable to the general luxury market,” said Mr Liang.

But analysts said the luxury property segment will cool off further, after recovering slightly last year from the property downturn during the global financial crisis.

In the last three quarters, prices of uncompleted non-landed core central region homes – which include most luxury properties – grew by 3 per cent.

This is a much slower growth compared with the 26 per cent increase in prices in the whole of 2007, during the last property boom.

Source : Today – 6 Jun 2011

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