The week in review, Aug 21 to 28, saw properties in Marina Bay and Tanjong Pagar continuing to attract buyers’ interest more than a month after the latest property cooling measures were implemented.
Many of the new developments in these areas are mixed-use and combine work-live-play components, says Samuel Eyo, managing director of Lighthouse Property Consultants. Despite the fact that many of them are leasehold, they attract those who like inner-city living. Some examples are V on Shenton, Marina Bay Residences, Marina One, Wallich Residence and Skysuites @ Anson, he adds.
He also points out that this group of buyers are different from those who want projects that are freehold and located in the traditional prime districts of 9, 10 and 11.
At the 54-storey V on Shenton — which is part of the mixed-use development that includes the 23-storey Grade-A office tower, UIC Building — a one-bedroom, 506 sq ft unit on the 51st floor was sold for $1.57 million, according to a caveat lodged on Aug 23. The price translates into $3,098 psf, which is the second highest psf price in the project to date. A week before that, on Aug 16, a 452 sq ft studio unit on the same floor set the record psf price, at $1.46 million ($3,225 psf).
The 510-unit V on Shenton and UIC Building is a redevelopment of the former office block of the same name by developer United Industrial Corp (UIC). More than 80% of the residential units have been sold since the project was launched in August 2012, according to data from URA caveats. Most of those sold this year were three-bedroom units of 1,356 sq ft to 1,765 sq ft, and one-bedroom units of 484 sq ft to 506 sq ft, with prices ranging from $2,440 psf to $3,225 psf.
The Marina Bay area is unlikely to see any new supply coming on stream in the short term, and developers are not in a hurry to clear their unsold inventory, says Eyo. Buyers are also waiting to see how the high-end property segment will react in the wake of the cooling measures, and some developers may wait until next year before releasing more units for sale, he adds.
Post cooling measures on July 6, four units at the 428-unit Marina Bay Residences in Marina Boulevard have changed hands at prices ranging from $1,947 psf to $2,827 psf. The most recent sale was of a 1,130 sq ft, two-bedroom unit on the 12th floor, which fetched $2.2 million ($1,947 psf). It was one of the units sold by the developer, Keppel Land, when the 99-year leasehold, 55-storey condo was launched in December 2006. However, the most expensive sale in absolute terms so far this year occurred on July 2, three days before the sudden announcement of the cooling measures. That unit was a 2,368 sq ft, four-bedder on the 44th floor that changed hands for $8.7 million ($3,674 psf).
Marina Bay Residences is part of the integrated project, Marina Bay Financial Centre, developed by a consortium comprising CK Asset Holdings, Hongkong Land and Keppel Land.
In the nearby Tanjong Pagar area, two units at the 360-unit Skysuites @ Anson changed hands during the week: A 667 sq ft, two-bedroom unit on the 39th floor fetched $1.5 million ($2,248 psf) on Aug 24, while a 366 sq ft, one-bedder on the 16th floor was sold for $900,000 ($2,459 psf) on Aug 21. The most expensive unit sold so far at the 99-year leasehold condominium was a 1,011 sq ft, three-bedder on the 69th floor. It fetched $2.94 million ($2,904 psf) in May, when it was bought from the developer, Allgreen Properties, the Singapore real estate arm of Kuok Group, controlled by the family of Malaysian tycoon Robert Kuok..