There have been few transactions in the luxury segment of the residential market, and prices have remained relatively stable. In recent weeks, however, some investors have started to pick up what they perceive as “value-for-money” properties, says Samuel Eyo, associate director of Savills Prestige Homes.
Based on the latest caveats lodged and downloaded from URA Realis as at Nov 2, there were two transactions at The Ladyhill last month. The exclusive boutique residential development located at 1 Ladyhill Road has only 55 freehold units and is developed jointly by niche luxury developer, SC Global Developments and GuocoLand. Completed in 2002, the condo project is a redevelopment of the former Ladyhill Hotel located off Orange Grove Road, just a short drive from Shangri-La Hotel.
Meanwhile, on the first floor, a 3,520sqft three-bedroom apartment changed hands for $7.6 million ($2,159psf). The first owner had purchased it from the developer at its launch in October 2000 for $4.6 million ($1,299psf). Five years later, the unit changed hands for a slightly higher price of $4.95 million ($1,406psf). The seller who saw the greatest price upside, however, was the last one, who enjoyed a 53.5% price appreciation when he sold it recently for $2,159psf.
Designed by renowned architect Chan Soo Kian of SCDA Architects, The Ladyhill was the recipient of the gold medal in the prestigious “Multi-Family” residential category of the acclaimed Miami Beach Bienal 2005 International competition. “SC Global was also the first developer to conduct viewings by appointment only when it began marketing The Ladyhill in 2000, a policy widely adopted by high-end developers today,” says realtor Andy Goh, president of AG Prestige Home.
Nearby, the 72-unit freehold The Orange Grove by listed developer Ho Bee Group was completed at the end of last year. The most recent recorded transaction at the development was for a 2,691sqft four-bedroom unit on the first level that was sold for $5.8 million ($2,155psf), according to a caveat lodged with URA on Oct 12. The boutique project located just off Stevens Road comprises only spacious three- and four-bedroom apartments as well as penthouses. Unit sizes range from 2,154 to 5,490sqft.
Another unit at Ardmore II, on the 11th floor of the same tower, was sold for $2,649psf in early October. The unit was purchased in 2006 for $4.3 million ($2,105psf) from the developer and changed hands two years later in February 2008 at a 33.2% premium, at $5.7 million ($2,804psf). The most recent purchase of $2,649psf represents a dip of about 5.5% from the previous peak in early 2008.
According to property agents, prices in the luxury segment have stabilised. As such, buyers see value in purchasing completed condos in the prestigious locations where new launches are pegged at $3,500 to $4,500psf. “Properties in these prime districts that are priced under $3,000psf tend to attract investors who want to enjoy rental yields and hold the property for the medium term in the hope of future capital gains,” says realtor Goh.
There are many new projects in the Ardmore Park neighbourhood, he acknowledges. Directly across the road from Ardmore II is Wing Tai Holdings’ 43-unit ultra-luxury Le Nouvel Ardmore, where pricing ranges from $4,300 to $4,500psf. The sole transaction at Le Nouvel Ardmore was a 3,832sqft four-bedroom apartment on the 11th floor that was sold for $16.7 million ($4,362psf). Next door is Pontiac Land’s 58-unit Ardmore Residences (bold name), where all units are about 3,000sqft. On Anderson Road nearby is Nouvel 18, a 156-unit condo by Wing Tai and City Developments Ltd. Preview by appointment only has begun, with prices said to be starting from $3,600psf.
Adjacent to Nassim Park Residences is Hong Leong Holdings’ upcoming 33-unit boutique luxury condo, Sage. Of the 10 units launched for sale, eight have been sold. The most recent transaction, according to caveats lodged with URA, was for a 4,682sqft unit on the fifth floor sold for $13 million ($2,776psf). Prior to that, units had been sold from $3,629 (we believe this is a typo and should read $2,629) to $3,225psf.
Source: THEEDGE SINGAPORE