In the Tanglin area is the 46-unit luxurious 8 Napier, located next to Gleneagles Hospital and Medical Centre and the Singapore Botanic Gardens. According to URA, as at end-October, 27 units in the luxury condo have been sold. The project was completed last year. The developer of 8 Napier is Hasetrale Holdings. In late 2007, 19 units were sold to private equity real estate investment fund MGPA's Asia Fund III at an average price of $3,550psf. The fund sold the units in July last year for an undisclosed price.
There seems to be interest in old condos with spacious apartments. At the 274-unit freehold Tanglin Park condo developed by City Developments Ltd (CDL) 22 years ago, there were two transactions in the week of Nov 1 to 8, based on caveats downloaded from URA Realis as at Nov 23. A 1,593sqft three-bedroom apartment on the eighth level was sold for $3.2 million ($2,009psf). This is the fifth time the unit has changed hands in the last 16 years (URA's database of caveats go back only to January 1995).
The second transaction at Tanglin Park in the week of Nov 1 to 8 was for a 1,109sqft two-bedroom apartment that changed hands for $2.1 million
"Tanglin Park's main attraction is its location; being in a quiet and exclusive neighbourhood is definitely an advantage," says Andy Goh, a property agent and president of AG Prestige Home.
Another condo that is known for its luxurious and spacious apartments is the 330-unit Ardmore Park by Wheelock Properties that was completed 10 years ago. The development comprises three 30-storey towers and typical units are 2,885sqft four-bedroom apartments. There are four penthouses of 8,740sqft. A four-bedroom unit on the eighth floor of one of the towers changed hands recently for $9 million ($3,120psf). Based on caveats lodged, the seller had purchased it for $5.03 million
Source: THEEDGE SINGAPORE
THE EDGE should really double check their figures before they go to print...