Confidence seems to be returning to the luxury condominium segment, with several big-ticket transactions above $5 million transacted between July 18 and 25. At Leedon Residence in District 10, a duplex garden suite was sold for about $11.5 million ($1,648 psf) on July 21. The 6,986 sq ft, five-bedroom unit is located across the first and second levels of the condo.
The buyer, a foreigner, is also believed to have purchased the five-bedroom duplex directly above the garden suite for $8.8 million ($1,871 psf), according to a caveat lodged on the same day. The buyer was said to have been drawn to the project’s design by Chan Soo Khian of SCDA Architects, its facilities and the lush landscaping on the 4.9ha freehold site.
Developed by Singapore-listed GuocoLand, the 381-unit Leedon Residence is located on Leedon Heights, near the Farrer Road MRT station on the Circle Line. The development obtained its Temporary Occupation Permit in June 2015, and is more than 90%-sold so far, says GuocoLand.
The buyer of a garden suite at Leedon Residence was drawn to SCDA Architects’ design for the project, which features lush greenery on the 4.9ha freehold site
The larger units at Leedon Residence, including the garden suites, have been popular with owner-occupiers. There are only six units of five-bedroom duplex garden suites on the first level, three of which have been sold, including the one transacted on July 21.
The largest garden suite sold to date was 8,051 sq ft, and it fetched $12.5 million ($1,553 psf) in February. Another unit, measuring 7,987 sq ft, was sold for $12.17 million ($1,524 psf) in June 2015.
“We have been consistently selling large units at $8 million to $12.5 million each,” says Cheng Hsing Yao, group managing director of GuocoLand Singapore in an email. “They give residents the feeling of living in a landed home, within a resort-like estate.”
At the 70-unit Tomlinson Heights on Tomlinson Road, two identical purchases were lodged on July 24 at $15 million each. Each transaction comprised two units: a 4,047 sq ft, five-bedroom duplex and an adjacent 2,745 sq ft, three-bedroom simplex on the 33rd floor of the 36-storey tower.
Tomlinson Heights saw two caveats lodged for $15 million each on July 24
Tomlinson Heights, completed in 2014, was developed by listed property group Hotel Properties, which also developed the neighbouring 202-unit Four Seasons Park in 1994.
Since Tomlinson Heights previewed in August 2010, close to 90% of the units have been sold. The highest-priced units were its two 4,941 sq ft penthouses, which are also five-bedroom duplexes with private Jacuzzis. The penthouses, on the 36th floor, fetched $18 million ($3,643 psf) and $18.3 million ($3,704 psf) in January and June 2011, respectively.
This article appeared in The Edge Property Pullout, Issue 791 (Aug 7, 2017) of The Edge Singapore.