Toward the end of May, some luxury condos have been quietly showcased on overseas road shows in Hong Kong. And sales at these road shows have been strong, say property consultants. Some of the projects include Marina One Residences by M+S, Wheelock Properties’ Scotts Square and Wing Tai’s The Crest at Prince Charles Crescent. United Industrial Corp's V on Shenton has also seen healthy sales at its road shows in Hong Kong since the start of the year. Word on the street is that Far East Organization will be bringing The Scotts Tower to Hong Kong this weekend. On the back of the success of Scotts Square, Wheelock Properties is said to be contemplating bringing its luxury condo project Ardmore 3 to Hong Kong.
“Hong Kong buyers are opening up to Singapore property again,” says Joseph Tan, executive director of CBRE’s residential division. Even the upscale 221-unit Marina Bay Suites which was completed in 2013 and had about 18 unsold units have sold most of them. To date, only three remain unsold. “It’s a good time for them to buy into Singapore property as the city-state’s currency has weakened against the Hong Kong dollar and Chinese Renmimbi, and luxury property prices in Singapore have still not fully recovered as yet,” he remarks. Prices of high floor units sold at the 66-storey Marina Bay Suites since January this year ranged from $2,153 psf to $2,948 psf.
The 221-unit Marina Bay Suites has only three remaining unsold units to date
According to Samuel Eyo, managing director of Singapore Christie’s Homes, while developers may be holding back their launches of luxury condos in Singapore, they are certainly ramping up their overseas road shows. And response from foreign buyers has been strong, not just in Hong Kong, but in Malaysia as well. “Singapore’s relatively stable currency relative to the weaker Malaysian Ringgit makes Singapore’s prime condos a compelling buy,” he observes.
Based on caveats lodged toward the end of May, there were seven units sold at Marina One Residences at prices ranging from $2,020 psf for a low floor unit to $2,826 psf. Marina One Residences is part of an integrated development, and contains twin 521-unit towers. To date, only one of the towers has been released for sale, with the other residential tower to be released only upon completion in 2016.
The Crest is a 99-year leasehold condo with 469 units, with apartments ranging from one- to five-bedroom units, and located at Prince Charles Crescent, is in the vicinity of the Good Class Bungalow estates of Jervois, Chatsworth and Bishopsgate. A handful of units were sold in May, according to caveats lodged as of June 9, at prices ranging from $1,643 psf to $1,784 psf.
In the resale market, even Sentosa Cove saw a number of transactions at some of the older condos. One unit at The Berth by the Cove developed by Ho Bee Land and completed in 2006, recently changed hands for $2.52 million ($1,259 psf). The unit was last traded for $2.98 million ($1,488 psf), according to a caveat lodged on March 2010. This means the latest seller saw a 15.4% drop in prices.
Meanwhile at The Oceanfront, a 1,216 sq ft three-bedroom apartment was sold for $1.85 million ($1,521 psf), according to a caveat lodged on May 29. Prior to that, the property had been purchased from the developer, a joint venture between City Development and TID Pte Ltd, back in 2006 for $1.59 million ($1,307 psf).
This article appeared in the City & Country of Issue 681 (June 15) of The Edge Singapore.