A second-floor unit at the 36-storey TwentyOne Angullia Park luxury condo was sold by developer China Sonangol for $8.3 million, according to a caveat lodged on July 18. The price for the 2,777 sq ft, four-bedroom unit translated to $2,989 psf, which is the lowest price achieved in the development since it was launched in 2012, and also marks the first time prices at the condo have fallen below $3,000 psf.

Prior to the sale of the second-floor unit, a 3,348 sq ft four-bedroom unit was sold for $12.05 million ($3,600 psf) in February.

The last time a low-floor unit was sold at TwentyOne Angullia Park was in May 2012, when a 1,894 sq ft three-bedroom unit on the third floor fetched $7.5 million ($3,958 psf). Prices in the development hit a peak in June 2013 when the 7,718 sq ft penthouse was sold for $42.9 million ($5,560 psf) and the 2,260 sq ft, three-bedroom unit directly below it was sold for $11.53 million ($5,099 psf). The buyer of the two units was said to be Malaysian businessman Low Taek Jho, more commonly known as Jho Low, who is ensnared in the 1MDB scandal rocking the country.

The recent sale of a second-floor unit at TwentyOne Angullia Park marks
the first time prices at the condo have fallen below $3,000 psf

According to Samuel Eyo, managing director of Singapore Christie’s International Real Estate, the 54-unit freehold luxury condo, which was completed in 2014, is under pressure to reduce prices, as others in the prime districts — notably OUE Twin Peaks and Ardmore Three — have done the same.

Meanwhile, at the luxury waterfront enclave of Sentosa Cove, a 1,216 sq ft, two-bedroom unit on the second floor of one of the towers at The Oceanfront was recently sold for $1.68 million ($1,381 psf), according to a caveat lodged on July 18. The previous owner paid $1.58 million ($1,300 psf) for the unit in a sub-sale in June 2009, at the trough of the Singapore housing market, just before it started to recover.

Prior to that, a 1,711 sq ft, three-bedroom unit on the sixth floor changed hands for $2.9 million ($1,694 psf), according to a caveat lodged on April 12. The unit last changed hands for $3.39 million ($1,979 psf) in June 2011. Thus, the owner saw a loss of $487,780 (14.4%) after holding the property for five years.

Earlier this year, a 1,647 sq ft, three-bedroom unit at The Oceanfront fetched $1.89 million ($1,150 psf), according to a caveat lodged on March 2. The seller bought the unit for $2.09 million ($1,270 psf) in a sub-sale in September 2008, when the global financial crisis struck. It is the lowest price psf achieved since the high-end project was launched in 2006 at an average price of $1,360 psf. The 264-unit, 99-year leasehold condo was completed in 2010.

This article appeared in the The Edge Property pullout of Issue 739 (August 1, 2016) of The Edge Singapore.