At Twentyone Angullia Park, a 2,314 sq ft, three-bedroom unit on the 11th floor of the 36-storey tower was sold for $6.93 million, according to a caveat lodged on Nov 10. The sale price translated to $2,995 psf, marking the second lowest price in the project in per sq ft terms. The last transaction and the lowest in terms of price psf was that of a 2,777 sq ft, four-bedroom unit on the second floor; it changed hands for $8.3 million ($2,989 psf) in July.
John Fong, deputy head of business unit at KF Property Network, says the unit on the second level is the only one on that level, with the other units located from the ninth floor. Therefore, the pricing is “realistic” and presented “a buying opportunity”.
The recently sold unit on the 11th floor is also considered to be on a relatively low floor, says Samuel Eyo, managing director of Singapore Christie’s International Real Estate.
The sale price translated to $2,995 psf, the second lowest in the project, in psf terms, since units were sold in 2012
The developer, CS Land (formerly known as China Sonangol Land), is still pricing the remaining units on the lower floors in the range of $3,300 to $3,500 psf, and the upper floors from $4,000 psf, says Eyo.
TwentyOne Angullia Park was designed by Chan Soo Khian of SCDA Architects, the same architect for The Marq on Paterson Hill, located farther down Paterson Road. The 66-unit The Marq on Paterson Hill was developed by Simon Cheong of SC Global Developments, known for its luxury projects. Completed in 2011, The Marq is still the only condominium in Singapore where prices surpassed $6,000 psf.
Meanwhile, on Tomlinson Road just off Orchard Boulevard is Tomlinson Heights. The freehold 70-unit luxury condo developed by Hotel Properties was completed in August 2014. The project contains exclusively large units, with three-bedroom apartments from 2,734 to 2,745 sq ft, five-bedroom units from 4,004 to 4,047 sq ft and two five-bedroom penthouses of 4,941 sq ft.
A 4,047 sq ft, five-bedroom unit on the 32nd floor of the 36-storey tower was recently sold for $12 million ($2,965 psf), according to a caveat lodged on Nov 9. In September, a similar unit on the 30th floor was also sold for $12 million.
Like most luxury condo developers that are listed or have foreign shareholders, the developers of these two projects are subject to extension charges for unsold units two years after Temporary Occupation Permit (TOP). “These developers are therefore motivated to offer attractive prices to move their units,” says Christie’s Eyo.
OUE has achieved success in offloading its units with an innovative deferred payment scheme for its 462-unit OUE Twin Peaks. The launch of the first tower of 231 units was in mid-April and prices started from $2,100 psf. The 35-storey tower is now substantially sold. The second 35-storey tower was launched for sale towards end-July, with prices of units starting from $2,450 psf. The developer had also offered a variation of the deferred payment scheme for the second tower.
More recently, prices of units sold have crossed $3,000 psf. In the week of Nov 8 to 15, three one-bedroom units measuring 570 sq ft were sold. Two of the units are adjacent units on the 18th floor: One was sold for $1.64 million ($2,875 psf) and the other for $1.74 million ($3,058 psf). The third unit, located on the 21st floor, was sold for $1.79 million ($3,130 psf).
This article appeared in The Edge Property Pullout, Issue 756 (Nov 28, 2016) of The Edge Singapore.