Le Nouvel Ardmore unit sold at $4,000 psf
By Tay Hock Meng
/ The Edge Property |
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There seems to be a pick-up in luxury condo transactions, especially in recent months. Some industry observers reckon that prices in the high-end segment have fallen about 20% from the peak in 2Q2013. “The smart money has started to re-enter the prime districts, especially Districts 9 and 10,” says Donald Han, managing director of Chesterton Singapore. “There’s a general sense that prices in the prime districts have fallen to a level at which they can’t possibly fall any further.”
In July, a 2,465 sq ft four-bedroom unit on the 16th floor of The Orchard Residences was sold for $7.25 million ($2,941 psf), according to a caveat lodged on July 23. The unit last changed hands in a sub-sale for $8.63 million($3,500 psf) in December 2010, which means the seller saw a price drop of 16% in the last five years. Meanwhile, a similar-sized unit on the 47th floor of the 56-storey tower was sold for $8.8 million ($3,570 psf), according to a caveat lodged on July 6. There were no earlier caveats lodged for this unit. The 175-unit luxury condo sits on top of ION Orchard shopping mall and the Orchard MRT station. The 99-year leasehold building was completed in 2010.
At Parkview Eclat, a boutique luxury condo on Grange Road, a 3,251 sq ft, four-bedroom unit was sold for $8.2 million ($2,523psf) last month, according to a caveat lodged on July 20. This was 28.3% below the unit’s purchase price of $11.44 million ($3,518 psf) back in 2007.
Meanwhile, Wing Tai Holdings’ Le Nouvel Ardmore is setting the highest price psf this year, after setting a record in terms of absolute price three months ago. A 3,961 sq ft four-bedroom unit on the fifth level of the 33-storey luxury condo tower was sold in July for $15.84 million, or $4,000 psf, making it the first unit to hit that level this year. This follows the sale of a 13,875 sq ft duplex penthouse that fetched $51 million ($3,675psf) in April. The 43-unit freehold luxury condo project located in the prestigious Ardmore Park enclave was designed by acclaimed architect Jean Nouvel and completed last year.
A 3,961 sq ft four-bedroom unit on the fifth level of the Le Nouvel Ardmore was sold in July at $4,000 psf
Cluny Park Residence, a low-rise block that is still under construction and developed by Tuan Sing Holdings, saw two transactions last month. Both were two-bedroom units on the second level of the four-storey, 52-unit private condo, which was designed by renowned architect Chan Soo Khian of SCDA Architects.
One was a 753 sq ft unit that fetched $1.92 million ($2,548 psf) on July 10; the other was an 840 sq ft unit that went for $2.19million ($2,606 psf) on July 30, according to URA Realis.
Cluny Park Residence is the only freehold condo on Cluny Park Road, adjacent to a Unesco World Heritage site and at the doorstep of the Botanic Gardens MRT station, which will be the future interchange for the Circle Line and Downtown Line, says Chong Chou Yuen, group chief financial officer of Tuan Sing Holdings. Popular schools in the vicinity include Raffles Girls’ Primary School, Nanyang Primary School and Anglo-Chinese School, he adds.
The two units that were sold in July and August were part of a selection of units that the developer had offered “at a special price” until September. Interest has also spiked over the past two months in the light of Botanic Gardens’ listing as a Unesco site. Since then, the showflat and sales gallery on Dempsey Road have attracted at least 50 visitors every weekend, adds Chong.
Twenty-six units at Cluny Park Residences have been sold, bringing the total average price for the project to $2,917 psf. If one were to look at just the five units sold so far this year (based on caveats lodged), the average price would be slightly lower at $2,692 psf, owing to the units sold that were offered at special prices.
This article appeared in the City & Country of Issue 690 (Aug 17) of The Edge Singapore.
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