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Prime projects continue to see steady take-up, set benchmark prices

/ EdgeProp |

April 1, 2019 8:00 AM SGT

Since Boulevard 88 previewed on March 8, a total of 23 out of 25 released units has been snapped up, according to City Developments Ltd (CDL) in response to queries from EdgeProp Singapore. The average selling price achieved was $3,590 psf. Based on the healthy take-up, CDL and its joint venture partners, Hong Leong Holdings and Lea Investments, have decided to release another 10 units for sale.

Since its preview on March 8, the ultra-luxury Boulevard 88 has seen 23 out of 25 released units snapped up at an average of $3,590 psf (Credit: CDL)

The majority of the units sold were said to be four-bedroom units priced at above $10 million. The remaining units sold were a mix of two-bedroom-plus-study and three-bedroom units. There are 50 units each of two-bedroom-plus-study, three-bedroom and four-bedroom units, with sizes from 1,313 to 2,799 sq ft. There are also four penthouses of 5,673 to 6,049 sq ft.

According to CDL, about 60% of the buyers are Singaporeans, with the rest a mix of permanent residents and international buyers primarily from Indonesia, China and the US.

Boulevard 88 is a redevelopment of the former Boulevard Hotel. The development is designed by Moshe Safdie, and contains twin 28-storey residential towers integrated with a luxury hotel branded Edition.

At the Robertson Quay area, Martin Modern has seen a handful of units sold in March alone. They ranged from a low-floor, two-bedroom unit of 764 sq ft that fetched $1.96 million ($2,560 psf), to a high-floor, two-bedroom unit of the same size that fetched $2.18 million ($2,847 psf). Meanwhile, a mid-floor, three-bedroom unit of 1,987 sq ft, went for $3 million ($2,773 psf), topping transactions in terms of absolute price.

This brings total sales at the 450-unit Martin Modern to 315, or 70%. The sales gallery will soon be torn down to make way for construction.

The crowd at Martin Modern during the preview in July 2017. The project is 70% sold and has set the benchmark price for the Robertson Quay area (Credit: GuocoLand)

In December, a 1,012 sq ft, three-bedroom unit on the 29th floor went for $3.25 million ($3,208 psf), which was the highest price psf achieved at Martin Modern to date.

According to an industry source, “Martin Modern has been setting the benchmark price for the Robertson Quay area.”

Another development that is doing the same in the Bukit Timah-Dunearn Road neighbourhood of District 21 is Mayfair Gardens. A total of 140 units out of 215 in the project have been sold since it was launched last September. This means 65% of the project has been sold, at an average selling price of $1,925 psf.

A total of 140 units out of 215 at Mayfair Gardens have been sold to date at an average of $1,925 psf (Picture: Albert Chua/EdgeProp Singapore)

The developer, Oxley Holdings, is set to launch the Mayfair Modern, a more upscale development located adjacent to Mayfair Gardens, on April 6. Mayfair Modern contains.

Both Mayfair Gardens and Mayfair Modern are redevelopment of the former 99-year leasehold Mayfair Gardens on Rifle Range Road, which Oxley had purchased en bloc for $311 million in November 2017.

According to Eugene Lim, Oxley Holdings’ director of marketing and sales, “buyers find value in terms of pricing, proximity to the King Albert Park MRT Station, 1km from Methodist Girls’ School and the architecture as well as design.”

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