12 Botanika units sold at weekend auction

12 Botanika units sold at weekend auction

Prices range from $1,710 to $2,420 psf; but sources say bidding is slow

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TWELVE units at Tuan Sing's freehold Botanika development in Holland Road were sold at a Colliers International and Christie's Great Estates auction during the weekend, at prices ranging from $1,710 per square foot to $2,420 psf. The average price achieved was $2,040 psf.
Good prices: The auction units at Botanika fetched $3.05 million to $5.63 million

In absolute price terms, the units fetched about $3.05 million to $5.63 million.

While this sounds impressive, sources told BT the bidding was slow and that at times, the auctioneers seemed to be struggling to achieve the reserve prices.

Contacted yesterday, Colliers auctioneer Grace Ng, who is also the firm's deputy managing director (agency and business services), acknowledged that 'the pace of bidding was slower than usual'.

'Because of the high value of the properties, bidders hence took a longer time to think,' she said. Each property drew two to four bids.

The slow pace of bidding may also have been because Tuan Sing tried to weed out potential speculators by stating clearly in the term sheet that no reassignment of options would be allowed.

'Speculators who make private arrangements to reassign options - although this is against the law - are basically trying to save on the stamp duty payment,' said a market watcher.

The successful bidders for the apartments were predominantly foreigners, including permanent residents - from Australia, the US, Hong Kong, India, Indonesia and Malaysia. Only one or two Singaporeans are said to have been buyers. In all, there were 11 buyers for the 12 units on offer. One buyer picked up two units.

The 12 units include four combined units - that is, two apartments combined into one. Hence in all, Tuan Sing sold 16 strata units at the auction. This, combined with 18 units the listed developer sold through private previews earlier, means the 34-unit project is now fully sold.

The four-storey development, which has an attic and a basement carpark, is likely to be completed next year. It was designed by Chan Soo Kian of SCDA Architects.

The auction, at Goodwood Park Hotel on Saturday afternoon, was open only to invited bidders. It drew close to 200 people, according to Colliers, which conducted the auction jointly with Christie's Great Estates exclusive affiliate, Ken Jacobs.

The lowest per square foot price at the auction - $1,710 psf - was for a 3,294 sq ft combined unit on the ground floor. The highest - $2,420 psf - was for a penthouse.

'This is the first time an auction has been held for an uncompleted development. The winning bids exceeded our initial price expectations,' said Colliers' Ms Ng.