Penthouse may go for $5K psf

Penthouse may go for $5K psf

Business Times

MAINBOARD-listed SC Global Developments is selling a penthouse in The Boulevard Residence (BLVD) by auction next month. Colliers International, one of the two auctioneers for the property, expects the 7,029 square foot unit to fetch about $35 million or almost $5,000 per square foot.

Market watchers note this is more than double the $16 million an identical penthouse in the freehold development’s other tower was sold for in May last year to high-flying Japanese fund manager Yoshiaki Murakami, who was later indicted for insider trading.

Both penthouses occupy the top three levels of the 36-storey development, which was completed in 2005.

Colliers auctioneer Grace Ng said the $5,000 psf price expectation for the ’super penthouse’ is based on the surge in luxury home prices and high-floor units at the nearby 99-year leasehold Orchard Residences having already fetched over $4,000 psf.

‘As well, currently, this is the only new penthouse unit in a move-in condition in the location, being offered by its developer. And it boasts 360-degree views,’ she said of the BLVD unit on offer. The unit comes with an 11-metre private lap pool and an open rooftop terrace.

The auction for the penthouse will be conducted on May 20 jointly by Colliers and Christie’s Great Estates exclusive affiliate Ken Jacobs.

BLVD comprises 46 units housed in two towers.