The price of a condominium unit in Singapore has crossed the $5,000 per sq ft (psf) mark for the first time.

The all-time high was set by at least one apartment in The Marq on Paterson Hill, the latest project by luxury developer SC Global.

This 6,195 sq ft unit fetched $5,100 psf, or a total of about $31 million - also believed to be the highest price ever paid for a single condominium unit, said SC Global.

All the 21 units released at The Marq been taken up, just a week after SC Global said it would offer them at an invitation-only preview.

The apartments sold at the 66-unit development achieved an average price of $4,137 psf, SC Global said in a statement.

Each unit was priced at between $11 million and $31 million.

Prices of luxury condominiums have soared to new heights since the beginning of the year.

In March, they crossed the $4,000 psf mark at CapitaLand’s The Orchard in Orchard Turn and two weeks ago, an apartment in St Regis Residences in Cuscaden Road, developed by City Developments, fetched a record $4,635.50 psf.

Even The Marq’s record may not last for long, say property experts.

As Singapore’s property developers start catering more to ‘ultra-high net worth individuals’ from around the world, condominiums are likely to get more expensive, said Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.

‘We will continue seeing more and more opulent types of developments coming into the market, which will support continued growth in capital values,’ he added.

Despite the roaring market, average prices of Singapore’s most luxurious condominiums are still below those in major cities.

In Tokyo and Hong Kong, for instance, the average price of the most prime apartments is more than $3,000 psf, Mr Ku said.

In New York, it is $4,000 psf, and in London, it can go up to $9,000 psf. The average price of luxury condominiums in Singapore is about $2,000 psf.

The record-setting apartment at The Marq was one of eight sold in the development’s Signature Tower, which boasts a 15m private lap pool in every unit. Each unit takes up an entire floor.

Although SC Global would not disclose the nationality of the buyer who forked out $31 million, it said that 65 per cent of The Marq’s buyers so far have been foreigners.

They hail from Indonesia, Malaysia, Britain, China and India, the developer added.

SC Global also said it has not yet finalised a date for the release of the other units at The Marq.

Source: The Straits Times, 29 June 2007