A new record for home prices in Singapore has been set, once again. A unit in SC Global’s freehold The Marq On Paterson Hill has been sold for $5,100

A new record for home prices in Singapore has been set, once again. A unit in SC Global’s freehold The Marq On Paterson Hill has been sold for $5,100 per square foot (psf), the developer said yesterday.

SC Global, a developer of exclusive luxury residences, said it has sold all 21 apartments it released in the first phase of its 66-unit luxury development at an average selling price of $4,137 psf. The project started previewing last week.

The previous record for home prices was held by Parkview Eclat, where developer Chyau Fwu Group said it sold a four-bedroom apartment for ‘almost $4,200 psf’.

At The Marq, absolute prices for apartments ranged from about $11 million to $31 million, SC Global said.

Another luxury property - in the Bukit Timah area this time round rather than Orchard - has similarly seen hot demand. About 70 per cent of the UOL Group’s 120-unit Duchess Residences has been sold with prices crossing the $2,000 psf mark for several apartments, the company said. Sources said that the highest price fetched was in the region of $2,100 psf.

Duchess Residences started previewing on Monday, but most of the units were snapped up over four hours yesterday, BT understands. The project will be officially launched tomorrow, UOL said.

‘This (the high prices) confirms that the Bukit Timah area is seeing a lot of pent-up demand, and people are looking to buy,’ said Ku Swee Yong, director of marketing and business development at Savills Singapore.

Savills is marketing Duchess Residences together with DTZ Debenham Tie Leung.

Bukit Timah, which made waves during the last property boom, is expected to make a comeback this year. Other than Duchess Residences, at least five other developments will be launched there in the coming months, with prices expected to cross the $2,000 psf mark - a level not seen for the past 10 years.

SC Global shares traded unchanged at $6.40 yesterday before a late afternoon trading halt ahead of the announcement. UOL’s stock closed 15 cents higher at $5.80.

Source: The Business Times, 29 June 2007