DEVELOPERS managed to sell 72 homes for more than $4,000 per square foot last month

DEVELOPERS managed to sell 72 homes for more than $4,000 per square foot last month - four-and-a-half times the 16 homes they sold at this price in June, latest figures show.

According to Knight Frank’s analysis of official data released yesterday, the big jump came as a result of the launch of Scotts Square by Wheelock Properties (Singapore).

Sixty-four of the total 150 units in the project sold by the developer in July were in the above $4,000 to $4,500 psf price band, while the other 86 units were sold in the above $3,500 to $4,000 psf range.

The median price for the 150 units sold at Scotts Square was $3,959 psf, with the lowest price being $3,638 psf and the highest $4,428 psf, according to the Urban Redevelopment Authority’s (URA) data on the number of homes in uncompleted projects launched and sold by developers in July.

Other projects that saw primary market sales at above $4,000 psf last month include The Orchard Residences, The Marq On Paterson Hill and Cliveden at Grange.

‘These were the same developments that contributed to the number of units that were sold above $4,000 psf in June,’ Knight Frank said.

The median price for the 25 units sold by City Developments for Cliveden in July was $3,729 psf, with the range of prices being $3,265 psf to $4,162 psf.

SC Global sold two units at The Marq in July, at $4,908 psf and $4,978 psf.

The Orchard Residences saw six primary market transactions last month at prices ranging from $2,808 psf to $4,577 psf, with a median price of $4,047 psf.

Soon Su Lin, chief executive of Orchard Turn Developments, the project’s developer, confirmed that the company has sold a penthouse for $5,500 psf - a new record for a condo in Singapore - but that the transaction was registered only in early August.

Examples of projects with primary market transactions at median prices above $3,000 psf in July include The Lumos at Leonie Hill, Parkview Eclat at Grange Road and Paterson Suites at Paterson Road/Lengkok Angsa.

The URA data also showed there were some projects with transactions at much lower prices in other segments of the real estate market.

GuocoLand sold 19 units at The Quartz in Buangkok at a median price of $648 psf, with the actual prices ranging from $554 to $749 psf.

Five homes at Suffolk Premier were sold at $481 to $753 psf and six units at La Casa in Woodlands fetched $506-561 psf. Far East Organization sold 13 units at The Lakeshore near Boon Lay MRT Station at $684-866 psf.

Brisbane Development sold six cluster landed homes at the freehold Illoura project at Old Holland Road at $970 to $1,175 psf while Clydesbuilt Capital found buyers for two freehold strata-titled detached homes at Lornie 18 at $1,150 psf each.

Grensburg Investment sold 65 units at Fontaine Parry at Poh Huat Road at $591-994 psf.

United Engineers sold 365 homes at The Rochester in the one-north precinct at $905 to $1,680 psf.

CapitaLand sold 55 units at The Seafront On Meyer at $1,364-$2,182 psf. Knight Frank’s analysis shows that developers sold a total of 1,378 uncompleted homes in July, up nearly 20 per cent from the figure for June.

The total number of uncompleted homes launched in July increased 15.7 per cent to 1,315 units over the same period.

Source : Business Times - 16 Aug 2007