PRICES ranging from $7 million to $12 million have been racked up for each of the 28 units at the posh Hilltops condo.
The flats were sold for an average price of just over $3,900 per sq ft (psf), which has made the Cairnhill Circle estate one of the most expensive in town.
Sources said one unit in the SC Global Developments property had been sold for more than $4,800 psf. The lowest price fetched was $3,500 psf.
The three-bedroom units were believed to have commanded a price of nearly $7 million, while the four- to five-roomers went for up to $12 million.
About half of the buyers were foreigners, with the rest locals and permanent residents, said sources.
Most opted for the progressive payment scheme, instead of the deferred payment scheme that the Government recently axed, although it was still available for Hilltops.
The 28 units sold are among the 30 launched about a month ago. The freehold 20-storey condo has 240 flats, mostly three- and four-bedroom units.
Prices at Hilltops have pipped those at the nearby 140-unit Helios Residences, where 69 units were sold for an average of just over $3,000 psf each.
Values in the Cairnhill area have increased dramatically with new launches in recent months following a spate of collective sales in the area.
Savills Singapore’s director of marketing and business development, Mr Ku Swee Yong, said developers with a solid product and a willingness to tolerate a slower pace of sales will be able to achieve relatively high prices.
‘While the market seems to be a bit quieter recently, there is still strong interest for luxurious properties, as more and more wealthy people park their funds in Singapore,’ he said.
Source : Straits Times - 5 Nov 2007
Showing posts with label SC Global. Show all posts
Showing posts with label SC Global. Show all posts
Monday, November 5, 2007
Friday, August 10, 2007
As prices of luxury property continue their seemingly unstoppable climb, the heat is on developers to give buyers more bang for their buck.
As prices of luxury property continue their seemingly unstoppable climb, the heat is on developers to give buyers more bang for their buck. And they are rising to the challenge by offering more “”exclusive’’ projects with fewer, bigger units full of fancy trimmings.
Some 39 luxury projects with a total of more than 3,600 units could be launched this year, says Colliers International. And about two-thirds of these developments will have 100 units or less.
The number of units per project is shrinking as apartments get bigger, market watchers say. For example, penthouse sizes have grown by 20-100 per cent since the 1990s, according to Colliers’ director of research and consultancy Tay Huey Ying.
“”In the 1990s, penthouses were usually about 3,500-5,000 square feet,’’ she says. “”Today we are looking at more and more penthouses in the range of 7,000 sq ft and above.’’
Developers are also throwing in goodies such as European designer fittings, spas in all apartments and a separate pool for each unit to sweeten the pot.
“”As prices go up, people expect more,’’ Koh Brothers chief executive Francis Koh told BT.
“”If you buy a new unit instead of a resale unit, it has to be value-added. So we need to innovate.’’
Luxury home prices in Singapore are indeed on the way up.
In just the first quarter of 2007, prices of uncompleted projects in the Core Central Region - which includes Districts 9, 10, 11, Marina Bay and Sentosa - rose 7.3 per cent.
And for the whole of 2006, prices of uncompleted projects in these prime areas rose 25.4 per cent. With prices expected to keep climbing for the rest of the year, developers are getting creative, making sure their offerings have the works.
SC Global Developments has a few firsts in mind. Its Marq On Paterson Hill will feature one tower with a 15-metre private lap pool in every apartment on every floor. The Marq is expected to be launched this year at upwards of $2,800 per square foot.
And another SC Global project, Hilltops, promises a resort-style steam spa in every apartment. Hilltops is expected to be launched this year at $2,500 to $3,000 psf.
Similarly, Koh Brother’s 53-unit The Lumos, in the Leonie Hill area, will have a sky garden on every floor. Every unit will open on to a landscaped plot of green living space, which Koh Brothers says will provide residents with “”a refreshing sanctuary and an access to nature that is unrivalled among high-rise developments’’.
Besides exclusives like these, developers are splashing out to install the latest designer fittings in their apartments.
At The Lumos, each unit will come with an Italian-made Visentin Rainbow Shower, so you can change the backlight colours to suit your mood while showering. The master bathroom in each unit will be walled with Strass Swarovski Crystal tiles.
And in what the company says is another first, the exterior-facing bathroom windows are made of Liquid Crystal Glass, so you can turn from frosted to clear at the flick of a switch.
With features such as these, says Colliers’ Ms Tay, developers are trying to create a lifestyle that sells their apartments.
But some analysts say all the extras are adding to the cost - which again leads to increased prices.
“”It’s a cycle,’’ said an analyst with a foreign brokerage here. “”People pay more, so the developers spend more money to justify the price. And this again drives prices up.’’
But with luxury home prices still continuing to climb, the trend can be expected to continue this year, the analyst said.
Some 39 luxury projects with a total of more than 3,600 units could be launched this year, says Colliers International. And about two-thirds of these developments will have 100 units or less.
The number of units per project is shrinking as apartments get bigger, market watchers say. For example, penthouse sizes have grown by 20-100 per cent since the 1990s, according to Colliers’ director of research and consultancy Tay Huey Ying.
“”In the 1990s, penthouses were usually about 3,500-5,000 square feet,’’ she says. “”Today we are looking at more and more penthouses in the range of 7,000 sq ft and above.’’
Developers are also throwing in goodies such as European designer fittings, spas in all apartments and a separate pool for each unit to sweeten the pot.
“”As prices go up, people expect more,’’ Koh Brothers chief executive Francis Koh told BT.
“”If you buy a new unit instead of a resale unit, it has to be value-added. So we need to innovate.’’
Luxury home prices in Singapore are indeed on the way up.
In just the first quarter of 2007, prices of uncompleted projects in the Core Central Region - which includes Districts 9, 10, 11, Marina Bay and Sentosa - rose 7.3 per cent.
And for the whole of 2006, prices of uncompleted projects in these prime areas rose 25.4 per cent. With prices expected to keep climbing for the rest of the year, developers are getting creative, making sure their offerings have the works.
SC Global Developments has a few firsts in mind. Its Marq On Paterson Hill will feature one tower with a 15-metre private lap pool in every apartment on every floor. The Marq is expected to be launched this year at upwards of $2,800 per square foot.
And another SC Global project, Hilltops, promises a resort-style steam spa in every apartment. Hilltops is expected to be launched this year at $2,500 to $3,000 psf.
Similarly, Koh Brother’s 53-unit The Lumos, in the Leonie Hill area, will have a sky garden on every floor. Every unit will open on to a landscaped plot of green living space, which Koh Brothers says will provide residents with “”a refreshing sanctuary and an access to nature that is unrivalled among high-rise developments’’.
Besides exclusives like these, developers are splashing out to install the latest designer fittings in their apartments.
At The Lumos, each unit will come with an Italian-made Visentin Rainbow Shower, so you can change the backlight colours to suit your mood while showering. The master bathroom in each unit will be walled with Strass Swarovski Crystal tiles.
And in what the company says is another first, the exterior-facing bathroom windows are made of Liquid Crystal Glass, so you can turn from frosted to clear at the flick of a switch.
With features such as these, says Colliers’ Ms Tay, developers are trying to create a lifestyle that sells their apartments.
But some analysts say all the extras are adding to the cost - which again leads to increased prices.
“”It’s a cycle,’’ said an analyst with a foreign brokerage here. “”People pay more, so the developers spend more money to justify the price. And this again drives prices up.’’
But with luxury home prices still continuing to climb, the trend can be expected to continue this year, the analyst said.
Friday, July 27, 2007
SC Global makes top bid for Sentosa site
It offered $268.3m for a 99-year leasehold condo plot near Tanjong Beach
LUXURY residential developer SC Global Developments has finally made a catch at Sentosa Cove.
It yesterday placed the top bid of $268.3 million - $1,799.78 psf of potential gross floor area - for a 99-year leasehold condo plot next to Tanjong Beach, according to provisional tender results.
This is around 32 per cent higher than the previous record for condo land in the area, of $1,361 psf per plot ratio, set in March this year, by a Ho Bee-IOI joint venture. That was for The Seaview Collection plot, which can be built up to eight storeys high.
The Ho Bee-IOI tie-up is believed to have emerged as the second-highest bidder at yesterday’s tender for the The Beachfront Collection. Its bid was around 3 per cent below SC Global’s.
SC Global had bid for earlier sites on Sentosa Cove but not aggressively, says it chairman and CEO Simon Cheong.
‘We’ve been waiting for this site. This is a rare site on Sentosa Cove - the only site where you can come out of your condo and walk directly to Tanjong Beach. We’ll be able to create on this plot a product which is synonymous with the SC Global branding.
‘This is also the only condo plot on Sentosa Cove flanked by the sea and the golf course.’
Mr Cheong could not say just how many apartments he is planning to develop on the site, but the maximum allowed by Sentosa Cove Pte Ltd - the master planner for the upmarket waterfront district - for the plot is 88 units. The 113,797 sq ft plot has a 1.31 plot ratio (ratio of maximum potential gross floor area to land area) and a four-storey height limit.
Analysts reckon SC Global’s break-even cost for a new condo on the site could be around $2,300 to $2,400 psf.
The project should be launch-ready in Q3 next year. Based on SC Global’s track record of commanding premium prices for its projects, it would not be surprising if it is hoping for an average selling price of $3,000 psf or higher, market watchers reckon. Currently, subsale prices at condos on Sentosa Cove are said to have surpassed the $2,300 psf mark.
Yesterday’s tender drew a total of five bids. Besides the bids from SC Global and the Ho Bee-IOI tie-up, the other contenders are said to include Frasers Centrepoint and Hong Leong.
Source: The Business Times, 25 July 2007
LUXURY residential developer SC Global Developments has finally made a catch at Sentosa Cove.
It yesterday placed the top bid of $268.3 million - $1,799.78 psf of potential gross floor area - for a 99-year leasehold condo plot next to Tanjong Beach, according to provisional tender results.
This is around 32 per cent higher than the previous record for condo land in the area, of $1,361 psf per plot ratio, set in March this year, by a Ho Bee-IOI joint venture. That was for The Seaview Collection plot, which can be built up to eight storeys high.
The Ho Bee-IOI tie-up is believed to have emerged as the second-highest bidder at yesterday’s tender for the The Beachfront Collection. Its bid was around 3 per cent below SC Global’s.
SC Global had bid for earlier sites on Sentosa Cove but not aggressively, says it chairman and CEO Simon Cheong.
‘We’ve been waiting for this site. This is a rare site on Sentosa Cove - the only site where you can come out of your condo and walk directly to Tanjong Beach. We’ll be able to create on this plot a product which is synonymous with the SC Global branding.
‘This is also the only condo plot on Sentosa Cove flanked by the sea and the golf course.’
Mr Cheong could not say just how many apartments he is planning to develop on the site, but the maximum allowed by Sentosa Cove Pte Ltd - the master planner for the upmarket waterfront district - for the plot is 88 units. The 113,797 sq ft plot has a 1.31 plot ratio (ratio of maximum potential gross floor area to land area) and a four-storey height limit.
Analysts reckon SC Global’s break-even cost for a new condo on the site could be around $2,300 to $2,400 psf.
The project should be launch-ready in Q3 next year. Based on SC Global’s track record of commanding premium prices for its projects, it would not be surprising if it is hoping for an average selling price of $3,000 psf or higher, market watchers reckon. Currently, subsale prices at condos on Sentosa Cove are said to have surpassed the $2,300 psf mark.
Yesterday’s tender drew a total of five bids. Besides the bids from SC Global and the Ho Bee-IOI tie-up, the other contenders are said to include Frasers Centrepoint and Hong Leong.
Source: The Business Times, 25 July 2007
Monday, July 2, 2007
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
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
Friday, June 29, 2007
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
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
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