The most coveted address among the traditional prime residential districts is district 9, in the neighbourhood of Claymore Road and Claymore Hill, Ard more Park and Draycott Park and in the vicinity of the American Club and Tanglin Club, just off Orchard Road. Luxury condominiums in both existing and new developments in that area have soared above $2,000 psf in the last two months — which is pretty much back to the levels seen in 1Q2007, near the peak of the recent boom.
At The Claymore, prices are at the levels prior to the Lehman Brothers collapse last September. Last month, a 19th-floor unit in one of the twin towers changed hands for $5.79 million, or $2,160 psf. This is the fourth time the apartment has changed hands in the last 14 years, and it’s the highest price achieved to date for that particular unit. According to URA Realis, the previous owner purchased the unit in early 2005 for $3.2 million ($1,194 psf). Prior to that, it changed hands in September 2000 at $3.45 million ($1,287 psf). In May 1995, the 2,680 sq ft apartment was sold for $3.7 million ($1,380 psf).
The last time a unit at The Claymore changed hands above $2,000 psf was in May 2008, when a 17th-floor apartment was sold for $6.8 million ($2,537 psf). At the peak of the market in July 2007, a 13th-floor apartment was sold at $8.55 million, or $3,190 psf, which set a record for prices achieved at the condo.
Built in the mid-1980s, The Claymore on Claymore Road is one of the few condos sitting on a sizeable freehold site that have not been put up for en-bloc sale. Units in the development are large, with three-bedroom apartments at 2,680 sq ft and four-bedroom apartments at 3,348 sq ft. In early 2007, market rumour was that the owners in the condo had intended to go for a collective sale with an indicative price of $1 billion, but the plan was subsequently aborted.
Next to The Claymore is Hong Leong Holdings’ 85-unit luxurious apartment development, the Tate Residences, which is close to completion. Units there have been changing hands in the sub-sale market at $2,150 to $2,500 psf in the last two months. For instance, a 13th-floor 2,185 sq ft apartment sold for $5.24 million, or $2,400 psf, in early July. Prices today are pretty much back to levels seen in sub-sales done in 1Q2007, which were from $2,391 to $2,545 psf.
Even at Wheelock Properties’ Ardmore II, which is also close to completion, a 2,024 sq ft unit changed hands in a sub-sale at $4.7 million ($2,329 psf) in early June, and word on the street is that the most recent sub-sale for a unit in the freehold luxury condo was done at $2,600 psf, although the caveat has yet to be lodged.
A short distance away is Draycott Eight, a 99-year leasehold, 136-unit luxury condo by Wing Tai Holdings that was completed in 2005. Most recently, a 15th-floor, four-bedroom apartment of 2,896 sq ft was sold for $6.3 million, or $2,176 psf, in a resale. In June, a 1,173 sq ft, two-bedroom apartment on the sixth floor of one of the blocks was sold for $2.23 million ($1,900 psf). Multiple units at Draycott Eight were sold at $2,600 psf in December 2007. And, in April last year, a third floor, four-bedroom apartment was sold in the resale market for $8.3 million, or the top price of $2,867 psf in terms of price psf achieved for the development.
At the corner of Tanglin and Grange Roads is Grange Residences, completed in 2004. Since May, units in the 164-unit development by Wheelock Properties have been changing hands in the resale market at $2,000 psf and above. Most recently, a 2,583 sq ft apartment on the eighth floor of one of the two towers was sold for $5.35 million ($2,071 psf). At the peak of the market, from the mid-2007 to mid-2008, units changed hands for as high as $2,791 psf.
Elsewhere, at the newly completed 545- unit RiverGate condo located at Robertson Quay, which offers amazing views of the Singapore River, the most recent transaction was that of a 3,918 sq ft apartment on the 39th floor. It was sold for $7.37 million, or $1,880 psf. This is pretty much back to the peak-level prices seen in 3Q2007.
Source: The Edge, 10 Aug 2009