Asking price for the units said to start from $2,500 psf
PREVIEWS are open for only multiple unit purchases, yet this project is already drawing interest – pointing towards better days for the high-end residential market.
Urban Suites, located at the former Char Yong Gardens site at Hullet Road, is attracting serious buyers from overseas, according to sources.
BT understands that the asking price for these freehold units starts from around $2,500 per sq ft. It is currently available to those who will buy at least two units and there is no news as to when it will be open to those who wish to purchase only a single unit.
Urban Suites, designed by Kerry Hill Architects, comprises 165 units spread across three towers.
There are 26 two-bedders, 94 three-bedders, 40 four-bedders and five duplex and triplex penthouses. The development is expected to receive temporary occupation permit in 2013.
Joint developers CapitaLand and Wachovia Development Corporation had bought Char Yong Gardens en bloc for $1,788 psf of potential gross floor area, including development charges, when the property market was booming in 2007.
The high-end residential sector endured a tough 2009 as the global financial mess unravelled – prices of private homes in the core central region slid an estimated 2 per cent for the full year.
But market watchers expect activity in the high-end sector to pick up this year as the economy recovers.
Colliers International research and advisory director Tay Huey Ying says that the interest which Urban Suites has reportedly drawn is not surprising.
She notes that buyers have become increasingly keen on prime apartments since late last year, as recent transactions have shown.
For instance, Urban Redevelopment Authority data for November shows that 87 units at Marina Bay Suites were sold at prices ranging from $1,826 psf to $2,623 psf.
Ms Tay also says that more foreigners have inquired about homes here since the end of last year. In general, many of them are Malaysians, Indians, Chinese and Indonesians.
The situation is different from that in 2007, when buyers came from as far as Europe or Middle East. ‘Those (buyers) have not really come back in a big way,’ she shares.
In a report yesterday, OCBC Investment Research maintained its positive view on the high-end sector, saying that ‘it is likely to benefit most from the opening of the two integrated resorts this year’.
Source: Business Times, 6 Jan 2010
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