There was a flurry of activity in the Newton Road area, with five transactions of between $1,100 and $1,676 psf carried out from Sept 25 to Oct 2, according to caveats lodged with URA Realis. The highest psf transacted price for that week was seen at a 1,216 sq ft, 10th-floor apartment at Newton One — it was sold for $2.038 million or $1,676 psf. Another transaction that took place in the same tower was for a 21st-floor, 1,808 sq ft apartment that changed hands for $3.028 million ($1,675 psf).
Newton One, a 91-unit freehold luxury condominium project by Lippo Group, received its TOP just a few months ago. It was launched in mid- 2006 at $1,200 to $1,250 psf, which was considered a new price benchmark in the Newton area at a time when most developments there were fetching around $1,000 psf.
The two sellers at Newton One must be pretty pleased with their sale. The owner of the two-bedroom 1216 sqft apartment on the 10th floor purchased it from the developer in July 2006 for $1.36 million, or $1,122 psf. He enjoyed a 49% price appreciation from the transaction.
Meanwhile, the owner of the three-bedroom 1,808 sq ft apartment on the 21st floor who sold the unit at $1,675 psf, purchased it in a sub-sale in May 2007 for $2.72 million ($1,504 psf). The previous owner had purchased the unit during its launch in July 2006 for $2.235 million or $1,236 psf.
These transactions show that prices at Newton One are back to the boom levels seen two years ago. The highest price achieved in the project was when a 23rd-storey, 1,916 sq ft apartment changed hands in a sub-sale at $2,000 psf, or a quantum price of $3.832 million, in December 2007.
Owners at Newton One are probably benchmarking their asking prices to new launches in the neighbourhood. Right next door is Ho Bee Group’s Trilight, which started its private preview on Oct 9. To date, of the 60 units released, 51 have been sold at an average price of $1,650 psf. The 205-unit condo is expected to be completed in 2012.
Meanwhile, further down the road, joint-venture partners Koh Brothers, Heeton Holdings, KSH Holdings and Lian Beng Group previewed Lincoln Suites last Thursday. Fifty-six units will be released in the first phase, with prices starting from $1,680 psf. The project will contain a mix of units ranging from studio and one-bedroom apartments to duplexes and penthouses.
Older developments in the vicinity, however, have not quite crossed the $1,600 psf level. Just a few doors from Newton One is Newton Euro Asia, a freehold condo by Euro-Asia Realty completed in 2004. A 1184 sqft apartment on the 12th floor changed hands at $1.48 million ($1,250 psf) in a resale. The seller had bought the unit in June for $1.28 million ($1,081 psf), hence flipping the property for a 16% gain in just four months.
Across the road is Newton 18, an 81-unit freehold luxury condo project by Wing Tai Holdings completed five years ago. The most recent caveat showed that an apartment on the 28th floor of the 30-storey condo was sold for $1.38 million, or $1,491 psf. The highest transacted price psf in the development was for an 807 sq ft, ninth-floor apartment — it was sold for $1.32 million, or $1,635 sq ft, in November 2007.
Wing Tai’s other project (next door to Newton 18) is the 99-year leasehold, 311-unit Amaryllis Ville, which was also completed five years ago. The most recent transaction in the development was for a fifth-floor unit that was sold for $1.36 million or $1,100 psf. The previous owner had purchased the 1,238 sq ft two-bedroom apartment in March 2007 for $1.28 million ($1,030 psf).
So, it looks like the new high-end developments in the Newton area are testing new price levels. Residences@Evelyn, a freehold luxury 208-unit l condo located on the quiet and exclusive Evelyn Road, just off Newton Road, saw a 28th-floor apartment in one of the twin towers changing hands at $1.88 million or $1,650 psf. The 1,141 sq ft apartment was first bought in October 2006 for $1.45 million or $1,280 psf. But, Newton One, being the newest condo on the block, is able to command a slight premium for now.
Source: The Edge, 26 Oct 2009
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