Since last June, the transaction prices of apartments at Amaryllis Ville, along Newton Road, have increasingly crossed the $1,000 psf level. In January, prices at the 311-unit twin-tower condo development came close to the 2007 peak of $1,514 psf, when a 656 sq ft unit was sold for $900,000, or $1,371 psf. Lately, the number of transactions has also started to pick up, with 20 transactions from Jan 1 to March 9, compared with only 10 from October to December 2009.
Apart from the overall buoyant property market lifting prices higher, the proximity of the development, completed in 2004, to new launches like Wing Tai’s L’Viv and Ho Bee’s Trilight on the other side of Newton Road could have contributed to the pick-up in sales and rise in prices at Amaryllis Ville.
Wing Tai officially launched L’Viv, a 147-unit freehold condominium comprising largely one- and two bedroom units, over the weekend of March 20 and 21. Prior to the official launch, half the units had already been snapped up at an average of $2,000 psf. The project, located near the Newton Food Centre and Newton MRT station, is expected to be completed in 2013. Ho Bee’s Trilight, located near L’Viv, saw units going for over $1,800 psf after its launch last October.
Other launches in the Newton Road neighbourhood last year include Lincoln Residences, Rochelle at Newton, as well as Lincoln Suites and Miro at the other end of Newton Road, which is closer to the Novena area. This area has been popular with home buyers, given its proximity to the Orchard Road shopping belt, the CBD, good schools like Anglo-Chinese School (Junior) and ACS Barker Road, and the prime Bukit Timah area.
For the period of March 1 to 9, there were three transactions at Amaryllis Ville, a 99-year leasehold condo, at $1,188 to $1,240 psf.
On March 5, a 1,259 sq ft unit on the 10th floor of one of the two towers was sold for $1.5 million, or $1,215 psf, according to caveats lodged with URA Realis. This represents an 18% gain for the seller, who purchased the unit for $1.29 million three years ago.
At the other tower along 22 Newton Road, a 1,237 sq ft unit on the 16th floor went for $1.5 million, or $1,240 psf. The original owner purchased the unit for $1.2 million, or $969 psf, in 2007, realising a 28% gain on his recent sale. Before this, the unit changed hands at $1.1 million or $889 psf in 2006, and $1 million or $815 psf during the launch in 2003.
Another 1,237 sq ft unit on the seventh floor along 22 Newton Road, went for $1.47 million, or $1,188 psf. The original owner had purchased the unit for $1.27 million, or $1,030 psf, making a gain of 15%.
As is evident from the above figures, with new launches in the Newton area fetching higher prices, older projects nearby are also riding this uptrend.
Source: The Edge, 29 March 2010