Saturday, May 22, 2010

Meyer cluster bungalows going for $5.9m

Developer adjusts price after mulling offers received

BOUTIQUE property firm Wah Khiaw Developments is selling four freehold cluster bungalows at Meyer Road for some $5.9 million each, or $1,220 per sq ft of built-up area.

Anyone who raises an eyebrow at the asking price should take note of this - it has dropped since marketing of the project began two weeks ago.

Each two-and-a-half storey bungalow has a built-up area of 4,820 sq ft, and comes with an attic, basement carpark, swimming pool, and roof garden. The units are expected to receive temporary occupation permit in August.

According to an earlier press release, the asking price was $6.25 million, which works out to about $1,300 psf of built-up area.

But RealStar Premier Property Consultant managing director William Wong said that the developer has adjusted the price to around $5.9 million, after considering the offers which came in. RealStar is the marketing agent for the project.

Mr Wong does not believe that the European debt crisis is affecting the market. Things may be quieter during May and June because families are busy with school examinations and other activities, he said.

A caveat lodged with the authorities in March show that a detached house at Meyer Road changed hands for $6 million, or $1,132 psf of land area.

At a nearby condominium project, The Seafront On Meyer, units were sold at $1,290-$1,555 psf of strata area last month.

The landed property segment has performed well in the last few months, with prices going up by 8.3 per cent in Q1 based on official data. Mr Wong is optimistic about prospects, expecting these prices to rise around 5 per cent for the rest of the year.

Source: Business Times, 22 May 2010

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