30 units sold at Martin No. 38
September 9, 2008
DEVELOPERS
will take heart from news that all 30 private preview units at SC Global’s
New York-style loft apartments in Martin Road have been sold at better-than-expected
prices in the past fortnight.
The
company had said it was expecting around $2,000 per square foot for
the project but sales came in at $1,881 psf to $2,494 psf, or an average
of $2,130 psf.
That
would make the flats around $2 million to $3.8 million, depending on
the size and location in the 15-storey freehold development called Martin
No. 38.
The
firm announced yesterday that it defied expectations by selling about
a third of the 91 units, with about 60 per cent of the buyers coming
from overseas.
An
investment bank had recently forecast a take-up rate of slightly over
half of the preview units.
SC
Global chairman and chief executive Simon Cheong told The Straits Times
that the prices he achieved were clearly the highest in the area on
a psf basis at this time. The prices also buck the trend, with sentiment
in the property market still weak, particularly in the high-end sector.
‘These
are 30 fellows buying in the midst of a storm. They must have seen a
lot of value,’ said Mr Cheong. ‘To sell 30 units without an official
launch, that has to do a lot with our branding.’
A
market watcher who declined to be named said there has been little change
in prices of some other developments in the area, with a few even falling.
Deals
in the Robertson Quay area have been done at $1,130 to $1,840 psf this
year although some Rivergate units sold for over $2,000 psf last year.
‘It’s
like a salmon swimming against the tide,’ said Knight Frank director
of research and consultancy Nicholas Mak, of the rarity of projects
selling at 30 to 40 per cent above market like Martin No. 38, given
today’s gloomy sentiment.
A
market watcher noted that high pricing works in a bullish market but
in the weak market prevailing now, sales are likely to slow after the
first 20 or 30 per cent is sold.
The
developer says there is no need for an official launch as it has sold
out its preview units. It has yet to decide on the launch of the second
phase
‘In
good and bad times, if your product is strong, you can still sell,’
said Mr Cheong. ‘We could have launched next year but as far as a public
company is concerned, we try to phase our launches.
‘In
good times, a lot of people can claim a lot of wonderful things… This
is a time when you ‘differentiate yourself’.’
Martin
No. 38 will feature high ceilings and seamless interior spaces, like
the warehouse lofts in Lower Manhattan.
It
has mostly small units of 969 sq ft to 1,130 sq ft with a limited number
of larger ones of 1,335 to 1,485 sq ft. There will also be four penthouses
with pools.
SC
Global bought the site in 1999. It has said that it deferred development
partly to wait for the surrounding environment to be ready.
‘Although
we are a developer, we don’t rush,’ said Mr Cheong. ‘The planning process
took two to three years.’
It
also has a site in the Ardmore Park area and another leasehold site
in Sentosa Cove. Both are in the design stage, said Mr Cheong.
Source
: Straits Times - 9 Sep 2008
