October
12, 2010
SC Global sells Cuscaden Walk penthouse for $30m
The price is almost double that for an identical unit sold in 2006
(SINGAPORE) There seems to be a bit more buzz at the high-end condo
market again.
The Boulevard Residence: 'This is the ultra luxury residential sector
we're talking about, where buyers won't be affected by ups and downs
in the property market,' says Mr Ow
SC Global is understood to have sold a penthouse at The Boulevard Residence
recently for $30 million or $4,242 per square foot. In both absolute
quantum and unit price terms, this is the highest achieved in the development.
The latest transaction involves a 7,072 sq ft triplex
unit with five bedrooms and an 11-metre lap pool. Sources suggest that
the buyer is from China but intends to live here.
It was the final unit to have been sold by the developer
in the freehold condo at Cuscaden Walk which has 46 units. The 36-storey
project was completed in 2005.
The unit is one of two identical 'super penthouses'
in the development. SC Global sold the first such penthouse back in
2006 for $16 million to Yoshiaki Murakami, a Japanese fund manager who
was in the limelight a few years ago for an insider trading prosecution
in Japan.
That was the highest transaction in absolute price quantum
in the development, prior to the latest deal. In unit price terms, too,
the $4,242 psf achieved for the most recent transaction is the highest
at The Boulevard Residence, surpassing the $3,933 psf that a three-bedroom
standard apartment of 2,034 sq ft sold for in late 2007.
Another top-end condo deal recently took place at The
Orchard Residences, where a 40-plus storey unit sold for $4,260 psf.
The total price for the 1,808 sq ft unit, which has three bedrooms,
was about $7.7 million. It was sold by the developer of the project,
which is expected to receive Temporary Occupation Permit this month.
Property agents also highlighted another record of sorts
that was set for a penthouse at The Ardmore Park condominium in July.
The 8,740 sq ft unit sold for $30 million or $3,432 psf. Prior to this,
the most expensive penthouse in the development was $20.5 million or
$2,345 psf in 2007, the peak year for the Singapore luxury housing market.
The buyer in the latest deal is understood to be a Hongkonger,
who is also a Singapore permanent resident. According to caveat records,
the unit previously changed hands in December 2006 for $17.3 million,
reaping the seller a cool profit. The seller is said to be a company
controlled by Yunus Gafulbhai Bilakhiya. A person bearing almost the
same name but with the family name spelt slightly differently, as Bilakhia,
founded the Bilakhia Group of India, which is involved in the inks,
agro chemicals, medical devices, education and investment businesses.
While it remains to be seen if these deals will mark
a definitive return of interest in the luxury condo sector which was
dominated by foreigners in the 2007 boom, Knight Frank managing director
(residential services) Peter Ow says: 'This is the ultra luxury residential
sector we're talking about, where buyers won't be affected by ups and
downs in the property market. Singapore has opened up a lot in recent
years and we're drawing foreigners keen to park their monies as well
as live here.'
While the ultra luxury condo market may be starting
to see a revival in activity, the price benchmarks achieved recently
appear to be still slightly short of the records set earlier. In terms
of absolute price quantum, the title is still held by an 8,051 sq ft
unit at Boulevard Vue at Cuscaden Walk which was sold in November last
year for $33.4 million.
In unit price terms, the record price was $5,600 psf
for a 53rd level penthouse at The Orchard Residences sold by the developer
in October 2007, although its buyer, who is said to have picked up the
unit on the deferred payment scheme, has yet to lodge a caveat.
