CapitaLand's
Scotts HighPark goes for $1,800 psf
16
August 2006
CAPITALAND is targeting the higher end of the prime residential
property market by pricing its latest offering, Scotts
HighPark, at an average of $1,800 psf. Already, it says that
one unit was sold for more than $2,000 psf.
So
far, only four units of the 73-unit development have been sold at
private previews which CapitaLand says began a few weeks ago. In
line with the marketing of high-end property, it says viewing of
the showflats is 'by appointment only'.
Giving
an idea of the profile of its clientele, the buyer who set the benchmark
price is said to have been an European high net worth individual,
brought in by his Hong Kong private banker. Three out of the four
buyers are foreigners, and in this light, the pricing appears to
be strategic.
President
and CEO of CapitaLand Group Liew Mun Leong said: 'Over the past
one year, we have been setting benchmark pricing. Last year, we
sold the most expensive townhouse at Tanglin
Residences for $6.7 million.'
On
Scotts HighPark's new benchmark price, he added: 'Our prices are
well above the $1,200 psf range commanded by projects in the Newton
area and the $1,600 psf average in the Scotts Road area.'
At
$1,800 psf, Scotts HighPark is more expensive than some properties
closer to Orchard Road, such as GuocoLand's Paterson
Residence which is going for about $1,500 psf on average.
Closer
to Scotts Road, Lippo Group's Newton One condo is selling at an
average price of $1,250 psf, with 26 units said to have been booked
even before preview sales started.
CapitaLand
will not be in a hurry to sell at Scotts HighPark though.
Patricia
Chia, CEO of CapitaLand Residential Singapore, said that it had
several other product launches coming up, including 380 units at
Alexandra Rise near Redhill MRT and about 200 units of Citylights.
