Sales of new and completed projects in prime residential Districts 9 and 10 have picked up. Interestingly, so have the prices, which have risen gradually over the past couple of months.
At OUE Twin Peaks, two units changed hands in the week of May 16 to 23. A 1,399 sq ft, three-bedroom unit on the 25th floor was sold for $3.89 million ($2,780 psf) on May 23. Meanwhile, a 570 sq ft, one-bedroom unit on the 29th floor fetched $1.77 million ($3,103 psf) on May 17.
Prices at OUE Twin Peaks have been rising steadily over the past few months. In January, 17 units were sold at prices ranging from $1.44 million ($2,630 psf) for a 549 sq ft, one-bedroom unit to $4.62 million ($2,881 psf) for a 1,604 sq ft, three-bedroom unit. Based on caveats lodged, all the units were sold at an average price of $2,752 psf.
The average prices of units sold at OUE Twin Peaks have risen 8% since January
In May, 11 units on the 23rd to 29th floors were sold at an average price of $2,982 psf. Of these, nine were one-bedroom units that changed hands at prices ranging from $1.56 million ($2,837 psf) for a 549 sq ft unit to $1.86 million ($3,260 psf) for a 570 sq ft unit. The remaining two transactions involved 1,399 sq ft units sold at $3.89 million ($2,780 psf) and $4.03 million ($2,880 psf) respectively. All in, more than 95% of the units have been sold.
OUE Twin Peaks comprises two identical 35-storey towers of 231 units each. It is located in prime District 9, within walking distance of Orchard Road and the upcoming Great World MRT station. The 99-year leasehold project was developed by OUE and completed in February 2015.
Another development that has seen a strong take-up rate is the 106-unit Pollen & Bleu by SingLand. Located on Farrer Drive, the eight-storey, 99-year leasehold project was completed last December. It has units with sizes from 549 sq ft for a one-bedder to 1,593 sq ft for a four-bedder. The project also offers two-bedroom loft units and a mix of three- to five-bedroom duplex penthouses ranging from 1,841 to 2,831 sq ft.
It has seen a ramp-up in sales over the past two months. Three units were sold in the week of May 16 to 23. Two of them were three-bedroom units: A 980 sq ft unit fetched $2.26 million ($2,304 psf) and a 1,184 sq ft unit changed hands for $2.27 million ($1,920 psf). The remaining transaction was that of a 1,442 sq ft, four-bedroom unit that fetched $3.34 million ($2,317 psf), according to a caveat lodged on May 16. More than 90% of the units have been snapped up. The price of $2,317 psf was notably the highest price in psf terms in the entire development.
According to Samuel Eyo, managing director of Singapore Christie’s International Real Estate (Residential), some of these units were bought by foreigners during SQFT Global Properties’ roadshow in Hong Kong towards end-April. “Foreign buyers were largely attracted by the development’s attractive pricing as well as the deferred payment scheme offered by the developer,” says Eyo.
Victoria Park Villas is another development in the prime districts that saw a spike in transactions. A total of 10 units was sold on May 20 and 21 at prices ranging from $3.85 million ($1,779 psf) to $4.25 million ($1,595 psf). Currently, the developer is offering buyers selected units at a price range of $3.85 million to $4.40 million, according to property agents.
The 99-year leasehold landed housing project by CapitaLand comprises 106 semi-detached houses and three bungalows. The project is scheduled for completion in early 2018. Most of the purchasers at Victoria Park Villas are said to be Singaporeans, who are either buying for their own use or for their children, say agents.