SC Global have sold a penthouse at The Boulevard Residence recently for $30 million or $4,242 per square foot.
This is the highest transaction in absolute price quantum in the development. 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.
The penthouse is a 7,072 sq ft triplex unit with five bedrooms and an 11-metre lap pool. Sources suggest that the buyer is from China and intends to live here.
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. The Orchard Residences 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.
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.’
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 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.