Prices at The Metropolitan breach $1,100 psf mark

Released in early July, Wing Tai Holdings’ 373- unit Ascentia Sky is seeing units being sold at an average of $1,200 to $1,300 psf. Owners of the 382-unit Metropolitan completed in June have also seen prices trending upwards on the secondary market.

Units at The Metropolitan started crossing the $1,000 psf mark in June for the first time this year. Earlier, only a handful of units changed hands at the $1,000 psf range in April and May last year. Prior to that, some units were sold for above $1,000 psf during the peak of the property boom in 2Q and 3Q of 2007.

However, from mid-July to early August, increasingly more units were changing hands at prices above $1,100 psf. A transaction that stood out was that of an apartment on the 38th floor in one of the 45-storey twin towers — it hit a high of $1,250 psf. The seller had bought the 1,076 sq ft two-bedroom apartment in December 2006 for $963,000 ($895 psf) when the project was launched. He made a 40% capital gain in 2½ years.

The most recent transaction was for a 1,399 sq ft, three-bedroom apartment on the 20th floor that changed hands early this month at $1.33 million ($950 psf). Prior to that, it changed hands for $1.29 million ($920 psf) in July 2007, while the original owner had purchased the unit when it was launched in December 2006 for $963,000 ($688 psf).

As for Ascentia Sky where 80% of the 180 units released in the first phase have been sold, the highest price achieved in terms of price psf was for a 947 sq ft, two-bedroom apartment on the 36th floor that was sold for $1.3 million ($1,375 psf) in late July. A slightly bigger two-bedroom unit on the 38th floor, with a 1,012 sq ft floor area, was sold for $1.39 million ($1,374 psf) earlier this month.

Things are looking up for the owners of The Metropolitan, and it’s probably in their interest to see Ascentia Sky’s prices rise, as it would also lift The Metropolitan’s resale prices.

Source : The Edge – 31 Aug 2009

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