In prime district 9, located along Kim Seng Road, is Lippo Realty’s The Trillium, which has 231 units in three 29-storey towers. The freehold high-end project is located just across the street from Great World City, which is frequented by Indonesians, and is a short drive to the CBD and Orchard Road. As such, the development is popular with Indonesian buyers.
During the period of Aug 31 to Sept 7, three units changed hands in sub-sales with prices ranging from $1,970 to $2,101 psf. Property agents attribute the recent spike in interest to the fact that the luxury condo is expected to obtain temporary occupation permit (TOP) in the next few months. The project was sold out within a month of its launch in early 2007, and prices then averaged $1,700 psf.
Typical unit sizes at The Trillium start from 2+1 bedroom types of 1,399sq ft to four-bedroom units measuring 2,217 sq ft, which are generally larger than the typical units at the neighbouring new condos, notes Cheong. For instance, Centennia Suites, also by Lippo, which was launched in early March, has 2+1 bedroom types starting from 1,238 sq ft, three-bedroom units measuring 1,755 to 1,819 sq ft and four bedroom units measuring 2,217 to 2,303 sq ft. Meanwhile, at two-year-old The Cosmopolitan, sizes range from 1,141 sq ft for 2+1 bedrooms units to 1,679 sq ft for 4+1 bedrooms. Meanwhile, Tribeca, completed early this year, has a mix of unit sizes, starting from one-bedroom apartments of 517 sq ft to 4+1 bedroom apartments measuring 1,905 sq ft.
At The Trillium, a 3+1 bedroom, 1,798 sq ft unit on the 24th floor was sold for $3.6 million ($2,005 psf) on Sept 6, representing a marginal 6% gain for the owner, who purchased the unit for $3.4 million ($1,891 psf) from the developer in May 2007.
In the same block, a 1,399 sq ft, 2+1 bedroom unit on the 23rd floor went for $2.8 million ($1,970 psf) at a 5% gain for the seller, who bought the unit for $2.6 million ($1,878 psf) in June 2007. In another block, a 2,217 sq ft unit on the 26th floor was sold for $4.7 million ($2,101 psf) in the sub-sale market.
It looks like transactions in the Kim Seng Road area will start to pick up in the coming months as the time draws nearer for The Trillium to receive TOP.
Source : The Edge – 27 Sept 2010