Following completion in December, buyer interest has returned to the 231- unit The Trillium located along Kim Seng Road. The luxury condominium was fully sold by Lippo Group at private previews in early 2007, at prices averaging $1,700 psf.
Prices of units at the project, which obtained its Temporary Occupation Permit (TOP) in December, are well supported above the $2,000 psf level. A 5,533 sq ft penthouse on the 28th floor of one of the three 29-storey towers was sold last month for $12.38 million ($2,238 psf), according to a caveat lodged on Jan 25, which was after the latest round of government measures. The price achieved at the penthouse is just below the peak of $2,239 psf in 2007, when a 2,217 sq ft unit on the 25th floor was sold for $4.9 million.
Most apartments in the development enjoy a 270° view of the city skyline and the Singapore River as well as private lift access. Two bedroom apartments measure 1,400 sq ft while five-bedroom ones are 2,440 sq ft and penthouses, more than 5,000 sq ft each.
The Trillium is also popular with homebuyers and investors, given that it’s just across the street from the Great World City shopping mall. There’s also a free shuttle service from Great World City to Orchard Road and Chinatown. The property is within walking distance to Clarke Quay, along the Singapore River and a short drive to the CBD and Marina Bay. It is also very near amenities, such as eateries and the wet market at Tiong Bahru.
Since its completion, The Trillium has seen greater interest from owner-occupiers than from investors, notes Harry Boey a property agent with PropNex. When the project was first launched four years ago, most of the buyers were said to be Indonesian Chinese, owing to its proximity to Great World City. Boey is currently marketing a two-bedroom, 1,400 sq ft unit with a price tag of $2.8 million ($2,000 psf).
Currently, 30% of the units at The Trillium are occupied. Investors are waiting for the right time to sell and, in the meantime, putting their property on the market for lease, observes Lester Tan, a property agent with HSR International. He is marketing a two-bedroom unit, which is up for lease with an asking monthly rental rate of $7,588.
The Trillium has not been spared from the effects of the government’s property cooling measures, with the resale market having turned sluggish, notes Boey. On the other hand, sellers have holding power and are willing to wait for the right price. He points out that The Trillium commands a slight price premium, compared with The Cosmopolitan, a 228-unit, 36-storey condo located next door and completed in 2008 by Wheelock Properties. The property agent attributes the price premium at The Trillium to the fact that it’s a newer development and units have private lift access.
The most recent transaction at The Cosmopolitan was for a 1,324 sq ft unit on the 12th floor for $2.58 million ($1,950 psf) on Jan 24. However, last year, there were at least 10 units at The Cosmopolitan that changed hands in the resale market at $2,000 psf, with more than a handful sold at above $2,100 psf. The highest average price achieved last year, based on caveats lodged with URA Realis, was for a 35thfloor, 1,679 sq ft unit that was sold for $3.67 million ($2,184 psf).
On the other side of The Trillium is the 36- storey, 97-unit Centennia Suites, also developed by Lippo Group. Launched last March, the project is fully sold, with prices averaging $2,000 to $2,100 psf. Construction is under way, with the condo expected to be completed by 2012.
Meanwhile, at The Trillium, there were three transactions from Jan 25 to Feb 1, with prices ranging from $2,050 to $2,238 psf, according to caveats lodged with URA Realis.
The seller of the 5,533 sq ft penthouse on the 28th floor, which was sold for $12.38 million ($2,238 psf) on Jan 25, reaped a 21% capital gain, having purchased the property for $10.24 million ($1,850 psf) in 2007.
A 2,217 sq ft unit on the 16th floor was sold for $4.6 million ($2,100 psf) on Jan 31. The previous owner had purchased the unit for $3.9 million ($1,760 psf) in 2007, thus enjoying a 19% gain.
On the 10th floor, a 1,797 sq ft unit was sold for $3.69 million ($2,050 psf). This is a 17% gain for the seller, who purchased it for $3.138 million ($1,746 psf) in 2009. Prior to that, the unit was sold for $2.793 million ($1,554 psf).
Source : The Edge – 21 Feb 2011