There was a lull during the Chinese New Year festivities, and some developers decided to close their show flats during the holiday. Yet, in the secondary market, the 16-yearold Chiltern Park condominium on Serangoon Avenue 3 saw brisk sales towards end-January and early February.
Located just a five-minute walk from the Lorong Chuan MRT station, the 500-unit Chiltern Park saw interest pick up pace last year, as more stations along the Circle Line opened and in the wake of the successful launch of the 468-unit The Scala along Serangoon Avenue 3 across the street, notes Eugene Tan, a marketing agent with OrangeTee. The Scala was launched by Hong Leong Group in July and, owing to its prime location right next to the Lorong Chuan MRT station, more than 75% of the units were sold via balloting on the first day of public preview. The average price achieved at The Scala was $1,150 psf.
According to caveats lodged with URA Realis, prices at The Scala hit $1,522 psf for a 473 sq ft unit on the 17th floor last August, setting a new price benchmark for the neighbourhood. The condo is expected to be completed in 2014. The most recent transaction at The Scala was the sub-sale of a 17thfloor, 1,518 sq ft unit at $1.643 million, or $1,083 psf, in December, according to URA. A 474 sq ft unit on the seventh level was sold for $635,000, or $1,341 psf, that month.
The launch of The Scala has raised the profile of condos in the area. Adding to the attraction of the neighbourhood is the largest suburban mall, nex, which opened at the end of last year and is integrated with the Serangoon MRT station just one stop from the Lorong Chuan station.
Generally, a new launch will lift prices in the whole neighbourhood, benefiting condos both old and new. Even the 372-unit The Springbloom, adjacent to Chiltern Park, benefited from the launch of The Scala in terms of a rise in transaction prices. A 1,302 sq ft three-bedroom unit on the 14th level was sold for $1.16 million, or a record high of $891 psf, on Feb 7.
At Chiltern Park, developed by First Capital Corp, prices peaked at $943 psf last November, when a 915 sq ft two-bedroom unit on the eighth floor was sold for $863,000. Nestled in a quiet neighbourhood, Chiltern Park is a massive development consisting of three blocks of apartments and is near good schools such as Nanyang Junior College, St Gabriel’s Primary School and the Australian International School. It is therefore popular with families with school-going children.
The 99-year leasehold condo is also within walking distance of the New Tech Park and one stop away from the Serangoon MRT station. OrangeTee’s Tan, who is marketing a three-bedroom unit at $836 psf, says the condo is popular among locals with school-going children. Tan adds that even though the condo may be rather old, it is well maintained and has beautiful landscaping.
There were three transactions for the period of Feb 1 to 8, with prices ranging from $768 to $873 psf. A 1,302 sq ft two-bedroom unit on the fourth floor was sold for $1 million ($768 psf) on Feb 1 — a 49% gain for the seller, who had purchased the unit for $670,000 ($514 psf) in April 1999.
On the same floor, a 936 sq ft two-bedroom unit was sold for $818,000 ($873 psf), translating into a 30% gain for the seller, who had acquired the unit for $628,000 ($671 psf) in February 2008. Previously, the unit was sold for $640,000 ($683 psf) in December 1996. In another block, a 1,302 sq ft twobedroom unit on the 10th floor was sold for $1.08 million ($829 psf).
Source : The Edge – 28 Feb 2011