Parkview Éclat, the 35-unit boutique condominium development along Grange Road, saw two units change hands in the resale market last month as owners cash out after the project was completed last year.
The property is developed by Hong Kong headquartered property developer Chyau Fwu Group, renowned for its Parkview Square art deco office tower along North Bridge Road. Parkview Éclat also bears the flamboyant design style of Californian architect James Adams, who designed Parkview Square. Adams is most famous for his design of casino resorts such as the MGM Grand Casino in Detroit and Galaxy Casino and Resort in Macau.
The 21-storey Parkview Éclat features spacious units, with typical three bedroom apartments of 2,895 sq ft and four-bedroom units of 3,250 sq ft. There are also two units of five-bedroom duplexes measuring 5,877 and 5,898 sq ft respectively, and a five bedroom super-penthouse of 10,096 sq ft. Each unit comes with a private infinity pool.
Launched at a time when the residential market was at its peak in late 2007, units were priced at $2,600 to $3,200 psf. The highest average price of $4,180 psf was achieved when a 3,251 sq ft four-bedroom unit went for $13.6 million in June 2007 at a preview.
Located at Grange Road in District 10, Parkview Éclat is a short distance from Orchard Road and international schools such as EtonHouse International Pre-School and ISS International School. “The property is popular with expatriates, given the prime location, sizeable units and top-end finishings,” says Natalie Teo, associate team director of PropNex.
Between Feb 22 and March 1, two neighbouring units on the 11th floor at Parkview Éclat changed hands at $3,468 and $3,469 psf, respectively, according to caveats lodged with URA. The first unit, a 3,251 sq ft four bedroom unit, went for $11.3 million ($3,468 psf), representing a 15.1% gain for the seller, who bought it for $9.8 million ($3,012 psf) from the developer when it was first launched in May 2007. Meanwhile, the other unit, a 2,896 sq ft three-bedroom apartment, was sold for $10 million (3,469 psf), which was slightly higher than the purchase price of $9.7 million ($3,347 psf) paid in June 2007.
The latest asking prices for units at Parkview Éclat range from $3,500 to $4,100 psf, says Teo. Although prices at the development seem to have recovered to levels seen in 2007, the rental take-up has been relatively slow. According to Teo, asking rents for three bedroom units are $21,000 to $23,000 per month, while those for four-bedroom units are $23,000 to $25,000 per month.
Nearby, at Wheelock Properties’ Grange Residences, located at the corner of Grange Road and Tanglin Road, a 2,583 sq ft four-bedroom apartment was sold for $6.5 million ($2,508 psf), according to a caveat lodged with URA in February. This represents a whopping 75% gain for the seller, who purchased the unit for $3.7 million ($1,432 psf) in March 2006. Prior to that, the first owner bought the unit from the developer for $2.8 million ($1,069 psf) in October 2004. The 164-unit freehold luxury Grange Residences was completed in 2004. Typical four-bedroom apartments measure 2,486 to 2,852 sq ft and, given the large unit sizes, the condo is popular with expatriate tenants and owner-occupiers.
As for rents at Grange Residences, the owner of a lower-floor unit is asking for $15,000 a month. Meanwhile, owners of high-floor units units are asking for $18,000 a month.
While prices of super luxury condos have yet to recover to their peak 2007 levels, the completion and possible re-launch of high-profile developments such as SC Global’s 66-unit The Marq on Patterson Hill and CDL’s 110-unit Cliveden at Grange could lift prices of other condos.
Source : The Edge – 21 Mar 2011