Once again, property developer SC Global Developments has set a new record price at The Marq on Paterson Hill, selling a 3,003 sq ft, four-bedroom apartment in the Premier Tower for about S$20.5 million (S$6,850 psf).
This surpassed the previous record set in August for S$6,394 psf, which in turn topped the May record of S$5,842 psf.
Comprising two 24-storey towers with a total of 66 units, the Marq is a freehold project that obtained its Temporary Occupation Permit (TOP) in January this year.
Despite SC Global achieving yet another record price at The Marq, the luxury condo market in Singapore is generally soft compared to its peak in 2007, according to some market watchers.
“The majority of buyers in this segment are foreigners. Singaporean buyers typically aim for Good Class Bungalows (GCB), since the absolute price for a GCB is quite similar to that for a luxury apartment in a project like The Marq,” said Jacqueline Wong, Head of Residential and National Director at Jones Lang LaSalle (JLL).
“It is foreigners, who don’t qualify to buy a GCB, who are the main players looking at luxury condos right now. Their interest in buying property in Singapore has never dissipated; their interest is still there.”
Meanwhile, Ms Wong noted the developer’s track record of consistently improving its product in terms of design, quality and concept.
“It has always reinvented itself. Take The Marq, for instance. The Signature Tower has an interlocking design for each of the apartments (which are over 6,000 sq ft) so that it feels like a penthouse even for units on lower floors – with double-volume ceiling height in the living and dining area and a private pool for each apartment.”
Source : PropertyGuru – 21 Nov 2011