DoneDeals
THEEDGE SINGAPORE | NOVEMBER 4, 2013 •1
Done Deals
THEEDGE SINGAPORE | NOVEMBER 4, 2013 • 1
samuel issac chua, THE EDGE SINGAPORE
The Edge Singapore Property Transaction Tracker
A 4,489 sq ft unit on the 51st floor of Marina Bay Residences was sold for $13.88 million, or $3,092 psf, on Oct 16. It had been purchased for $16.16 million ($3,600 psf) in June 2007.
Are resale prices starting to soften in Marina Bay? | BY GWYNETH YEO|
I
n the week of Oct 11 to 18, the most expensive unit sold was a five-bedroom penthouse on the 51st floor of the 55-storey Marina Bay Residences. The 4,489 sq ft unit fetched $13.88 million ($3,092psf), according to a caveat lodged with URA Realis on Oct 16. However, an earlier caveat lodged for the same unit in June 2007 showed that the seller had purchased it for $16.16 million ($3,600 psf). This means the sale price is about 14.1% below the original purchase price six years ago. One of the appointed marketing agents for the penthouse was Eric Tay, associate group division director at PropNex, who says he was instructed to indicate a price tag of $16 million. However, the final transacted price was $13.9 million, and on a psf basis, it
An 883 sq ft, two-bedroom unit on the 14th floor of The Sail at Marina Bay was sold for nearly $2.5 million, or $2,830 psf
was on a par with a 2,379 sq ft, four-bedroom unit on the eighth floor that Tay had sold in June for $7.35 million ($3,090 psf) on behalf of its owner. “But the views from the eighth floor and those from the 51st floor are worlds apart,” he says. “Yet, this 51st floor unit was sold for almost the same psf price.” The seller of the penthouse at Marina Bay Residences is believed to be a British Virgin Islands-registered company. The resale prices of these two recent deals at Marina Bay Residences are “out of sync”, according to Tay, and reflect market volatility. “Owners have many different reasons for selling their units,” he explains. “And once in a while, a buyer may find a good bargain like [the one on Oct 16]. But such deals are still rare, as most owners are still reluctant to sell at a price below market value.” Samuel Eyo, director of Savills Prestige Homes at Savills Singapore, agrees. “Not everyone is motivated to sell in this current environment,” he says. For instance, Eyo is marketing a penthouse on the 52nd floor of Marina Bay Residences. Unlike the unit on the 51st level, which is a simplex, the penthouse on the 52nd floor is a 4,435 sq ft, four-bedroom duplex. The owner’s asking price is above $4,000 psf and, according to Eyo, he is “not in a rush” to
2 • THEEDGE SINGAPORE | NOVEMBER 4, 2013
Done Deals
lis. This is the fourth time the unit has changed hands in the secondary market. Prior to this transaction, the last time the unit was sold was close to the peak of the last property boom in August 2007, when it fetched $2.52 million ($2,851 psf). According to PropNex’s Tay, investor demand has slowed in recent months, owing to credittightening measures via the total debt servicing ratio (TDSR) introduced at end-June. As a result, most of the buyers in the market today are owner-occupiers rather than investors. “There are still investors out there, but they are pricesensitive and only willing to buy if something is priced below market value,” Tay says. “The property cooling measures have put a dampener on the property market in Singapore, so even units that are priced correctly will take some time to sell.” Tay is currently marketing a midfloor threeA fourth floor unit at Reflections at Keppel Bay was sold for $10.8 million ($3,185psf). It was the bedroom apartment of 1,900 sq ft at The Sail. most expensive unit sold in the development for the year, in terms of quantum and psf price. The unit has an indicative price of $4.72 million ($2,485 psf) and boasts full bay views. At Reflections at Keppel Bay, a 3,391 sq ft, four-bedroom unit sell the unit as it is currently leased. The 428-unit Marina Bay Residences is part of the first phase in one of the low-rise villa blocks with direct sea views was sold of the Marina Bay Financial Centre (MBFC) mixed-use develop- for $10.8 million ($3,185 psf), according to a caveat lodged with ment by the consortium comprising Cheung Kong (Holdings), URA Realis on Oct 11. This is considered the third-highest transaction price at the Hongkong Land and Keppel Land. The condominium tower was 1,129-unit project, which was developed by Keppel Land and decompleted in 2010. The 221-unit, 69-storey Marina Bay Suites, which is part of signed by world-renowned architect Daniel Libeskind. The conthe second phase of MBFC, was completed just a few months do was completed in 2011. The two highest transactions in terms of psf price at Reflecago. The luxury condo contains only three- and four-bedroom apartments — it is the only residential development in the Ma- tions at Keppel Bay were also for units in the same low-rise block. rina Bay area so far that features exclusively large units. About Both transactions were for four-bedroom apartments on the fifth floor, with one sold for $10.5 million ($3,198 psf) in June last 90% of the apartments have been sold to date. The latest transaction at Marina Bay Suites is the sub-sale of year and the other for over $11 million ($3,256 psf) in Novema 2,680 sq ft, four-bedroom unit on the 17th floor for $6.8 mil- ber 2011, when the project was first completed. These apartments are known as “corner villa units” because lion ($2,537 psf), according to a caveat lodged on Oct 14. The unit was sold for $6.2 million ($2,316 psf) when the project was of their size, according to Savills’ Eyo. They offer 180° views of the marina at Keppel Bay from the living room and master first launched in December 2009. At the 1,111-unit The Sail, the first residential development at bedroom, he adds. “As sea-fronting developments on the mainMarina Bay, an 883 sq ft, two-bedroom unit on the 14th floor of land of Singapore are very limited, they are sought-after despite the 63-storey Tower 2 was sold for close to $2.5 million ($2,830 their higher price tags. Over time, their prices have remained E psf) in mid-October, according to a caveat lodged with URA Rea- relatively stable.”
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THEEDGE SINGAPORE | NOVEMBER 4, 2013 •3
Done Deals
Apartment and condo transactions with contract dates from Oct 11 to 18
Project
Property Tenure CONTRACT Type DATE
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Type of Sale
Purchaser Address
District 1 MARINA BAY RESIDENCES
Condominium
99 years
October 16, 2013
4,489
$13,880,000
$3,092
2010
Resale
Private
MARINA BAY SUITES
Condominium
99 years
October 14, 2013
2,680
$6,800,000
$2,537
2013
Sub Sale
Private
THE SAIL @ MARINA BAY
Apartment
99 years
October 14, 2013
883
$2,498,000
$2,830
2008
Resale
Private
District 2 INTERNATIONAL PLAZA
Apartment
99 years
October 11, 2013
1,033
$1,100,000
$1,065
1976
Resale
HDB
District 3 HARVEST MANSIONS
Apartment
99 years
October 11, 2013
1,023
$1,300,000
$1,271
1996
Resale
Private
District 4 REFLECTIONS AT KEPPEL BAY Condominium
99 years
October 11, 2013
3,391
$10,800,000
$3,185
2011
Resale
Private
District 5 WEST BAY CONDOMINIUM
Condominium
99 years
October 18, 2013
1,281
$1,228,888
$959
1993
Resale
Private
VILLAGE @ PASIR PANJANG
Condominium
Freehold
October 16, 2013
829
$1,276,000
$1,540
Uncompleted
New Sale
Private
PEPYS HILL CONDOMINIUM
Condominium
Freehold
October 14, 2013
1,711
$1,940,000
$1,134
1988
Resale
HDB
District 8 SOHO 188
Apartment
Freehold
October 15, 2013
388
$655,000
$1,690
2008
Resale
Private
District 9 34 OXLEY GARDEN
Apartment
Freehold
October 17, 2013
1,711
$2,268,290
$1,325
Unknown
Resale
Private
HORIZON TOWER
Condominium
99 years
October 16, 2013
2,368
$2,930,000
$1,237
1984
Resale
Private
THE BOUTIQ
Apartment
Freehold
October 14, 2013
581
$1,428,000
$2,457
Uncompleted
New Sale
ASPEN HEIGHTS
Condominium
999 years
October 11, 2013
1,119
$1,800,000
$1,608
1998
Resale
HDB Private
District 10 MON JERVOIS
Condominium
99 years
October 18, 2013
1,905
$3,881,000
$2,037
Uncompleted
New Sale
QUINTERRA
Apartment
99 years
October 18, 2013
1,679
$2,150,000
$1,280
2009
Resale
Private
HDB
SHAMROCK PARK
Semi-Detached House
Freehold
October 18, 2013
4,241
$7,200,000
$1,698
1996
Resale
Private
ROBIN SUITES
Apartment
Freehold
October 18, 2013
732
$1,650,000
$2,254
Uncompleted
New Sale
Private
THE GRANGE
Condominium
Freehold
October 17, 2013
2,293
$5,550,000
$2,421
2008
Resale
Private
REGENT VILLAS
Semi-Detached House
99 years
October 17, 2013
2,260
$3,150,000
$1,397
1993
Resale
Private
THE MONTANA
Apartment
Freehold
October 17, 2013
1,141
$2,097,800
$1,839
2002
Resale
HDB
THE MONTANA
Apartment
Freehold
October 14, 2013
1,141
$2,118,400
$1,857
2002
Resale
Private
THE MONTANA
Apartment
Freehold
October 14, 2013
1,141
$2,180,200
$1,911
2002
Resale
Private
SIXTH AVENUE VILLE
Condominium
Freehold
October 14, 2013
1,550
$2,200,000
$1,419
1999
Resale
Private
THE TESSARINA
Condominium
Freehold
October 11, 2013
1,012
$1,680,000
$1,660
2003
Resale
Private
NATHAN SUITES
Apartment
Freehold
October 11, 2013
926
$1,828,000
$1,975
Uncompleted
Sub Sale
Private
District 11 DUNEARN ESTATE
Detached House
Freehold
October 18, 2013
5,016
$9,800,000
$1,954
2001
Resale
NEWTON SUITES
Apartment
Freehold
October 17, 2013
1,238
$2,550,000
$2,060
2007
Resale
Private HDB
GLOUCESTER MANSIONS
Apartment
Freehold
October 17, 2013
1,130
$1,750,000
$1,548
1999
Resale
Private
RESIDENCES @ EVELYN
Condominium
Freehold
October 11, 2013
1,141
$2,135,000
$1,871
2007
Resale
Private
4 • THEEDGE SINGAPORE | NOVEMBER 4, 2013
Done Deals
Apartment and condo transactions with contract dates from Oct 11 to 18
Project Property Tenure CONTRACT Floor Area Transacted Unit Price Completion Type of Type DATE (sq ft) Price ($) ($ psf) Date Sale District 12
Purchaser Address
PAPILLON
Apartment
Freehold
October 16, 2013
936
$1,090,000
$1,164
2003
Resale
HDB
CASA FORTUNA
Apartment
Freehold
October 11, 2013
1,044
$1,300,000
$1,245
2011
Resale
HDB
District 13 MACPHERSON GARDEN ESTATE Terrace House
Freehold
October 17, 2013
883
$1,750,000
$1,978
Unknown
Resale
Private
BARTLEY RIDGE
99 years
October 11, 2013
850
$1,049,600
$1,234
Uncompleted
New Sale
Private
Condominium
District 14 SIMSVILLE
Condominium
99 years
October 17, 2013
1,238
$1,268,000
$1,024
1998
Resale
HDB
CASA SARINA
Condominium
Freehold
October 11, 2013
1,281
$1,300,000
$1,015
1998
Resale
HDB
District 15 PARK EAST
Condominium
Freehold
October 18, 2013
893
$1,130,000
$1,265
1994
Resale
Private
PARKSHORE
Condominium
Freehold
October 16, 2013
1,722
$2,256,000
$1,310
1995
Resale
Private Private
MANDARIN GARDEN CONDOMINIUM
Condominium
99 years
October 16, 2013
1,572
$1,568,000
$998
1986
Resale
D’ECOSIA
Condominium
Freehold
October 16, 2013
1,227
$1,520,000
$1,239
2003
Resale
HDB
MAYBELLE LODGE
Apartment
Freehold
October 16, 2013
1,259
$1,060,000
$842
1993
Resale
Private
STRAITS RESIDENCES
Apartment
Freehold
October 14, 2013
431
$685,000
$1,591
Uncompleted
Sub Sale
GALLERY 8
Apartment
Freehold
October 14, 2013
1,163
$1,338,000
$1,151
2004
Resale
Private
SANCTUARY GREEN
Condominium
99 years
October 11, 2013
1,399
$1,680,000
$1,201
2003
Resale
Private
OCEAN PARK
Condominium
Freehold
October 11, 2013
2,110
$2,650,000
$1,256
1984
Resale
Private
HDB
District 16 PARBURY HILL CONDOMINIUM Condominium
Freehold
October 17, 2013
1,475
$1,550,000
$1,051
1997
Resale
Private
SUNHAVEN
Condominium
Freehold
October 16, 2013
990
$1,050,000
$1,060
2002
Resale
Private
URBAN VISTA
Condominium
99 years
October 14, 2013
797
$1,120,000
$1,406
Uncompleted
New Sale
BEDOK GROVE
Terrace House
Freehold
October 14, 2013
1,819
$2,725,000
$1,497
2002
Resale
THE BAYSHORE
Condominium
99 years
October 11, 2013
980
$1,050,000
$1,072
1997
Resale
THE GLADES
Condominium
99 years
October 11, 2013
678
$1,002,300
$1,478
Uncompleted
New Sale
Private
URBAN VISTA
Condominium
99 years
October 11, 2013
850
$1,178,000
$1,385
Uncompleted
New Sale
HDB
HDB Private HDB
District 17 BLUWATERS
Apartment
946 years
October 14, 2013
1,130
$1,130,000
$1,000
2007
Resale
Private
District 18 RIS GRANDEUR
Condominium
Freehold
October 18, 2013
1,356
$1,375,000
$1,014
2005
Resale
ELIAS GREEN
Condominium
99 years
October 17, 2013
1,528
$940,000
$615
1994
Resale
Private HDB
THE TROPICA
Condominium
99 years
October 17, 2013
1,238
$1,140,000
$921
2000
Resale
Private
THE ESPARIS
Executive Condominium 99 years
October 16, 2013
1,464
$1,100,000
$751
2005
Resale
Private
SAVANNAH CONDOPARK
Condominium
99 years
October 16, 2013
1,238
$1,170,000
$945
2005
Resale
HDB
ELIAS GREEN
Condominium
99 years
October 16, 2013
1,550
$1,030,000
$665
1994
Resale
HDB
NV RESIDENCES
Condominium
99 years
October 16, 2013
904
$970,000
$1,073
Unknown
Resale
Private
CHANGI RISE CONDOMINIUM Condominium
99 years
October 16, 2013
1,259
$1,130,000
$897
2004
Resale
Private
CITYLIFE@TAMPINES
Executive Condominium 99 years
October 14, 2013
786
$677,200
$862
Uncompleted
New Sale
Private
CITYLIFE@TAMPINES
Executive Condominium 99 years
October 14, 2013
1,378
$1,145,900
$832
Uncompleted
New Sale
HDB
EASTVALE
Executive Condominium 99 years
October 14, 2013
1,184
$1,020,000
$861
1999
Resale
HDB
WHITEWATER
Executive Condominium 99 years
October 11, 2013
1,130
$960,000
$849
2005
Resale
WATERCOLOURS
Executive Condominium 99 years
October 11, 2013
786
$592,600
$754
Uncompleted
New Sale
Private
MODENA
Condominium
October 11, 2013
2,443
$2,000,000
$819
2001
Resale
Private
99 years
HDB
District 19 KOVAN RESIDENCES
Condominium
99 years
October 18, 2013
1,259
$1,720,000
$1,366
2011
Resale
PARK GREEN
Executive Condominium 99 years
October 18, 2013
1,206
$1,023,800
$849
2004
Resale
Private HDB
GOLDEN HILL ESTATE
Terrace House
Freehold
October 17, 2013
1,582
$2,260,000
$1,428
1976
Resale
Private
THE CHUAN
Condominium
999 years
October 16, 2013
936
$1,378,000
$1,471
2007
Resale
Private
ECOPOLITAN
Executive Condominium 99 years
October 14, 2013
1,216
$967,100
$795
Uncompleted
New Sale
HDB
EVERGREEN PARK
Apartment
99 years
October 14, 2013
1,076
$945,000
$878
1999
Resale
HDB
ECOPOLITAN
Executive Condominium 99 years
October 14, 2013
1,141
$905,600
$794
Uncompleted
New Sale
HDB
District 20 THOMSON THREE
Apartment
99 years
October 18, 2013
883
$1,061,000
$1,202
Uncompleted
New Sale
THE GARDENS AT BISHAN
Condominium
99 years
October 18, 2013
883
$900,000
$1,020
2004
Resale
Private HDB
MAYFLOWER GARDENS
Terrace House
Freehold
October 17, 2013
2,939
$3,250,000
$1,106
Unknown
Resale
Private
THOMSON THREE
Apartment
99 years
October 17, 2013
732
$928,000
$1,268
Uncompleted
New Sale
Private
SKY VUE
Condominium
99 years
October 17, 2013
495
$753,800
$1,522
Uncompleted
New Sale
HDB
THOMSON THREE
Apartment
99 years
October 17, 2013
1,550
$1,936,000
$1,249
Uncompleted
New Sale
HDB
THOMSON THREE
Apartment
99 years
October 16, 2013
732
$991,000
$1,354
Uncompleted
New Sale
Private
THOMSON THREE
Apartment
99 years
October 16, 2013
732
$1,037,000
$1,417
Uncompleted
New Sale
HDB
THOMSON THREE
Apartment
99 years
October 16, 2013
495
$677,000
$1,367
Uncompleted
New Sale
HDB
THEEDGE SINGAPORE | NOVEMBER 4, 2013 •5
Done Deals
Project
Property Tenure CONTRACT Type DATE
Floor Area (sq ft)
Transacted Unit Price Completion Price ($) ($ psf) Date
Type of Sale
11 MAYFLOWER PLACE
Semi-Detached House
Freehold
October 16, 2013
SKY VUE
Condominium
99 years
October 14, 2013
THOMSON THREE
Apartment
99 years
SKY VUE
Condominium
99 years
Purchaser Address
3,444
$3,450,000
$1,003
Unknown
Resale
Private
807
$1,073,600
$1,330
Uncompleted
New Sale
Private
October 14, 2013
1,141
$1,462,000
$1,281
Uncompleted
New Sale
Private
October 14, 2013
495
$759,000
$1,533
Uncompleted
New Sale
HDB
District 21 MAPLEWOODS
Condominium
Freehold
October 17, 2013
1,496
$2,050,000
$1,370
1997
Resale
Private
THE MONDRIAN
Semi-Detached House
999 years
October 16, 2013
2,153
$4,000,000
$1,855
2002
Resale
Private
THE STERLING
Condominium
Freehold
October 16, 2013
1,044
$1,566,000
$1,500
2000
Resale
Private
THE RAINTREE
Condominium
99 years
October 14, 2013
1,292
$1,470,000
$1,138
2008
Resale
Private
District 22 PARC VISTA
Condominium
99 years
October 14, 2013
1,055
$1,060,000
$1,005
1997
Resale
SUMMERDALE
Executive Condominium 99 years
October 11, 2013
2,045
$1,400,000
$685
2000
Resale
HDB
IVORY HEIGHTS
Condominium
October 11, 2013
1,668
$1,320,000
$791
Unknown
Resale
Private
100 years
HDB
District 23 CASHEW PARK CONDOMINIUM Condominium
999 years
October 18, 2013
893
$1,025,000
$1,147
1983
Resale
Private
MERAWOODS
Condominium
999 years
October 16, 2013
1,346
$1,350,000
$1,003
1999
Resale
Private
HILLVIEW HEIGHTS
Condominium
Freehold
October 16, 2013
1,668
$1,820,000
$1,091
1996
Resale
Private
LAUREL TREE
Apartment
Freehold
October 16, 2013
463
$602,000
$1,301
Uncompleted
New Sale
Private
HILLVIEW REGENCY
Condominium
99 years
October 14, 2013
1,195
$1,145,000
$958
2005
Resale
Private
CHESTERVALE
Executive Condominium 99 years
October 11, 2013
1,432
$968,000
$676
1999
Resale
Private
District 25
LA CASA
Executive Condominium 99 years
October 16, 2013
980
$825,000
$842
2008
Resale
HDB
FORESTVILLE
Executive Condominium 99 years
October 16, 2013
1,346
$901,890
$670
Uncompleted
New Sale
HDB
FORESTVILLE
Executive Condominium 99 years
October 14, 2013
1,033
$756,200
$732
Uncompleted
New Sale
HDB
NORTHOAKS
Executive Condominium 99 years
October 11, 2013
1,238
$920,000
$743
2000
Resale
HDB
District 26 THE CALROSE
Condominium
Freehold
October 16, 2013
1,163
$1,465,380
$1,261
2007
Resale
HDB
District 27 ORCHID PARK CONDOMINIUM
Condominium
99 years
October 16, 2013
1,679
$1,280,000
$762
1994
Resale
1 CANBERRA
Executive Condominium 99 years
October 14, 2013
1,055
$740,400
$702
Uncompleted
New Sale
Private HDB
1 CANBERRA
Executive Condominium 99 years
October 11, 2013
1,055
$762,612
$723
Uncompleted
New Sale
HDB
District 28 CACTUS GREEN
Semi-Detached House
Freehold
October 17, 2013
3,541
$3,800,000
$1,073
1998
Resale
Private
CONDOMINIUM
Condominium
99 years
October 16, 2013
1,302
$1,080,000
$829
2000
Resale
LUSH ACRES
Executive Condominium 99 years
October 14, 2013
915
$763,200
$834
Uncompleted
New Sale
Private
KELULUT HILL
Terrace House
October 14, 2013
1,615
$2,100,000
$1,301
1997
Resale
Private
LUSH ACRES
Executive Condominium 99 years
October 11, 2013
1,302
$997,300
$766
Uncompleted
New Sale
LUSH ACRES
Executive Condominium 99 years
October 11, 2013
1,055
$811,200
$769
Uncompleted
New Sale
HDB
BELGRAVIA VILLAS
Terrace House
Freehold
October 11, 2013
3,703
$3,043,700
$822
Uncompleted
New Sale
Private
BELGRAVIA VILLAS
Terrace House
Freehold
October 11, 2013
3,584
$3,107,400
$867
Uncompleted
New Sale
HDB
SELETAR SPRINGS
999 years
DISCLAIMER: Source: URA Realis. Updated Oct 29, 2013. The Edge Publishing Pte Ltd shall not be responsible for any loss or liability arising directly or indirectly from the use of, or reliance on, the information provided therein.
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