Source : The Straits Times,June 22, 2007
SLEEPY Bukit Timah - one of the leading lights in the last property boom - is fast making a comeback as property developers gear up for a slew of new launches there.
At least six new residential projects will be launched in the area over the coming months, with prices reaching an $1,900 per sq ft (psf) - a level not seen for 10 years.
Duchess Residences in Duchess Road, for instance, will have apartments priced at between $1,600 and $1,900 psf when it is released for sale next month, said developer United Overseas Land.
At unit sizes of between 1,464 sq ft for the three-bedrooms and 4,101 sq ft for a penthouse, this means prices will start from about $2.4 million for an apartment.
This launch is the clearest sign that the Bukit Timah area, which has stayed under the radar for the last few years, is on track for a strong recovery, say property consultants.
The District 11 corridor, an established residential area dotted with prestigious schools, has long been a favourite with expats and families. But it has been outshone in the current boom by ultra-prime areas such as Orchard Road and Sentosa.
At the peak of the property upturn in 1996, two units at Shelford Apartments fetched an all-time Bukit Timah high of about $2,100 psf.
But prices have plummeted in recent years to below $1,000 psf. They started to pick up only in December with the launch of Sixth Avenue Residences, which was 90 per cent sold in one weekend.
Read the full report in Saturday's edition of The Straits Times.
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