A Sprinkling Of New Benchmark Home Prices

Source : The Business Times, October 16, 2007

These include deals at Sentosa Cove, science hub one-north, Boon Lay























Several new units sold by developers set record prices in various parts of Singapore last month, despite the overall lacklustre market, latest figures show.

Data released by the Urban Redevelopment Authority (URA) yesterday show that just 529 homes were sold in September, down from 1,731 in August and 1,381 in July.

However, despite the low volume, several of the units sold set new benchmarks in various parts of Singapore - including Sentosa Cove, science hub one-north and Boon Lay - analysts said.

They indicated that the high prices fetched, although only in some cases, show there is a strong, 'genuine' demand for new homes, despite September's low take-up of new homes.

'Even though the market is quiet, you still see these kinds of prices, which means that there are many serious buyers out there,' said Savills Singapore's director of marketing and business development, Ku Swee Yong.

A unit in Ho Bee's Turquoise at Sentosa Cove was sold for $2,772 per square foot (psf), which analysts said is likely to be a new benchmark for Sentosa.

And over in the Newton area, a unit in Three Buckley went for $2,888 psf, a record for the area. In fact, all 11 units were sold at a median price of $2,853 psf, which is itself a new benchmark for the location, said Li Hiaw Ho, executive director of CBRE Research.

New benchmarks were also set in the suburbs.

In the west, a unit at United Engineers' The Rochester went for $1,577 psf, a new record for the one-north vicinity. And near Upper Bukit Timah, a unit in Far East Organization's Gardenvista on Dunearn Road sold for $1,449 psf. Mr Ku said that both prices were new highs in their respective areas.

Elsewhere, a unit in The Beacon Edge at Tembeling Road was sold at $1,327 psf while a unit of Vetro at Mar Thoma Road was sold for $1,044 psf. Both were new levels achieved at their respective locations, CBRE said.

But perhaps most unexpectedly, a unit in Far East Organization's The Lakeshore in Boon Lay Way went for $1,080 psf - taking most property analysts by surprise, as the project in the far western part of Singapore has been on the market for more than two years.