Malaysian conglomerate YTL Corporation has won the bid for Westwood Apartments with an offer of S$435 million.
Market watchers say the high price is a reflection of the continued strong demand by foreign buyers for high end luxury developments. It is up for redevelopment but Westwood Apartments along Orchard Boulevard will still go down in history for setting a new record for en bloc sales in terms of per plot ratio.
The owners will pocket between S$8 million and S$9 million each if the sale to YTL gets the green light from the Strata Titles Board.
Out of 50 units, more than 40 agreed to the deal and this was before the new en bloc rules kicked in early last month.
The site will be redeveloped into a residential condominium of between 50 to 80 units.
Francis Yeoh, Managing Director, YTL Group, says: "It would definitely be a super luxury brand for well heeled clients high net worth clients who expect the best of the best. So today we're commissioning the Michelangelos and Leonardo Da Vincis of today to build something relevant for today's population, not just a classic reference for yesterday's people."
YTL Group plans to rope in renowned architects to create an iconic development.
Mr Yeoh says: "I hope it won't be torn down one day (because of another) en bloc sale!"
The sale price works out to S$2,525 per square foot per plot ratio.
This is a new record, eclipsing the previous peak of almost S$2,400 set by Ardmore Park.
To make a profit, some property watchers say the new units will have to sell at more than S$3,500 per square foot.
Michael Ng, Managing Director, Savills Singapore, says: "Really the international buyers, those who really hunt for trophy residential apartments around key major cities in the world are placing a lot of emphasis in Singapore. So I think in line with that we can expect prime property prices to continue to grow. Singapore (can) expect to have a lot of very high net worth individuals to invest here."
Market watchers say the record price of S$2,500 per plot ratio bodes well for property prices here, but more importantly, the expected luxurious development will add more prestige to the prime area on Orchard Boulevard. - CNA/ch
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