Record Property Deals

Source : The Straits Times, Nov 28, 2007

$750,888 For 5-rm Marine Parade Flat

IN FRESH signs the property market is still pretty hot, an HDB flat has sold for a record $750,888 - and a developer has paid a record price for a collective sale site.

A retired couple yesterday bought the 32-year-old recently renovated flat in Marine Parade. The couple, who declined to be named, have lots of time to enjoy the full 23rd storey sea view.

The wife said: ‘The view is not blocked. There is morning sun and it’s very near the underpass to East Coast Park.’

They have lived abroad, enjoying sea views in previous homes in Germany and Australia.

The last HDB record of $730,000 was set earlier this month - also for a five-room Marine Parade flat with a sea view. Both are on high floors and near East Coast Park with what agents call the ‘X-factor’. An executive HDB flat in Queenstown recently sold for $755,000, but it is newer and nearly 300 sq ft bigger than the record five-room Marine Parade flat. Executive flats are limited.

$435m for Orchard Boulevard condo

A 30-YEAR-OLD condominium at Orchard Boulevard has smashed the record for Singapore’s most expensive collective sale.

Westwood Apartments was sold yesterday for $435 million to Malaysian conglomerate YTL Corp. That is an eye-popping $2,525 per sq ft per plot ratio (psf ppr), including a $4.6 million development charge.

This beats record-holder The Ardmore, a 24-unit freehold property off Orchard Road - sold in June for $262 million, or $2,338 psf ppr.

Owners of the 50-unit condo will each get about $8 million. Owners of two penthouses will get about $17 million each, said deal broker Savills Singapore.

The deal caught the industry by surprise, given the lukewarm response to government land sales and a slowdown of collective sales, recently.


Hot 5-rm sales

$750,888
Marine Parade

$730,000
Marine Parade

$720,000
Kim Tian Place

$710,000
Marine Parade

$700,000
Mei Ling Street

Hot en bloc deals

$2,525 psf
Westwood Apartments

$2,338 psf
The Ardmore, Ardmore Park

$1,820 psf
The Grangeford, Leonie Hill

$1,788 psf
Char Yong Gardens, Cairnhill

$1,735 psf
The Parisian, Wheelock Place