SC Global's Hilltops Sold For $3,900 PSF

Source : The Straits Times, Nov 5, 2007

$7M TO $12M PER UNIT

PRICES ranging from $7 million to $12 million have been racked up for each of the 28 units at the posh Hilltops condo.

The flats were sold for an average price of just over $3,900 per sq ft (psf), which has made the Cairnhill Circle estate one of the most expensive in town.

Sources said one unit in the SC Global Developments property had been sold for more than $4,800 psf. The lowest price fetched was $3,500 psf.

The three-bedroom units were believed to have commanded a price of nearly $7 million, while the four- to five-roomers went for up to $12 million.

About half of the buyers were foreigners, with the rest locals and permanent residents, said sources.

Most opted for the progressive payment scheme, instead of the deferred payment scheme that the Government recently axed, although it was still available for Hilltops.

The 28 units sold are among the 30 launched about a month ago. The freehold 20-storey condo has 240 flats, mostly three- and four-bedroom units.

Prices at Hilltops have pipped those at the nearby 140-unit Helios Residences, where 69 units were sold for an average of just over $3,000 psf each.

Values in the Cairnhill area have increased dramatically with new launches in recent months following a spate of collective sales in the area.

Savills Singapore's director of marketing and business development, Mr Ku Swee Yong, said developers with a solid product and a willingness to tolerate a slower pace of sales will be able to achieve relatively high prices.

'While the market seems to be a bit quieter recently, there is still strong interest for luxurious properties, as more and more wealthy people park their funds in Singapore,' he said.