A fund managed by Kuwait Finance House has bought all 97 luxury apartments of Phase 1of Goodwood Residence from developer Guocoland for $818 million.
The four-bedroom apartments, located in one of the most exclusive addresses near the prime Orchard Road area, are each between 2,500 sq ft and 3,900 sq ft, and commanded slightly more than $3,000 per sq ft on average, said Singapore-listed Guocoland. The temporary occupation permit for the 210-unit Goodwood Residence project is expected in October 2010.
Last month, investors bought 20 units in 8 Napier for about $3,500psf and 44 units in Cliveden at Grange for about $3,700psf.
"The international fund investment appetite is still strong," said Mr Donald Han, Cushman and Wakefield managing director.
"It's a good price for Guocoland. If you look at the sales volume last month, developers are holding firmly on their price. They will not do a block deal unless there is a good offer on the table."
According to data from the Urban Redevelopment Authority, the number of transactions in private residential units increased modestly in the last three months as property prices held firm.
Mr Han expects more investment purchases as the high-end residential property sector is seen as one of the preferred plays because of potential rental appreciation.
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