According to the latest property news by The Edge Property (last updated in May 2017), a penthouse unit in One Balmoral was sold for $4.48 million, or $2,012 psf. The sale of this property marks the most significant transaction in the week of May 16.
Transactions for luxury condominiums have started to increase as both Singaporean locals, and foreign investors have been lured by developers’ discounts and differed payment schemes. Take a closer look at which deals were the most significant transactions in the property market in the week of May 16.
One Balmoral in Balmoral Park
The recently put up for sale penthouse unit was reported to be a 2,228 sq ft, three-bedroom unit. Its $4,48 million price tag is considered the highest transacted price that a condo unit in One Balmoral ever fetched for. The deal was brokered by Aaron Wan, the associate division director of the Singapore-based ERA Realty Network and a property agent who has been marketing condo units at One Balmoral since 2014.
The penthouse’s buyer was rumoured to be a Singaporean property investor who opted for a deferred payment scheme. One of Balmoral’s real estate developers, Hong Leong Holdings, has been offering buyers the option of a deferred payment scheme since 2016. Those who opt for a DPS can enjoy an 11% discount rather than the usual 13% discount offered to buyers under the regular payment scheme. Under DPS, one only needs to pay a 20% down payment. The remaining 80% is payable for the next 24 months. ERA Realty’s Aaron Wan expects the recently purchased penthouse unit to fetch an estimated monthly rent of P10,000. This translated into a 2.7$ gross rental yield should the buyer prefer to rent out the unit rather than live in it.
Since the deferred payment scheme launch, Hong Leong Holdings has sold 33 units. Prices of the recently sold properties ranged from $1.34 million, or $2,258 psf, for a 592 sq ft home to $4.48 million, or $2,012 psf, for the penthouse recently sold this week.
So far, over 70% of the freehold units have already been sold. The residential project has 91 condo units in total and was recently completed in September 2016.
There was also a resale transaction at the development—969 sq ft, two-bedroom home sold for $2.06 million or $2,124 psf. It was previously bought by the seller from the developer at a higher price of $2.11 million, or $2,175 psf, in November 2016.
One Balmoral is located at the prestigious Balmoral Park enclave in prime District 10. This residential area is home to many of Singapore’s wealthy and influential elites and consists of luxury condominiums such as The Balmoral, Balmoral Hills, Jewel of Balmora, Pinetree Condominium, Pinewood Gardens, and the Solitaire. Balmoral Park is only a one-minute drive from Orchard Road and is near the Stevens MRT Station.
Cluny Park Residence in Cluny Park Road
Another District 10 property that was sold profitably was a 1.507 sq ft unit located at Cluny Park Residence. The three-bedroom property was sold for a total price of $3.45 million, or $2,289 psf, on May 11. Two other condo units at Cluny Park Residence have also been sold this year—another 1,507 sq ft, a three-bedroom unit that was sold for $3.45 million in February, and an 840 sq ft, two-bedroom unit that was sold for $2.1 million, or $2,501 psf, in March. Around half of the 52 condo units in the development have been sold.
Cluny Park Residence is a freehold, luxury condominium designed by Chan Soo Khian of SCDA Architects and developed by Tuan Sing Holdings. The mid-rise development was recently completed in July 2016 and consisted of 52 units spread across a four-storey building.
Sky @ Eleven in Thomson Lane
On the other hand, property investors also see opportunities in the resale market. For example, a 2,713 sq ft unit at Sky @ Eleven changed hands for $3.85 million, or $1,419 psf, on May 15. The seller purchased the four-bedroom unit a decade ago for $3.74 million or $1,380 psf.
Located at Thomson Lane in District 11, Sky @ Eleven was completed in 2010 by Times Development Pte Ltd (Singapore Press Holdings Ltd). It consists of 273 homes spread across four interlinked towers of 43 storeys each.