The developer of Ritz-Carlton Residences, KOP Properties recently sold 2 adjacent units of 3 bedrooms each on 10th floor at $3,325 psf based on caveats lodged on 3rd March. This translated to $9.41m for the units that measure 2,831 sqft. The units are believed to have been bought by a foreigner who intends to merge the 2 for personal use.
From the beginning of 2017, KOP has given buyers a discount of 15% on the list price. Buyers can also take the option of deferred payment scheme where one can move in after two weeks after paying a 20% down payment. The balance is to be payable in two years although buyers should complete the unit purchase in 8 weeks.
(Image of The Ritz-Carlton Residences)
Units purchased at The Ritz-Carlton Residences under the Deferred Payment Scheme (DPS) can be rented out. According to Stephanie Wong a SRI realtor marketing the units, a 3 bedrooms unit can command $16,000 average rent in a month.
“Buyers opting for normal payment will get an additional discount on the list price above the 15%,” pointed out Wong. Some buyers opt for the additional discount including the foreigner who took the 2 units.
“The prospective buyers are high-net-worth individuals both local and foreigners,” said Wong.
Cairnhill Nine by CapitaLand is another project that was re-launched recently. The 268-unit condo on leasehold of 99 years obtained its T.O.P. in October 2016. It was relaunched towards the end of February. The majority of the 48 units available for sale is 2 bedrooms and 2 bedrooms plus study whose area starts from 1,033 sqft. Based on the recent lodged caveats, about 10 units were taken up in the first weekend.
Majority of the units sold were 2 bedrooms with prices ranging from $2,393 for a unit measuring 1,033 on 11th floor to $2,701 psf for a similar one on 14th floor.
Pollen & Bleu is another project that recorded increase in transactions in the beginning of March. The 106-unit project on a 99-year lease is by Singapore Land and was completed was in December. Its viewing was opened recently. According to caveats lodged, units sold in March first week ranged from $2,029 psf for a 2-bedroom loft of 872 sqft to $2,145 psf for a 3 bedrooms unit of 1,206 sqft. Approximately 30% of units at Pollen & Bleu have been sold.
SRI managing partner Bruce Lye expects more existing projects to be re-launched. He added that there could be more easing due to the recent recalibration of the cooling measures. Buyers are starting to come back to the market, as they believe there is bottoming of the market.
You may find out which other District 9 and 10 developments by visiting Gramercy Park, a freehold condominium by CDL, Leedon Residence by GuocoLand Group and OUE Twin Peaks, that is located along Leonie Hill Road.