Singapore Property | For the past few months, the sales record of executive condominiums picked up the pace and started to increase further. According to the observers in the real estate industry, they believe that after these luxury developments had its peak in 2013, the prices have already weakened by as much as 20 percent as of today.
From the point of view of Donald Han, Chesterton Singapore’s managing director, Districts 9 and 10 have already welcomed these luxury condominiums and noted that the decline in the price of the said developments will no longer fall further.
Just two months ago, it was recorded that the Orchard Residences sold a 4-bedroom unit in its 16th floor for SGD7.25 million or equivalent to SG$2,941 per square foot. The price was actually higher last December 2010 when the first owner bought it for SGD3,500 psf or SGD8.63 million. That was a hard 16 percent price drop.
On the other hand, a boutique unit in Parkview Eclat was sold for SGD2,523 psf or SGD8.2 million last month. This 4-bedroom unit at the luxury condo situated in Grange Road used to be priced at $11.44 million in 2007. Cluny Park Residence, another luxurious low-rise residential development; developed by Tuan Sing Holdings, also had two transactions last month for their two-bedroom.
But these are just mere figures compared to what Le Nouvel Ardmore sold three months ago. With a measurement of 3,961 square feet and good for 4-bedrooms, this luxury unit at the fifth floor was sold at a whopping price of SGD4,000 psf or SGD15.84 million in total. This particular unit was the highest record so far for this year after the SGD51 million duplex penthouse from the same development was sold last April. Even though the Le Nouvel Ardmore was completed only last year, it gained so much interest from the elite buyers especially it is located at the prominent Ardmore Park.
No wonder why many are also fascinated with luxury developments outside District 9 and 10 nowadays including Sturdee Residence, Thomson Impressions and Principal Garden because of the decline in price.