The Crest @ Prince Charles Crescent sold 3 units in the Aug 23 to 30 week as indicated by September 6 caveats.
The 1-bedroom unit of 635 sq ft on the 6th floor was the smallest and sold at $1,543 psf or $980,000. The 2-bedroom and study unit of 893 sq ft on 21st floor fetched $1,792 psf or $1.6 million. The largest was the 3-bedroom and study unit of 1,453 sq ft that was sold at $1,594 psf or $2.32 million.
The Crest’s launch was in June 2014 and so far 130 of its 469 units have been sold. The condominium on a 99-year lease was a joint development of Maxdin, Metro and Wing Tai Holdings. It was designed by Toyo Ito a renowned architect from Japan. The Crest has 3 towers with 23 storeys each, 4 blocks of 5 storeys each on an expansive site of 256,000 sq ft. The construction is ongoing with TOP of September 2017.
The land was purchased in Q4 2012 from the government by Wing Tai-led group at a bid of $960 psf ppr or $516.3 million. The consortium needs to develop and sell all The Crest units in five years so it can qualify for remission of additional buyer’s stamp duty. Failure to do so it will incur a 10% ABSD on the cost of land, and a 5% pa interest. Sites bought from Jan 12, 2013, have an ABSD of 15%.
To sell the units fast, Wing Tai is giving a 15% discount plus an $80,000 interior design package by SuMisura for the 1-bedroom units.
Near The Crest is Principal Garden, jointly developed by Kheng Leong Co and UOL Group. The 663-unit project launched in October 2015 at $1600 psf. July and August unit sales received a $5,000 price cut. Principal Garden has 296 units sold based on September 6 caveats. The project should be complete towards the end of 2019.
Principal Garden is has recorded faster sales due to its small sized units since 73% are 1 and 2 bedrooms of between 484 to 807 sq ft with price ranging from $1,676 psf ( 812,000) to $1,624 psf ( $1.3m). On the other hand The Crest has larger units, the smallest being 1 bedroom units of 635 sq ft at $1,543 psf ($980,000) and the majority 2-bedroom units of 743 to 1,001 sq ft going at $1,684 psf or $ 1.25m.
Tanglin View, a 99-year leasehold project with 384 units in the same Prince Charles Crescent neighborhood sold a 2-bedrooms unit of 872 sq ft at $1,239 psf or $1.1 million, based on August 24 caveat.