S’pore flat sold for S$19m
Foreign buyer breaks record for 4-bedroom, 3,003 sq ft unit at The Marq
SINGAPORE: A buyer has signed up to pay a record-breaking S$19mil for a four-bedroom apartment at The Marq on Paterson Hill.
The posh project near Orchard Road already holds the record in terms of price per square foot but this deal will easily trump it - no mean feat given the softer market for high-end homes.
It is understood the buyer - who is from overseas - has inked a deal to purchase the 3,003 sq ft unit for just under S$6,400 per square foot (psf).
The previous record of S$5,842 psf was set in May with the sale of a similarly sized four-bedroom unit at The Marq on Paterson Hill, which was built by SC Global Developments.
Sources told The Straits Times that the buyer and his family were living here and had been searching for an apartment for their own stay.
They have apparently visited the unit - which is said to be on a higher floor than the previous record-setter - several times and were finally won over by the views.
The Marq is a lavish freehold project of 66 units spread across two 24-storey towers.
The apartments range from around 3,000 sq ft to 15,000 sq ft - bungalows in the sky, as the marketing blurb goes - and selected ones have a cantilevered 15m pool so swimmers can enjoy views of Orchard Road while doing laps.
This unit in question does not have a pool.
Owners can also call on the on-site concierge and management team, who have undergone a programme by the Guild of Professional English Butlers, no less.
The Marq, which received its temporary occupation permit earlier this year, has sold around 28 of its 66 units.
Such benchmark deals are few and far between these days. Aside from these two sales at the Marq, the previous psf record this year was set by an eastern European couple.
They reportedly bought a three-bedroom apartment at The Orchard Residences for about S$4,800 psf or nearly S$8.7mil.
But despite these headline-making prices, industry observers point out that they are rare deals and not to be seen as indicators that values in the luxury home segment are creeping back up.
A recent CB Richard Ellis report showed that prices of luxury property in Singapore declined 1.7% in the three months to June 30 from the previous quarter as buyers turned cautious in the face of market uncertainty.
Rents were down 1.9%, a trend that is likely to continue given the increased supply of upmarket apartments and less generous housing packages for expatriates.
Investors and speculators are also being deterred by the hefty stamp duties of as much as 16%, imposed on properties that are sold within the first year of purchase.
Despite the softer market, analysts still expect that wealthy people will be keen to sink their money into Singapore.
Tan Kok Keong, head of research and consultancy for OrangeTee, said: “Across Asia, Singapore comes up tops as a safe place to put your money. The country has a stable economy, it's a very liveable city ... Singapore tops quite a few lists.” - Agencies
SINGAPORE: A buyer has signed up to pay a record-breaking S$19mil for a four-bedroom apartment at The Marq on Paterson Hill.
It is understood the buyer - who is from overseas - has inked a deal to purchase the 3,003 sq ft unit for just under S$6,400 per square foot (psf).
The previous record of S$5,842 psf was set in May with the sale of a similarly sized four-bedroom unit at The Marq on Paterson Hill, which was built by SC Global Developments.
Sources told The Straits Times that the buyer and his family were living here and had been searching for an apartment for their own stay.
They have apparently visited the unit - which is said to be on a higher floor than the previous record-setter - several times and were finally won over by the views.
The Marq is a lavish freehold project of 66 units spread across two 24-storey towers.
The apartments range from around 3,000 sq ft to 15,000 sq ft - bungalows in the sky, as the marketing blurb goes - and selected ones have a cantilevered 15m pool so swimmers can enjoy views of Orchard Road while doing laps.
This unit in question does not have a pool.
Owners can also call on the on-site concierge and management team, who have undergone a programme by the Guild of Professional English Butlers, no less.
The Marq, which received its temporary occupation permit earlier this year, has sold around 28 of its 66 units.
Such benchmark deals are few and far between these days. Aside from these two sales at the Marq, the previous psf record this year was set by an eastern European couple.
They reportedly bought a three-bedroom apartment at The Orchard Residences for about S$4,800 psf or nearly S$8.7mil.
But despite these headline-making prices, industry observers point out that they are rare deals and not to be seen as indicators that values in the luxury home segment are creeping back up.
A recent CB Richard Ellis report showed that prices of luxury property in Singapore declined 1.7% in the three months to June 30 from the previous quarter as buyers turned cautious in the face of market uncertainty.
Rents were down 1.9%, a trend that is likely to continue given the increased supply of upmarket apartments and less generous housing packages for expatriates.
Investors and speculators are also being deterred by the hefty stamp duties of as much as 16%, imposed on properties that are sold within the first year of purchase.
Despite the softer market, analysts still expect that wealthy people will be keen to sink their money into Singapore.
Tan Kok Keong, head of research and consultancy for OrangeTee, said: “Across Asia, Singapore comes up tops as a safe place to put your money. The country has a stable economy, it's a very liveable city ... Singapore tops quite a few lists.” - Agencies
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