Ritz-Carlton Residences units hit S$3,325 psf

DEVELOPER KOP Properties recently sold two adjacent three-bedroom units on the 10th floor of the 36-storey Ritz-Carlton Residences. The 2,831 sq ft units were sold for S$9.41 million (RM29.8 million) (S$3,325 psf) each, according to caveats lodged on March 3. The buyer is believed to be a foreigner who plans to amalgamate the two units for his own use.

Since the start of the year, KOP has offered buyers a straight 15% discount on the list price of the available units. There is also the option of taking up the deferred payment scheme (DPS), whereby buyers who fork out a down payment of 20% can move in a fortnight later. The remainder is payable only two years later. However, buyers have to complete the purchase of the unit within eight weeks.

Those who buy units at The Ritz-Carlton Residences under DPS can rent them out. A three-bedroom unit at the project can command a monthly average rent of S$16,000, according to Stephanie Wong, a realtor at SRI who is marketing the units in the project.

Those who opt for a normal payment scheme instead of DPS will be given an additional discount on top of the 15% discount on the list price, Wong points out. Some buyers, such as the foreigner who recently snapped up the two units on the 10th floor, prefer to have the additional discount. The prospective buyers are a mix of local and foreign ultra-high-net-worth individuals, says Wong.

Another recent relaunch is CapitaLand’s high-end development Cairnhill Nine. The 268-unit, 99-year leasehold condo obtained its Temporary Occupation Permit last October. It was relaunched at end-February. Of the 48 units available for sale, the majority are two-bedroom and two-bedroom-plus-study units that start from 1,033 sq ft. At least 10 units were snapped up in the first weekend alone, based on caveats lodged recently.

Most of the units sold were two-bedroom units. Prices achieved ranged from S$2.47 million (S$2,393 psf) for a 1,033 unit on the 11th floor to S$2.8 million (S$2,701 psf) for a ­similar-sized unit on the 14th floor.

Another development in the prime districts that saw a pickup in transactions in early March is the 106-unit Pollen & Bleu by Singapore Land. The project was completed in December and opened for viewing recently. Units sold in the first week of March ranged from S$1.77 million (S$2,029 psf) for an 872 sq ft, two-bedroom loft to S$2.59 million (S$2,145 psf) for a 1,206 sq ft, three-bedroom unit, based on caveats lodged.

So far, about 30% of the units in the 99-year leasehold low-rise Pollen & Bleu have been sold.

Bruce Lye, managing partner of SRI, expects more developers to relaunch their existing projects. The recent recalibration of the property cooling measures suggests that more easing could be in the offing, he adds. Buyers believe the market is bottoming and are starting to enter the market.

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on March 20, 2017.

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