Singapore-listed property developer GuocoLand has sold all the 210 units in its Bukit Timah condominium project Goodwood Residence.
The company, controlled by Malaysian tycoon Quek Leng Chan, told The Straits Times last Friday that it has moved its last three penthouses in the development, although it declined to reveal the timeframe in which these were sold.
The three penthouses, which range between 3,900 and 9,600 sq ft, were sold to both Singaporeans and foreigners at prices between $6.5 million and $14.23 million, said the company via e-mail.
A spokesman said that the average price per sq ft (psf) at the development was about $2,300. He added that no deferred payment system or sweeteners were given for the last few units.
He said that about 70 per cent of the buyers were buying for investment.
BAGGING A GOOD DEAL
Interest for high-end properties may have improved recently, but it is mainly driven by value for money snap-ups.
MR ONG KAH SENG, R'ST Research director.
Separately, the GuocoLand spokesman said that its other freehold completed project, the 381-unit Leedon Residence, is selling well.
About 100 units are left, with an average price per sq ft of slightly below $2,000. The development has two-, three-, four- and five-bedroom units, with prices from $2.3 million.
The company recently sold six five-bedroom units for prices ranging from $8.5 million to more than $10 million, although it declined to reveal the timeframe. The spokesman added that the group is exploring the idea of a bulk purchase for the remaining units.
GuocoLand's next high-end residential project here will be a 450-unit condo in Martin Place on a site it clinched in June.
Analysts were cautiously optimistic about the high-end property market.
Mr Ong Teck Hui, JLL Singapore's national director for research and consultancy, said that the segment has picked up this year. Compared with last year, there has been an 80 per cent increase in transactions of non-landed homes with prices of $2,000 psf and above, he noted, citing caveats lodged.
Mr Ong Kah Seng, R'ST Research director, said the sales of the two GuocoLand projects were encouraging.
However, he noted that the improved sentiment was largely due to increased opportunities for buyers, rather than overall optimism in the high-end market.
"Interest for high-end properties may have improved recently, but it is mainly driven by value for money snap-ups," he said.
"I won't reckon that investors are seeing, or banking on, big potential of investment returns from high-end properties."