Half of Ardmore homes on offer sold
Buyers snap up 60 units of high-end Wheelock project at average $2,300 psf
SINGAPORE’S luxury property market boom is gaining pace, with more than half of the 118 Ardmore II condominium units on offer snapped up in just one day.
The posh homes, developed by Wheelock Properties (Singapore), carry price tags of between $4.2 million and $5.5 million. About 60 units were sold at a ’soft launch’ on Tuesday, Wheelock said.
For a luxury project, the number of Singaporean buyers was higher than average, market-watchers said.
The units cost a whopping $2,300 per sq ft (psf) on average - a gauge that is used by the industry to compare prices at different properties.
The freehold project is nestled in the high-end Ardmore Park area, not far from Orchard Rd.
Wheelock’s nearby 330-unit Ardmore Park condominium held the record for having the most expensive units until recently.
Collective sales of late have fetched mind-boggling prices. Market-watchers say this means that even higher launch prices of new condominiums could be on the way.
In a collective sale in July, Wheelock picked up Habitat One in Ardmore Park for $1,228 psf of potential gross floor area - that is, in other words, the cost per square foot of a condominium that could be built on the site.
Just last week, Pontiac Land agreed to buy the nearby Pin Tjoe Court for a new record collective sale price of $1,358 psf of potential gross floor area.
Indeed, the executive director of Savills Residential, Mr David Neubronner, said some of the local buyers are people who picked up big sums of money from selling their homes in collective sales in prime areas.
Singaporean buyers have started to invest in luxury homes as they have seen prices rise and are anticipating more upside, he added.
Wheelock said some buyers bought more than one unit. Only 20 per cent of the buyers were foreigners, which is less than that for other recently-sold luxury properties. For instance, foreigners accounted for about 40 per cent of the buyers of Wheelock’s Grange Residences and 65 per cent of the buyers of St Regis Residences.
‘The current recovery has more depth as buying interest is coming from around the globe,’ said Mr Neubronner. ‘Some Singaporeans were reluctant to enter the market sooner because they had been burnt by the market earlier. But top-end prices now match 1996’s peak levels.’
He expects more local buyers to return to the market, though this interest is likely to be focused on properties in the prime districts of 9, 10 and 11.
All the Ardmore II apartments have four bedrooms and come in one size: 2,023 sq ft. They are contained in two 36-storey towers which will each have its own separate entrances at the gate. Each floor comes with two units and each unit has a private lift lobby.
Facilities include a 40m lawn and three pools.
Wheelock’s Ms Tan Bee Kim said: ‘We are delighted and encouraged that our development has attracted such enthusiastic response and definitive endorsement from our past purchasers.’
One market-watcher said the Ardmore II units on high floors were going for as much as $2,600 psf, a level approaching that of St Regis Residences, which holds the record for the highest-priced unit in Singapore, at $3,000 psf.
Prices at Ardmore II have risen slightly, he added. A unit on a lower floor like the 20th level is understood to have been sold for $2,180 psf. There is no deferred payment scheme for this project.
Ardmore II, which was not marketed overseas, is slated to be launched officially next Wednesday.
Wheelock will launch its next project, Scotts Square - which will replace the current Scotts Shopping Centre site - in the second half of next year, said Ms Tan.
Local demand
ARDMORE II units carry price tags of between $4.2 million and $5.5 million.
For a luxury project, the number of Singaporean buyers was higher than average, say market-watchers.
Wheelock says only 20 per cent of the buyers were foreigners, which is less than that for other recently-sold luxury properties.
For instance, foreigners accounted for about 40 per cent of the buyers of Wheelock’s Grange Residences and 65 per cent of the buyers of St Regis Residences.
Source : Straits Times -28 Sep 2006
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