Thursday, May 18, 2006
[RealEdge] BT : 7,000 sq ft BLVD super-penthouse goes for $16m
Published May 18, 2006 ![]() | ||||||||
7,000 sq ft BLVD super-penthouse goes for $16m
By UMA SHANKARI
A STAGGERING $16 million for a condo apartment - that is what one of the super-penthouse units at SC Global Developments' luxury development The Boulevard Residence fetched.
The buyer, a foreigner, heads an international hedge fund which will be setting up an office in Singapore. For the 7,000 sq ft penthouse, it works out to $2,286 psf - which is still lower than what other units in the development fetched previously. But because of the sheer size of the unit, industry watchers said that the $16 million could be the highest ever lump sum paid for a condo apartment. The Boulevard Residence, branded simply as BLVD, has two super penthouses and two junior penthouses of 4,000 sq ft each in addition to 42 smaller units of about 2,000 sq ft each. The development is at Cuscaden Walk, near the prime Orchard Road shopping belt. Negotiations are going on with a potential foreign buyer for the sale of the second super-penthouse, said SC Global which is controlled by Simon Cheong. Both junior penthouses were sold last year for more than $6 million each. To date, about 10 units in the development remain unsold, BT understands. Since BLVD was launched in January 2003, prices have averaged $1,500 psf. But since last October, four of the smaller units have been sold for more than $2,000 psf. The last sale in February 2006 was at $2,329 psf, said SC Global. Joseph Tan, a director at property services company CB Richard Ellis, said that the prices are comparable to what luxury penthouses were fetching during the peak of the property market in the mid-90s. 'The high-end market is fairly active now and prices here are still more attractive than in other parts of Asia such as Hong Kong,' he said. And there have been quite a few buyers of late looking specifically for penthouses, said Knight Frank's executive director Peter Ow. 'The buyers are looking for quality and are willing to pay,' he said |
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