Thursday, November 02, 2006
[RealEdge] BT : SC Global's Tomlinson units reaping returns
| Published November 2, 2006  | |||
| SC Global's Tomlinson units reaping returns SC GLOBAL Developments has started reaping profits on 13 apartments it acquired in April this year at The Tomlinson from Wing Tai and AIG. SC Global recently sold an 11th floor unit for about $5.4 million or $2,267 per sq ft - the highest price achieved so far in the 29-unit, completed freehold development in Cuscaden Road. The company's average acquisition cost for the 13 units was about $1,500 psf or a total of about $55 million. Mainboard-listed SC Global has also sold a second-floor unit in the 20-storey freehold development for $1,710 psf (or $4.05 million) and rented out a five-bedroom, mid-floor unit for $28,000 a month. SC Global chairman and CEO Simon Cheong is looking at an an average price of about $2,100 psf for the remaining units. 'We expect a good take-up rate as there are no new completed developments in the immediate area,' he said. 'And with properties in the vicinity which have been sold through en bloc sales being demolished by next year, we'll see an acute shortage of high-end apartments in the Orchard Road location.' Mr Cheong declined to say how much he has spent sprucing up The Tomlinson apartments it bought. The project was developed by Wing Tai and AIG and designed by Pei Cobb Freed, the renowned architectural firm founded by I M Pei. The interiors were done by Hirsch Bedner Associates. | |||
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