Newly completed condos in River Valley area see interest

As at end-April, 47 units have been sold at the 61-unit Skyline 360, with the latest median price being $2,261 psf

At the Inspira, a unit changed hands for $1.8 million ($1,931 psf) on April 30

THE EDGE SINGAPORE | MAY 20,2013 |

BY jo-ann huang

The Orchard-River Valley area saw several units transacted at end-April at $2,000 to $2,300 psf. Property agents attribute the surge in sales to the units’ affordability, considering their close proximity to the Orchard Road shopping belt. Developers have also priced these condominiums more attractively to entice foreign buyers, who were affected by the increase in the additional buyer’s stamp duty in December and January.

“High-end property buyers are more discerning. They are looking for bargains, and at this point in time, many developers have to sell their leftover units within two years of the projects’ completion. Most of the developers have achieved their returns and are willing to sell their remaining units at a lower price,” says Alan Cheong, head of research at Savills.

Hiap Hoe’s Skyline 360 on St Thomas’ Walk, off Killiney Road and River Valley Road, saw two units change hands on April 30. The freehold development, comprising 61 units in a 36-storey tower, received its temporary occupation permit at the end of last year, say agents. A 2,131 sq ft, four-bedroom unit on the 24th floor was transacted for $4.87 million ($2,280 psf) in a developer’s sale. On April 29, a 1,733 sq ft, three-bedroom unit on the 28th floor changed hands for $4 million ($2,308 psf) in a subsale. The unit was originally sold at $3.76 million ($2,168 psf), marking a price increase of 6.5%.

At the time of Skyline 360’s launch in 2010, prices were around $1,900 psf. Sizes of units range from 1,733 sq ft for three-bedroom apartments to 2,131 sq ft for four-bedroom units, while penthouses range from 3,929 to 6,523 sq ft. According to URA figures, six units were sold in April, at a median price of $2,261 psf. This brings the total sales in the project to 47 units as at end-April.

“Skyline 360 is just five minutes’ walk to Orchard Road and the Somerset MRT station,” says Derek Do, a property agent with Savills. “At $2,300 psf, it is much cheaper than properties right on Orchard Road itself, where asking prices are above $3,000 psf.”

Savills was appointed the marketing agent for Skyline 360’s unsold units. Do notes that Lloyd 65, a soon-to-be launched condo by TG Development located on Lloyd Road, is expected to be priced at about $3,000 psf. Skyline 360 is very popular among Indonesian, Chinese and Vietnamese buyers, he adds. “In the last month, we have sold about five units. We are currently negotiating the sale of two units. Skyline 360 also offers unobstructed views of Marina Bay from its higher-floor units as it faces a cluster of low-rise apartments.”

Meanwhile, on Kim Seng Road, in the heart of River Valley, two units changed hands at The Cosmopolitan, a freehold 36-storey condo developed by high-end property developer Wheelock Properties. One of them is a 1,324 sq ft, three-bedroom unit on the highest floor, which transacted at $2.84 million ($2,145 psf). It was first sold in December 2006 at $1.95 million ($1,472 psf), which translates into a 46% price increase. On April 22, a similar sized unit on the 13th floor sold for $2.75 million ($2,077psf), a 108% increase over its original sale price of $1.32 million ($999 psf).

The Cosmopolitan was launched in 2005 at about $1,000 psf. It was completed in 2008 and comprises 228 units in two towers. Units at the project range from 1,141 sq ft for a two-bedroom apartment to 1,679 sq ft for a four-bedroom apartment.

At The Inspira on Arnasalam Chetty Road in Robertson Quay, also in the River Valley area, a 936 sq ft, two-bedroom unit on the ninth floor changed hands for $1.8 million ($1,931 psf) on April 30. It was first sold in November 2006 at $1.09 million ($1,162 psf), which translates into a price increase of 66%.

The Inspira is a 13-storey, 120-unit freehold property developed by King Wan Corp and TA Corp. The project was launched in 2006 at about $1,000 psf and completed in 2009, and all its units are sold. Units range from 667 sq ft for a studio apartment, 926 to 947 sq ft for a two-bedroom apartment and 1,873 to 2,250 sq ft for a penthouse unit. The Inspira is popular among expatriates, who like it for its tranquil city-fringe location near the Singapore River and the many bars and restaurants at its doorstep.

Other projects in the River Valley area that have seen transactions recently are Rivergate at Robertson Quay and Latitude on Jalan Mutiara, where units were sold at $4.26 million ($2,050 psf) and $5.9 million ($2,220 psf) respectively. RivergateLatitude