19-11-2012: New completions, renewed interest in Newton Road

A 1,808 sq ft, three-bedroom-plus-study unit at Newton One changed hands in a resale at $3.43 million ($1,897 psf) in late October

BY JO-ANN HUANG |THEEDGE SINGAPORE | NOVEMBER 19, 2012 •

A 1,442 sq ft, three-bedroom unit on the 11th floor of Park Infinia at Wee Nam changed hands for $2.6 million ($1,803 psf), while a similar-sized unit on the third level was sold for $2.62 million ($1,816 psf) recently

There has been renewed interest in developments off Newton Road.Transactions were seen at Newton One, located at the junction of Dunearn Road, and at Park Infinia at Wee Nam, on the other end of Newton in the Novena neighbourhood.

A 1,442 sq ft, three-bedroom unit on the 11th floor of Park Infinia at Wee Nam changed hands for $2.6 million ($1,803 psf), while a similar-sized unit on the third level was sold for $2.62 million ($1,816 psf) recently. At Lippo Realty’s exclusive 91-unit Newton One, all the units were fully sold three years ahead of completion in 2009. Most of those who bought the units in mid-2006, and sold recently, saw capital appreciation of 40% to 60%. For instance, a 1,808 sq ft three-bedroom-plus-study unit changed hands in a resale at $3.43 million ($1,897 psf) in late October. This was 68.3% higher than the initial purchase price of $2.04 million ($1,127 psf) in 2006.

Meanwhile, a 1,216 sq ft, two-bedroom with-study apartment on the 12th floor was sold for $2.25 million ($1,849 psf) last month. This was 54% above the original purchase price of $1.46 million in July 2006. A similar-sized unit on the 13th floor was sold in mid-October for $2.03 million ($1,667 psf),38% higher than its initial sale in July 2006 of $1.47 million ($1,212 psf).

The 28-storey Newton One has a mix of units ranging from two-bedroom-plus-study units of 1,216 sq ft to five-bedroom units of 2,411 sq ft. It is within walking distance of the Newton MRT Station and the famous Newton Food Centre. Located in prime District 11, the high-end condo is also within a short drive of Orchard Road and the CBD.


Trilight, a 205-unit condominium development by Ho Bee Group, was completed recently

Property agents reckon the recent completion of Trilight, a 205-unit condominium development by Ho Bee Group located next door, may have spurred renewed interest in that location. “There has been more interest than before,” says James Lee of James Lee Realty. “Some buyers who have viewed my units at Newton One have also viewed Trilight.” The most recent transaction at Trilight was of a 2,099 sq ft, three-bedroom unit for $3.7 million ($1,759 psf), according to URA Realis. Meanwhile, a 5,802 sq ft, four bedroom penthouse went for $8.7 million ($1,500 psf). As at end-October, all except one of the units had been sold.

According to Lee, most of the units in Newton One are tenanted, with only 30% of the residents being owner-occupiers. Rentals at Newton One start from $6,000 for a twobedroom- plus-study unit, he adds. With the completion of Trilight, Newton One will face more competition in terms of rental rates, Lee reckons.

L’Viv

Most of the condos launched in the last two years in the Newton area, however, have been priced above $2,000 psf, notes property agents. For instance, next door to Trilight is L’Viv, by developer Wing Tai Holdings. Since the project previewed in early 2010, 134 of the units at the 147-unit condo have been sold at a median price of $2,470 psf as at end-October. Located across the road from L’Viv is 26 Newton by Novelty Group. As at end-October, 30 units had been launched, with 14 sold at a median price of $2,461 psf. The condo has a total of 180 units.


Viva


26 Newton

The completion of Allgreen Properties’ 235-unit Viva has also had a similar effect on the neighbouring Park Infinia at Wee Nam. Sim Lian Group’s 129-unit Rochelle at Newton, located along Keng Lee Road near Newton Road, also obtained Temporary Occupation Permit recently. As at end-September, more than 90% of the units at Rochelle at Newton had been sold since its launch in mid-2009.The latest median price achieved as at end-September was $1,407 psf.

The 486-unit Park Infinia at Wee Nam, developed by Keppel Land, was launched in 2005. Prices have easily doubled since launch, note property agents. The freehold condo located along Lincoln Road, off Leng Kee Road, saw two units transacted in October. One was of a 1,442 sq ft, three bedroom unit on the 11th floor that changed hands for $2.6 million ($1,803 psf), 33.6% higher than the $1.95 million ($1,350 psf) achieved in 2008. In 2007, the unit had changed hands in a sub-sale for $1.8 million ($1,250 psf). The original price of the unit in 2006 was $1.22 million ($844 psf). Another similar-sized unit on the third level of the same block was sold for $2.62 million ($1,816 psf) recently.

Given the facilities within the condominium, and the unit sizes, Park Infinia at Wee Nam is sought after by expatriates, according to property agents. Recent listings on PropertyGuru show that asking monthly rental rates for two-bedroom apartments are $6,000 to $7,300 (fully furnished), three-bedroom apartments are $7,300 to $7,500, and four-bedroom units are $8,500 to $13,000.