Thomson action

Sky@eleven offers unblocked views of the surroundings in its single-loading units

Cheung Kong Holdings’ Thomson 800 transacted at $1,300 psf in late June

THE EDGE SINGAPORE| JULY 15, 2013

|BY JO-Ann Huang|

There are two private condominiums in the Thomson area that stand out as “islands” amid greenery. With no other high-rise residential towers in the immediate neighbourhood, they enjoy unblocked views of their surroundings. Units boast quality finishings and exclusively three- and four-bedroom apartments. The two condo developments are Thomson 800 and Sky@eleven.

At Sky@eleven on Thomson Lane, a 2,830 sq ft, four-bedroom unit on the 22nd floor changed hands on June 26 for $4.94 million ($1,752 psf). The unit last traded in a sub-sale in July 2009, and fetched $3.33 million ($1,180 psf), marking a 48% price appreciation. In May, a 5,490 sq ft penthouse was sold for $7.85 million ($1,430 psf). Sky@eleven was developed by Singapore Press Holdings (SPH), and was fully sold within three days when it was launched in 2007. Completed in 2010, the freehold Sky@ eleven comprises 273 units, including eight duplex penthouses in six 43-storey blocks. The property, designed by local practice DP Architects, overlooks the Singapore Polo Club, and higher floors offer views of MacRitchie Reservoir Park, Toa Payoh, Novena and Balestier.

Unit sizes are spacious. Three bedroom-plus-study units start from 1,851 sq ft. Meanwhile, four-bedroom units range from 2,271 to 2,830 sq ft. Penthouses have sizes ranging from 4,844 to 5,597 sq ft.

Sky@eleven has only two units per level in each block, hence, units have unblocked views at both ends. Units in the development also do not face each other, with residents enjoying a lot of privacy, says Christine Chong, division head at Savills Residential. Chong is marketing eight units at Sky@eleven. Units on the high floor are transacting at $1,900 psf, while those on lower floors are trading in the $1,600 to $1,700 psf range, she says. Asking rents at Sky@eleven start from $8,500 to $9,000 for the three-bedroom apartments and $12,000 for the four-bedroom units, according to Chong.

Meanwhile, at Thomson 800, a freehold development on Thomson Road, a 14th floor unit sized at 1,399 sq ft with three bedrooms recently transacted at $1.84 million ($1,318psf). The unit also changed hands in March 2000, when it fetched $1.25 million ($891 psf). A year before that, it was purchased for just $830,905 ($594 psf). Hence, the price of the unit has increased 2.2 times over the last 14 years.

This year-to-date, there has been just a handful of transactions at Thomson 800 priced in the $1,292 to $1,341 psf range, based on caveats lodged with URA to date. The project was developed by Property Enterprises Development (PED) Singapore, a unit of Hong Kong tycoon Li Ka-shing’s Cheung Kong (Holdings).

The 390-unit freehold Thomson 800 in prime District 11 was PED’s maiden residential project in Singapore. It has since developed a string of residential projects such as the 906-unit Costa Del Sol in the Bayshore area of the East Coast, the high-end 248-unit Cairnhill Crest along Cairnhill Circle, The Vision at West Coast with 281 condo units, and Thomson Grand, its latest development launched last year, and fully sold to date. The project contains 339 condo units and 22 strata terraced houses. Cheung Kong is also part of the consortium involved in the Marina Bay Financial Centre, which includes the 428-unit Marina Bay Residences and the 221-unit Marina Bay Suites.

Standing at 20 storeys, Thomson 800 was completed in 1999. Incidentally, City Developments Ltd (CDL) had purchased 169 units in the development back in early 1999, jointly with American International Assurance (AIA) and Mitsui & Co. CDL took a 60% stake in the joint venture, with AIA and Mitsui sharing the 40% stake equally. They had launched the units for sale later that year, with initial prices of units at around $860 psf.

Units at Thomson 800 are noteworthy for their spaciousness and quality finishing. Three bedroom apartments are sized from 1,281 to 1,625 sq ft, maisonettes are 3,757 to 3,832 sq ft and four-bedroom penthouses are 5,791 sq ft. The units on the higher floors offer views of MacRitchie Reservoir and the city.

Thomson 800 covers a large freehold land area of 353,000 sq ft, which gives the property full condo facilities and a resort-style feel. “The facilities take up half of the land area at Thomson 800, and they’re tucked away from the main road behind many trees and greenery, which gives the property a lot of privacy,” says Mely Lee, a GPS Alliance agent marketing four units at the property. With its proximity to MacRitchie Reservoir, amenities in the Novena area as well as Orchard Road and the CBD, Thomson 800 is popular among expatriates from Europe, India and Australia, she adds.

Thomson 800 is attractively priced when compared with its counterparts elsewhere in District 11. “It’s actually closer to the Braddell Road area, hence its price is lower than condos in the Novena belt,” Lee says. Condos in the Novena area that are comparable in terms of size and quality to Thomson 800 include the likes of Keppel Land’s Park Infinia at Wee Nam, where transactions in the last three months ranged from $1,828 to $2,106 psf. Meanwhile, units at Thomson 800 have asking prices of $1,300 to $1,400 psf. Hence, a 1,432 sq ft, three-bedroom unit in the development will fetch $1.9 million, reckons Lee.

However, even Thomson 800 has not been spared from Singapore’s relentless building. The neighbouring Mount Alvernia Hospital is constructing a multi-storey car park. Hence, some of the lower-floor units in a few of the blocks at Thomson 800 may now have a view of the multi-storey carpark. “Coupled with the noise and the dust, rentals of units in these blocks have been rather slow,” she says. “But most units that have transacted recently are not facing the construction.” Given the size of the units, most of the buyers at Sky@eleven and Thomson 800 are owner-occupiers, adds Savills’ Chong.