ST : Penthouse sold for record $4,653.5 psf - 14 Jun 07

[Daniel Leong]

ST REGIS RESIDENCES
Penthouse sold for record $4,653.5 psf

THE owner of a two-storey penthouse in St Regis Residences has reaped a
profit of $12.77 million in just eight months after a foreigner paid $28
million for the plush apartment last month.
The buyer smashed the old price benchmark by shelling out a record $4,653.5
per sq ft (psf) for the 6,017 sq ft unit in Tanglin Road, according to the
caveat lodged for the purchase. It represents a remarkable capital gain
because the penthouse was initially sold for $15.23 million just last
August.
The previous known record for a residential unit in Singapore was set by a
four-bedroom unit at Chyau Fwu Group's 35-unit Parkview Eclat in Grange Road
that went for nearly $4,200 psf late last month.
It also underlines the astonishing surge in demand for high-end property.
'The uber-rich believe Singapore has the potential to grow, reinforcing our
point that Singapore is undervalued compared with other global cities such
as London and New York,' said Savills Singapore's director of marketing and
business development, Mr Ku Swee Yong. 'Nothing short of the very best will
do for this group.'
The 999-year leasehold St Regis Residences, which has penthouses ranging in
size from 5,000 sq ft to 7,300 sq ft, was officially launched in June last
year. One of its units was sold for what was at the time a record high price
of more than $3,000 psf.