ST: Apartment sale smashes record at $5,100 psf - 28 Jun 07

[Daniel Leong]

June 28, 2007
Apartment sale smashes record at $5,100 psf

SINGAPORE'S most expensive condominium project - The Marq on Paterson
Hill - has been fully sold in its first phase, with one unit fetching
a record $5,100 per sq ft (psf).

This smashes the week-old record of $4,653.50 psf set by an apartment
from St Regis Residences.

The new record set by The Marq also breaches. for the first time, the
$5,000 mark for the highest psf unit price.

The Marq's initial phase, which consists 21 units - or a third of all
available apartments - achieved an average selling price of $4,137
psf, said developer SC Global in a statement.

The most expensive condominium sale on record is the uber penthouse
at Marina Bay Residences, which was said to have fetched about $28.6
million, or $2,600 psf.

On a psf basis, only three projects have breached the $4,000 level:
Orchard Residences in Orchard Turn, Parkview Eclat in Grange Road and
St Regis Residences in Cuscaden Road.

Previews to The Marq's first phase was offered to invited buyers
only, said SC Global.

Of the 21 units sold, eight apartments were within The Signature
Tower, housing a 15-metre private lap pool in every unit.

The rest of the 21 units were from Premier Tower.

The record-smashing $5,100 psf sale came from an apartment in The
Signature Tower.

Prices for the entire development ranged from approximately $11
million to $31 million.

The three penthouses on the top two floors of the 24-storey-high
building and apartments on the higher floors were not released in the
first phase, SC Global said.

The Signature Tower will be home to 21 five-bedroom apartments
averaging 6,195 sq ft.

Beside it will stand the Premier Tower with 42 four-bedroom
apartments averaging 3,000 sq ft.

SC Global Developments said it has no confirmed date for the release
of the second phase of units.