Business Times: Mon, Nov 21
(SINGAPORE) SC Global Developments has been able to set a new record price at The Marq on Paterson Hill once every three months since May this year.
In the latest transaction, a 3,003-sq-ft, four-bedroom apartment in the Premier Tower is understood to have sold for nearly $6,850 per square foot (psf) or about $20.5 million.
This tops the previous record set in August for $6,394 psf, which in turn broke the May record of $5,842 psf. In all three cases, the units are of the same size and in the same tower.
The latest record comes fresh on the heels of news last month of a world-first collaboration between Hermes and SC Global. Designers from the French luxury house will fit out a 6,232-sq-ft, five-bedroom apartment in the Signature Tower at The Marq, with a combination of furniture, fabrics, rugs, carpets, wallpaper and made-to-measure upholstered items. The world's first Hermes apartment is due to be ready next year and will be kept by SC Global for private functions and Hermes exclusive events. It will not be for immediate sale.
The Marq, a freehold project which received Temporary Occupation Permit in January this year, comprises two 24-storey towers with a total of 66 units.
Still, despite SC Global hitting the high notes with The Marq, the luxury apartment market in Singapore is generally quiet compared to its heyday in 2007, say market watchers.
'The majority of buyers in this segment are foreigners. Singaporean buyers typically aim for Good Class Bungalows, since the absolute price for a GCB is quite similar to that for a luxury apartment in a project like The Marq,' says Jones Lang LaSalle's head of residential and national director Jacqueline Wong.
'It is foreigners, who don't qualify to buy a GCB, who are the main players looking at luxury condos right now. Their interest in buying property in Singapore has never dissipated; their interest is still there. But due to the global uncertainty including European debt crisis, everybody's more cautious, more selective now. They want value buys or fire sales - but these are difficult to find in Singapore as our high-end developers are deep-pocketed,' added Ms Wong.
Market watchers note that SC Global has been able to achieve benchmark prices at The Marq despite thin sales volumes generally in the luxury residential sector.
Ms Wong points to the developer's track record of consistently improving its product in terms of quality, design and concept. 'It has always reinvented itself. Take The Marq, for instance. The Signature Tower has an interlocking design for each of the apartments (which are over 6,000 sq ft) so that it feels like a penthouse even for units on lower floors - with double-volume ceiling height in the living and dining area and a private pool for each apartment.
'(SC Global chairman and chief executive) Simon Cheong has paid careful attention to the project's details even in the common areas like the lobby. There's a club lounge/ library where they serve drinks, and the gym is fully equipped. There's a concierge service, and sculptures and other artwork on display in various parts of the development.'
Source: Business Times © Singapore Press Holdings Ltd
Martin Koh/ Sherry Tang