Bulk purchase of units at Ascent @ 456
By Tan Chee Yuen
/ The Edge Property |
A fortnight ago, the nine remaining units in the 28- unit residential block of Ascent @ 456 on Balestier Road were sold to a single buyer, according to caveats lodged on Jan 12. The total purchase price of the freehold units amounted to $6.66 million, or an average of $1,021 psf. The buyer is believed to be an individual investor who is not directly related to the directors or substantial shareholders of the developer, TA Corp.
With the sale of these nine units, the residential portion in the 12-storey residential block of Ascent @ 456 is now fully sold. Meanwhile, TA Corp has decided to hold on to the 17 strata shop units in the retail podium for lease. The mixed-use development located at the junction of Balestier Road and Jalan Rama Rama obtained Temporary Occupation Permit recently.
Based on caveats lodged, four of the nine units purchased were 689 sq ft, two-bedders sold for $665,488 ($966 psf) to $703,910 ($1,022 psf). The remaining five were compact three-bedders of 753 sq ft that fetched $769,338 ($1,021 psf) to $811,315 ($1,077 psf).
The sale of the nine remaining units at Ascent @ 456 means the 28-unit residential block is fully sold
The average price of $1,021 psf reflects a bulk discount of about 30% relative to the earlier units sold from 2014 to 2016, which averaged $1,494 psf, according to caveats lodged. For instance, 16 units sold in 2014 ranged in price from $987,500 ($1,433 psf) to $1.2 million ($1,597 psf). Three units were sold last year for $990,000 ($1,437 psf) to $1.2 million ($1,593 psf).
Another project on Balestier Road, VIIO at Balestier,saw an 840 sq ft, two-bedroom unit sold for $1.27 million ($1,516 psf) on Jan 11. VIIO at Balestier is a redevelopment of the former Leong On Building by contractor- turned-developer Techkon, which purchased the site for $92.3 million in December 2012.
When completed at year-end, VIIO will have 56 residential units spanning a seven-storey block sitting on top of a three-storey retail podium with 22 strata shops. Most of the residential units at VIIO are two-bedroom units, with compact, standard and dual-key options, and measuring 474 to 840 sq ft. The project also comprises 14 three-bedroom dual-key units measuring 1,076 sq ft each. As at end- December 2016, 24 units (43%) had been sold at a median price of $1,559 psf, according to URA data.
This article appeared in The Edge Property Pullout, Issue 763 (Jan 30, 2017) of The Edge Singapore.
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