District 4 sees pickup in transactions

By Tan Chee Yuen

/ The Edge Property |

June 10, 2017 8:30 AM SGT

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Singapore’s District 4, which encompasses Sentosa Cove, Keppel Bay, Telok Blangah and Mount Faber, has seen a pickup in transactions in recent months, especially since April. In the week of May 23 to 30, The Interlace saw three units sold.

The biggest was a 3,488 sq ft, four-bedroom penthouse on the 21st floor of one of the blocks that fetched $4.15 million ($1,190 psf). Another was a 1,044 sq ft, two-bedroom unit that fetched $1.38 million ($1,322 psf) in a resale. The previous owner paid $1.24 million ($1,188 psf) for it in April 2012. The third unit sold was an 807 sq ft, two-bedder that went for $1.12 million ($1,381 psf). It had originally been purchased for $1.21 million in August 2012 in a sub-sale.

Known for its interlocking blocks, the 99-year leasehold project is a redevelopment of the former privatised HUDC estate, Gillman Heights. Designed by acclaimed architect Ole Scheeren, The Interlace was picked as World Building of the Year in 2015. Developed by a CapitaLand-led consortium, the 1,040-unit development was completed in 2013. The project is substantially sold to date, following CapitaLand’s successful launch of the “Stay-then- Pay” programme in June last year that offers a 15% discount and deferred payment scheme.

At the Keppel Bay area, there were a number of condominium transactions as well. At Corals at Keppel Bay, a 1,270 sq ft, three-bedroom unit was sold by the developer, Keppel Land, for $2.36 million ($1,860 psf) on May 25. Sales at Corals have picked up since the 366-unit luxury project obtained its Temporary Occupation Permit last October.

Both Corals and the 1,129-unit Reflections at Keppel Bay were designed by celebrated architect Daniel Libeskind. Based on the caveats lodged so far, about 40 units at Corals have been sold since last October. April saw at least 10 units sold at prices ranging from $1.47 million ($1,645 psf) for an 893 sq ft unit to $3.29 million ($2,064 psf) for a 1,593 sq ft unit. Price have dipped compared with the average price of $2,200 psf achieved in 2013, when Corals was launched. Over 65% of its units have been sold, according to the latest developer sales data.

At the neighbouring 969-unit Caribbean at Keppel Bay, also developed by Keppel Land, a 1,227 sq ft, three-bedroom unit fetched $1.88 million ($1,532 psf) on May 30. Caribbean, the first condo development at Keppel Bay, was designed by DCA Architects. It was completed in 2004 and is fully sold to date.

Meanwhile, there have been few transactions at Mount Faber Lodge, a condo perched on the foothills of Mount Faber known for its red-brick facade. The freehold, low-rise block contains 84 units and was completed in 1984. The sole transaction this year was for a 1,173 sq ft, two-bedroom unit on the fifth floor that fetched $1.38 million ($1,176 psf) on May 23. The last transaction before that was in February 2016, when a 2,454 sq ft, three-bedroom unit on the first level fetched $3.15 million ($1,284 psf).

“Transactions have generally picked up across the board,” says Benson Koh, managing partner of realtor SRI. “And District 4 has become a nice place to live.” For instance, Mount Faber Lodge is adjacent to the picturesque Mount Faber Park. Meanwhile, the condos at Keppel Bay have become an attractive alternative to Sentosa Cove in terms of waterfront homes, with VivoCity shopping mall and the HarbourFront MRT station nearby, Koh adds. It is also a five- to seven-minute drive to the CBD.

Buyer interest has also returned to the 99- year leasehold upscale waterfront resort enclave of Sentosa Cove on Sentosa Island, located across the water from Keppel Bay. The most recent transaction was at The Coast, where a 2,336 sq ft, four-bedroom unit changed hands for $3.80 million ($1,627 psf), according to a caveat lodged on May 24. The previous owner paid $3.89 million ($1,665 psf) for the unit in November 2006. A week earlier, a 2,077 sq ft, three-bedroom unit at The Coast was sold for $2.90 million ($1,396 psf).

The 249-unit The Coast at Sentosa Cove was developed by Ho Bee Land and completed in 2010. The project offers a mix of three- and four-bedroom units of 1,916 sq ft to 3,100 sq ft, as well as penthouses of up to 4,855 sq ft. All the units in the project have direct sea views.

Similarly, all the 116 units at The Azure, in the North Cove of Sentosa Cove, have sea views. Developed by Frasers Centrepoint, it was the second condo to be launched in Sentosa Cove, after Ho Bee Land’s The Berth by the Cove in late 2004.

A 1.335 sq ft, two-bedroom+study unit at The Azure changed hands for $2.22 million ($1,663 psf), according to a caveat lodged on May 25. The previous owner paid $2.27 million ($1,700 psf) for the unit in August 2008.

This article appeared in The Edge Property Pullout, Issue 783 (June 12, 2017) of The Edge Singapore.

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