Prime freehold units at Scotts Square, Tate Residences sold
By Tan Chee Yuen
/ The Edge Property |
The freehold 338-unit Scotts Square, located on Scotts Road, has seen several units change hands in the week of April 4 to 11. One of the transactions was the sale of a 947 sq ft, two-bedroom unit on the 21st floor that fetched $2.76 million ($2,914 psf), according to a caveat lodged on April 7. The seller had purchased the unit from the developer for $3.65 million ($3,849 psf) in August 2007, when the project was launched.
Another bigger unit, a 1,249 sq ft, three-bedroom unit on the 31st floor changed hands for $3.9 million ($3,123 psf). The unit was purchased from the developer as well, for $5.2 million ($4,161 psf) a decade ago.
Last month, there were four transactions at Scotts Square with prices ranging from $1.81 million ($2,899 psf) for a 624 sq ft, one-bedroom unit on the 10th floor to $2.86 million ($3,019 psf) for a 947 sq ft, two-bedroom unit on the 37th floor.
A 1,249 sq ft, three-bedroom unit on the 31st floor of Scotts Square changed hands for $3.9 million ($3,123 psf) earlier this month
Scotts Square was developed by Wheelock Properties and completed in 2011. At its launch in 2007, units were sold at an average price of $4,000 psf. At the peak of the market, a 635 sq ft, one-bedroom unit fetched $3.05 million ($4,803 psf) in June 2012. The mixed-use development has two residential towers — one of 34 storeys and the other of 43 storeys — sitting on top of a luxury shopping mall.
Over the years, prices have softened, following the implementation of cooling measures. Prices fell below the $3,000 psf mark for the first time in 2015 when a 624 sq ft unit changed hands for $1.8 million ($2,883 psf), according to a caveat lodged on Nov 20.
Across the road, up on the hillslope of Claymore Road is Tate Residences. The 85-unit freehold project by Hong Leong Holdings was completed in 2009. The luxury condo comprises only three-bedroom units of at least 1,895 sq ft and four-bedroom units from 3,200 sq ft.
Tate Residences recently saw a 1,894 sq ft, three-bedroom unit on the 12th floor of one of the twin 36-storey towers sold for $4.4 million ($2,323 psf), according to a caveat lodged on April 7. The unit was purchased for $3.97 million ($2,098 psf) from the developer in September 2006.
Two other units at Tate Residences changed hands in February. One was a 3,218 sq ft, four-bedroom unit that was sold for $7.8 million ($2,424 psf); the other was a 2,185 sq ft, three-bedroom unit that went for $4.69 million ($2,145 psf) on Feb 1.
This article appeared in The Edge Property Pullout, Issue 776 (Apr 24, 2017) of The Edge Singapore.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles