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PRESS RELEASE : SUPER PENTHOUSE AT THE BOULEVARD RESIDENCE TO BE OFFERED FOR EXCLUSIVE INTERNATIONAL AUCTION BY CHRISTIE'S GREAT ESTATES AFFILIATE KEN JACOBS
Penthouse at The Boulevard Residence may set new benchmark
By Loh Kim Chin, Channel NewsAsia | Posted: 17 April 2007 2055 hrs
SINGAPORE : Market-watchers are expecting to see fierce bidding for a high-end luxurious penthouse near Orchard Road.
The unit at The Boulevard Residence is scheduled to be up for auction next month.
It is the last of only two super penthouse units at the premium freehold project developed by SC Global Developments and Guocoland.
The auction is by invitation only and will be jointly conducted by Christie's Great Estates exclusive affiliate Ken Jacobs and Colliers International.
According to some estimates, the price could reach some S$5,000 per square foot, which translates to S$35 million for the unit.
The 7,000 square feet penthouse sits at the top of a 36-storey building and boasts a 360-degree panoramic view of Singapore.
It comes with a private 11-metre lap pool overlooking the city skyline and an open rooftop terrace garden. - CNA/ch
Published April 18, 2007
Penthouse may go for $5K psf
MAINBOARD-listed SC Global Developments is selling a penthouse in The Boulevard Residence (BLVD) by auction next month. Colliers International, one of the two auctioneers for the property, expects the 7,029 square foot unit to fetch about $35 million or almost $5,000 per square foot.
Market watchers note this is more than double the $16 million an identical penthouse in the freehold development's other tower was sold for in May last year to high-flying Japanese fund manager Yoshiaki Murakami, who was later indicted for insider trading.
Both penthouses occupy the top three levels of the 36-storey development, which was completed in 2005.
Colliers auctioneer Grace Ng said the $5,000 psf price expectation for the 'super penthouse' is based on the surge in luxury home prices and high-floor units at the nearby 99-year leasehold Orchard Residences having already fetched over $4,000 psf.
'As well, currently, this is the only new penthouse unit in a move-in condition in the location, being offered by its developer. And it boasts 360-degree views,' she said of the BLVD unit on offer. The unit comes with an 11-metre private lap pool and an open rooftop terrace.
The auction for the penthouse will be conducted on May 20 jointly by Colliers and Christie's Great Estates exclusive affiliate Ken Jacobs.
BLVD comprises 46 units housed in two towers.
April 18, 2007
BLVD penthouse may be auctioned for $5,000 psf
HOW high can home prices go?
The answer may be $35 million for the last 'super-penthouse' at SC Global's Boulevard Residence (BLVD), which will be sold at an invitation-only auction next month.
That is what auctioneer Colliers International thinks the 7,029 sq ft freehold unit at Cuscaden Walk can fetch.
The price works out to be almost $5,000 per sq ft (psf), well above the record of more than $4,000 psf reportedly fetched for a penthouse at Orchard Residences in Orchard Turn, which was a 99-year leasehold unit.
The BLVD auction on May 20 will be conducted by Colliers together with Christie's Great Estates exclusive affiliate Ken Jacobs - the same team that auctioned off 12 Botanika units last month.
Colliers' deputy managing director and auctioneer, Ms Grace Ng, expects 'strong international interest'. 'This is a rare super-penthouse and it's freehold with its own private swimming pool, unlike many of the new developments,' she said.
The unit, at the top of the 36-storey condominium, is also 'the only new penthouse in Orchard that is completed and in move-in condition', added Ms Ng.
BLVD's other 'super-penthouse' was sold for $16 million, or $2,276 psf, last May. The highest unit price achieved for a BLVD apartment so far is $3,205 psf.
FIONA CHAN
Published April 18, 2007
Penthouse may go for $5K psf
MAINBOARD-listed SC Global Developments is selling a penthouse in The Boulevard Residence (BLVD) by auction next month. .......... note this is more than double the $16 million an identical penthouse in the freehold development's other tower was sold for in May last year to high-flying Japanese fund manager Yoshiaki Murakami, who was later indicted for insider trading.
Both penthouses .......... will be conducted on May 20 jointly by Colliers and Christie's Great Estates exclusive affiliate Ken Jacobs.
BLVD comprises 46 units housed in two towers.
This is a lesson for those who keep saying that the property prices are too high. Is Murakami-san a fool who bought his penthouse at $2,xxx psf then? There are fools who keep saying these buyers are fools. Time has proven that he has made the right decision. Is he right or is he right? Double, you fool!
Penthouses, because of their rarity, can command a premium that is way above market value. This cannot be said of other type of units, although they may be in the same area.
hayata1972
18-04-07, 13:09
Penthouses, because of their rarity, can command a premium that is way above market value. This cannot be said of other type of units, although they may be in the same area.
Yap,penthouses for every exclusive project is only limited to 1 or 2 per block,that is why the prices are so high.But penthouses in boutique projects in Katong or any other sub-prime area are common and cheap. Now the prices that reach so high or the rare units in exclusive projects only.BOULEVARD RESIDENCE is not across the board projects.:o
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