June 21, 2007
SC Global unveils most expensive condo here
The Marq boasts average prices of $4,000 psf; units priced from $12m
By Fiona Chan, Property Reporter
SINGAPORE'S most expensive condominium project has just been released for sale with units priced between $12 million and $30million.
Apartments in The Marq on Paterson Hill will average $4,000 per sq ft (psf) in the initial phase - making it the first condominium in Singapore to reach this level in terms of average pricing.
The most expensive condominium sale on record is the uber penthouse at Marina Bay Residences, which was said to have fetched about $28.6 million, or $2,600 psf.
On a psf basis, only three projects have breached the $4,000 level: Orchard Residences in Orchard Turn, Parkview Eclat in Grange Road and St Regis Residences in Cuscaden Road.
St Regis also holds the record for the highest psf unit price, with an apartment there selling for a whopping $4,653.50 psf recently.
SC Global will release 21 of The Marq's 66 units in the first phase, with private previews offered to invited buyers only.
The available units in this phase will be spread across both towers, the developer said.
The Marq will have two 24-storey towers, one hosting 21 five-bedroom apartments averaging 6,195 sq ft.
Each of these units - each occupying an entire floor - will have a 15m private heated lap pool.
The other tower will have 42 four-bedroom apartments of 3,000 sq ft in size on average.
To justify the high price, each apartment will have bathrooms with steam and shower rooms.
The master bedrooms will come with walk-in wardrobes of up to 30 sq ft - the same size as a typical bedroom in most residential developments, said SC Global.
It added that the project will have an on-site concierge service and 6.5m-high ceilings for the living areas in each unit.
'We want to ensure The Marq offers unparalleled luxury,' said Mr Simon Cheong, SC Global's chairman and chief executive.
'As Singapore becomes more entrenched as a global city, developments such as The Marq will cater to the increasing demands of its internationally discerning residents.'
Foreigners are likely to make up about two-thirds of The Marq's buyers, said Mr Ku Swee Yong, the director of marketing and business development at Savills Singapore.
He said The Marq is 'the sort of project that will appeal most to high net-worth individuals'.
'I wouldn't be surprised if the cost of construction of this development is close to $1,000 psf,' he added.
The Marq is built on the former Paterson Tower site acquired by SC Global in March last year for $266 million, or $1,064 psf of total floor area.
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Uber luxurious
SC GLOBAL will release 21 of The Marq's 66 units in the first phase, with previews offered to invited buyers only. It says the available units in this phase will be spread across both towers of the project.
'We want to ensure The Marq offers unparalleled luxury,' said its chief executive, Mr Simon Cheong.