reporter2
13-03-14, 13:49
http://www.straitstimes.com/archive/saturday/premium/money/story/condos-latch-cluny-park-address-20140308
HOT SPOT
Condos latch on to Cluny Park address
Homes there cost more than those in adjacent areas
Published on Mar 08, 2014
http://i.imgur.com/XBnlnvb.jpg
The quiet Cluny Park estate, which has long been the preserve of old money and very wealthy professionals, is back in the spotlight, thanks to the upcoming Cluny Park Residences, one of the few condominiums in the mostly landed housing district. -- PHOTO: DIOS VINCOY JR FOR THE STRAITS TIMES
By Melissa Tan
THE exclusive pocket of Bukit Timah that lies west of the Botanic Gardens has been quiet in recent years but that could change with the arrival of new homes.
Dotted with pricey low-rise housing and with the delights of the gardens on their doorstep, the Cluny Park estate has long been the preserve of old money and very wealthy professionals.
Consultants said that although investment yields may be lower, well heeled investors would likely still be keen on the area.
The spotlight is back on the area, thanks to the upcoming Cluny Park Residences, one of the few condominiums in the mostly landed housing district.
The 52-unit freehold project will officially launch today, though it already began sales in August last year.
Its developer Tuan Sing said earlier this week that it had received "commitments" for 20 units so far and the price range at its official launch would hover close to $3,000 per sq ft (psf).
The project sold 12 units in August last year at prices ranging from $2,594 to $3,422 psf, according to Urban Redevelopment Authority (URA) data. The median price that month was $3,121 psf.
R'ST Research director Ong Kah Seng said Cluny Park commands a premium over its neighbours because of its high-quality landed housing and exclusivity.
PropNex chief executive Mohamed Ismail also pointed to the area's proximity to Orchard Road.
There are 70 bungalows including good class bungalows and six semi-detached houses with a "Cluny" address, including Cluny Road, Cluny Hill and Cluny Park.
Mr Ong expects new non-landed homes in Cluny Park to cost up to 20 per cent more on a psf basis than those in adjacent areas. For resale, the price premium could be up to 35 per cent. Projects close to Cluny Park Road include The Siena, 10 Shelford and Dukes Residence. The Siena and 10 Shelford are being built while Dukes Residence was completed in 2011.
The Siena, a 54-unit leasehold development by Far East Organization in Tan Kim Cheng Road, is on a 99-year lease. The most recent sale was $2,335 psf for a new 850 sq ft unit in October last year, according to URA data.
At the freehold 10 Shelford, on Shelford Road north of Dunearn Road, the most recent transaction was $1,874 for a new 431 sq ft shoebox unit in August 2011. The 69-unit project is expected to be completed this year.
The 42-unit Dukes Residence is freehold and prices were $1,576 psf on average over the past six months. The most recent resale transaction there was $1,576 psf for a 1,701 sq ft unit last October.
Consultants said one downside is that the weakness in the high- end market has weighed down rentals in the area.
But that could be mitigated by the fact that the area mainly attracts owner-occupiers rather than investors, Mr Ong said.
Mr Ismail added that in an upswing, homes there would likely be in high demand.
[email protected]
HOT SPOT
Condos latch on to Cluny Park address
Homes there cost more than those in adjacent areas
Published on Mar 08, 2014
http://i.imgur.com/XBnlnvb.jpg
The quiet Cluny Park estate, which has long been the preserve of old money and very wealthy professionals, is back in the spotlight, thanks to the upcoming Cluny Park Residences, one of the few condominiums in the mostly landed housing district. -- PHOTO: DIOS VINCOY JR FOR THE STRAITS TIMES
By Melissa Tan
THE exclusive pocket of Bukit Timah that lies west of the Botanic Gardens has been quiet in recent years but that could change with the arrival of new homes.
Dotted with pricey low-rise housing and with the delights of the gardens on their doorstep, the Cluny Park estate has long been the preserve of old money and very wealthy professionals.
Consultants said that although investment yields may be lower, well heeled investors would likely still be keen on the area.
The spotlight is back on the area, thanks to the upcoming Cluny Park Residences, one of the few condominiums in the mostly landed housing district.
The 52-unit freehold project will officially launch today, though it already began sales in August last year.
Its developer Tuan Sing said earlier this week that it had received "commitments" for 20 units so far and the price range at its official launch would hover close to $3,000 per sq ft (psf).
The project sold 12 units in August last year at prices ranging from $2,594 to $3,422 psf, according to Urban Redevelopment Authority (URA) data. The median price that month was $3,121 psf.
R'ST Research director Ong Kah Seng said Cluny Park commands a premium over its neighbours because of its high-quality landed housing and exclusivity.
PropNex chief executive Mohamed Ismail also pointed to the area's proximity to Orchard Road.
There are 70 bungalows including good class bungalows and six semi-detached houses with a "Cluny" address, including Cluny Road, Cluny Hill and Cluny Park.
Mr Ong expects new non-landed homes in Cluny Park to cost up to 20 per cent more on a psf basis than those in adjacent areas. For resale, the price premium could be up to 35 per cent. Projects close to Cluny Park Road include The Siena, 10 Shelford and Dukes Residence. The Siena and 10 Shelford are being built while Dukes Residence was completed in 2011.
The Siena, a 54-unit leasehold development by Far East Organization in Tan Kim Cheng Road, is on a 99-year lease. The most recent sale was $2,335 psf for a new 850 sq ft unit in October last year, according to URA data.
At the freehold 10 Shelford, on Shelford Road north of Dunearn Road, the most recent transaction was $1,874 for a new 431 sq ft shoebox unit in August 2011. The 69-unit project is expected to be completed this year.
The 42-unit Dukes Residence is freehold and prices were $1,576 psf on average over the past six months. The most recent resale transaction there was $1,576 psf for a 1,701 sq ft unit last October.
Consultants said one downside is that the weakness in the high- end market has weighed down rentals in the area.
But that could be mitigated by the fact that the area mainly attracts owner-occupiers rather than investors, Mr Ong said.
Mr Ismail added that in an upswing, homes there would likely be in high demand.
[email protected]