60% of The Marq buyers are foreigners

Published July 17, 2007

60% of The Marq buyers are foreigners

SC Global will price penthouses at $5,000 per sq ft


(SINGAPORE) SC Global Development Ltd, which sold homes at its The Marq apartment project at a record price last month, said foreigners made up about 60 per cent of the buyers.

SG Global will price its penthouses, twice the size of its regular apartments at the development, at about $5,000 per square foot (psf), matching the record $5,100 achieved in other units, chief executive officer Simon Cheong said in an interview yesterday.

Singapore home prices are surging, driven by the longest economic expansion in a decade and the world's fastest-growing population of millionaires. Investors paid between $11million and $31 million for the first 21 homes sold at The Marq, a five-minute walk to the main shopping district of Orchard Road. The units fetched an average price of $4,137 psf, the company said on June 28.

'Singapore's becoming more and more of a global city, and our buyers are well travelled and well heeled, and they compare our product against those in other gateway cities around the world, and they find the prices to be reasonable,' Mr Cheong said.

SC Global shares were unchanged at $6.70 at the 5.05 pm close. SC Global's stock almost tripled this year, compared with the 37per cent average gain for Singapore property index. -- Bloomberg