http://www.straitstimes.com/Money/St...ry_688731.html
Jul 9, 2011
New benchmark prices set at Thomson Grand
BUYERS have set new benchmark prices at the preview of Thomson Grand in Upper Thomson, with apartments topping $1,600 per sq ft (psf).
All 50 units released at the 99-year leasehold project were snapped up at prices between $1,100 and $1,600 psf for the two- to four-bedroom apartments, with average values at $1,400 psf.
That priced the most expensive apartment sold at about $3.6 million.
The units sold included 11 strata terrace units, with one going for $4.1 million, the highest transacted quantum price, said Hong Kong-based developer Cheung Kong.
It is hard to compare benchmark prices as there have been no new high-rise projects in the area for more than a decade.
But Thomson Grand's pricing is significantly above the highest price of $1,273 psf achieved in 2009 for a freehold unit at Meadows@Peirce - which is about 2km away - according to caveats lodged with the Urban Redevelopment Authority (URA).
Bishan Park Condominium, an adjacent 99-year leasehold project completed in 1994, transacted at an average of just $748 psf, according to the five caveats lodged with the URA this year.
Cheung Kong said 30 per cent of the buyers were investors from Singapore, Malaysia, China, Indonesia and Taiwan while the rest were local upgraders.
A further 20 units will be released this weekend on a first-come-first-served basis, it added.
The project has 339 apartments and 22 strata-titled terrace units. Apartment sizes range from 904 sq ft for two-bedders to 2,314 sq ft for four-bedroom units in nine blocks of 20-storey residential towers. The landed terraces are up to 6,566 sq ft.
Almost 70 per cent of the 361 units are three-bedders or larger.
Cheung Kong has spared no expense in its marketing, with the 15,000 sq ft sales office built at a cost of more than $8 million, which includes the use of more than 100,000 Swarovski crystals.
Separately, City Developments' Buckley Classique has moved 27 apartments since its launch in mid-June. The 64-unit freehold project in District 11 was priced at an average of $2,000 psf.
Its executive condo (EC) project, the 602-unit Blossom Residences at Segar Road in Bukit Panjang, has found buyers for more than 150 units since it opened for bookings on Thursday. Prices average $685 psf, valuing a two-bedroom unit from $548,000 and a four-bedder from $841,000.
The Chestervale EC in Bukit Panjang, the first such project in the area, was launched in 1997.
ESTHER TEO