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Thread: SC Global's The Marq sets new record for homes

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    Default SC Global's The Marq sets new record for homes

    Published June 29, 2007

    SC Global's The Marq sets new record for homes

    Unit sold for top price of $5,100 psf; hot demand also for UOL's project

    By UMA SHANKARI


    A NEW record for home prices in Singapore has been set, once again. A unit in SC Global's freehold The Marq On Paterson Hill has been sold for $5,100 per square foot (psf), the developer said yesterday.


    The Marq: SC Global released 21 units which were all snapped up, with an average price of $4,137 psf

    SC Global, a developer of exclusive luxury residences, said it has sold all 21 apartments it released in the first phase of its 66-unit luxury development at an average selling price of $4,137 psf. The project started previewing last week.

    The previous record for home prices was held by Parkview Eclat, where developer Chyau Fwu Group said it sold a four-bedroom apartment for 'almost $4,200 psf'.

    At The Marq, absolute prices for apartments ranged from about $11 million to $31 million, SC Global said.

    Another luxury property - in the Bukit Timah area this time round rather than Orchard - has similarly seen hot demand. About 70 per cent of the UOL Group's 120-unit Duchess Residences has been sold with prices crossing the $2,000 psf mark for several apartments, the company said. Sources said that the highest price fetched was in the region of $2,100 psf.

    Duchess Residences started previewing on Monday, but most of the units were snapped up over four hours yesterday, BT understands. The project will be officially launched tomorrow, UOL said.

    'This (the high prices) confirms that the Bukit Timah area is seeing a lot of pent-up demand, and people are looking to buy,' said Ku Swee Yong, director of marketing and business development at Savills Singapore.

    Savills is marketing Duchess Residences together with DTZ Debenham Tie Leung.

    Bukit Timah, which made waves during the last property boom, is expected to make a comeback this year. Other than Duchess Residences, at least five other developments will be launched there in the coming months, with prices expected to cross the $2,000 psf mark - a level not seen for the past 10 years.

    SC Global shares traded unchanged at $6.40 yesterday before a late afternoon trading halt ahead of the announcement. UOL's stock closed 15 cents higher at $5.80.

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    Default Re: SC Global's The Marq sets new record for homes

    June 29, 2007

    One unit at The Marq sold for record $5,100 psf

    Its $31m total price is also likely to be the highest ever paid for a single unit in S'pore

    By Fiona Chan, Property Reporter



    OPULENT LIVING: The record-setting apartment was one of eight sold in the Signature Tower, which boasts a 15m private lap pool in every unit. -- PHOTO: SC GLOBAL


    THE price of a condominium unit in Singapore has crossed the $5,000 per sq ft (psf) mark for the first time.

    The all-time high was set by at least one apartment in The Marq on Paterson Hill, the latest project by luxury developer SC Global.

    This 6,195 sq ft unit fetched $5,100 psf, or a total of about $31 million - also believed to be the highest price ever paid for a single condominium unit, said SC Global.

    All the 21 units released at The Marq been taken up, just a week after SC Global said it would offer them at an invitation-only preview.

    The apartments sold at the 66-unit development achieved an average price of $4,137 psf, SC Global said in a statement.

    Each unit was priced at between $11 million and $31 million.

    Prices of luxury condominiums have soared to new heights since the beginning of the year.

    In March, they crossed the $4,000 psf mark at CapitaLand's The Orchard in Orchard Turn and two weeks ago, an apartment in St Regis Residences in Cuscaden Road, developed by City Developments, fetched a record $4,635.50 psf.

    Even The Marq's record may not last for long, say property experts.

    As Singapore's property developers start catering more to 'ultra-high net worth individuals' from around the world, condominiums are likely to get more expensive, said Mr Ku Swee Yong, director of marketing and business development at Savills Singapore.

    'We will continue seeing more and more opulent types of developments coming into the market, which will support continued growth in capital values,' he added.

    Despite the roaring market, average prices of Singapore's most luxurious condominiums are still below those in major cities.

    In Tokyo and Hong Kong, for instance, the average price of the most prime apartments is more than $3,000 psf, Mr Ku said.

    In New York, it is $4,000 psf, and in London, it can go up to $9,000 psf. The average price of luxury condominiums in Singapore is about $2,000 psf.

    The record-setting apartment at The Marq was one of eight sold in the development's Signature Tower, which boasts a 15m private lap pool in every unit. Each unit takes up an entire floor.

    Although SC Global would not disclose the nationality of the buyer who forked out $31 million, it said that 65 per cent of The Marq's buyers so far have been foreigners.

    They hail from Indonesia, Malaysia, Britain, China and India, the developer added.

    SC Global also said it has not yet finalised a date for the release of the other units at The Marq.

    [email protected]

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    Default Re: SC Global's The Marq sets new record for homes

    Weekend, June 30, 2007

    First units at high-end condo The Marq sold out at $4,137psf


    There seems to be no end in sight for the spiralling property prices in the high-end luxury market.

    SC Global Developments, a specialist in the development of luxury residences, announced that the first phase of The Marq sold out at prices averaging $4,137psf.

    The units that were sold ranged between $11 million to $31 million.

    This sale of the first phase of the development comprised 21 units from the Premier Tower and Signature Tower.

    Eight of these were in the Signature Tower, where every unit came with a private 15-metre lap pool. The tower features 21 five-bedroom apartments averaging 6,195sqft. The unit that sold for $31 million reflected a price of $5,100psf.

    The remaining 13 units sold were in the Premier Tower, which has 42 four-bedroom apartments that are around 3,000sqft in size.

    The release of the second phase of units of The Marq will be announced at a later date.

    Joseph yadao

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