Published January 18, 2007

SC Global to launch high-end project by Q3

Units' prices in the two-tower freehold development are expected to exceed $2,800 psf


SC GLOBAL Developments hopes to set a new benchmark in high-end living with the launch of its latest luxury project, the marQ on Paterson Hill, in the second or third quarter of this year.

marQ of luxury: One of the two towers will feature a 15-metre private lap pool in every apartment

Units in the two-tower freehold development - where one tower will feature a 15-metre private lap pool in every apartment - are expected to fetch prices upwards of $2,800 per square foot (psf).

With the marQ, SC Global chief executive Simon Cheong hopes to re create the feeling of living in a good class bungalow (GCB) - but in a high-rise development. 'The marQ aims to create something that you can achieve in a bungalow, like staying on landed property,' he said, pointing out that most GCBs come with a private pool.

The marQ will have two 24-storey towers, but the number of units will be kept small - between 60 and 70 - to allow for bigger apartments. SC Global promises 'spacious homes', including 4,500 sq ft units and a 'one of a kind' 11,000 sq ft super penthouse.

Construction on the project will probably start in the third or fourth quarter of this year, Mr Cheong said. He added that he is in 'no rush' to launch the project, as much attention will need to be paid to the design and other details.

If launched in the second quarter, the marQ's debut will follow hot on the heels of Orchard Turn, which is expected to be offered to buyers in the next two months. The 99-year leasehold Orchard Turn is a joint venture between CapitaLand and Hong Kong's Sun Hung Kai Properties.

The project, located right above Orchard MRT station, also aims to create the feeling of 'super-luxury', and hopes to set new benchmark prices.

With these and other upmarket launches expected, Mr Cheong predicts that prices in the luxury segment could climb another 20 to 30 per cent this year.

Lending weight to his optimism, GuocoLand yesterday said that The View @ Meyer, an exclusive boutique development in the East Coast, has set a benchmark price for the Meyer Road area.

'Apartments on the higher floors with an unobstructed sea view have achieved selling prices of close to $1,700 psf,' said the company. 'The average price for the standard sea view units is close to $1,500 per sq ft, a price level not witnessed in the Meyer Road area in almost a decade.'

About 80 per cent of the 45 units at The View @ Meyer have been sold on a strictly by-appointment basis earlier this month, GuocoLand said.

While speculative activity has been rife for the high-end developments launched recently, Mr Cheong expects most of the marQ's buyers to be investors who will hold on to the property and in some cases, move in once the project is completed.

'The marQ is, by far, the most luxurious and ambitious of our developments to date,' said Mr Cheong. 'In keeping with our reputation for creating premium luxury developments, the marQ will raise the mark for ultra high-end luxury residences, not only in Singapore but also internationally.'