The fully sold, 302-unit freehold Martin Place Residences obtained its temporary occupation permit (TOP) just last month. Enterprising property agents are already milling about in the area, showing units for lease and sale on the secondary market.
There were two transactions at Martin Place Residences over the week of Sept 13 to 20, based on the latest caveats lodged and downloaded from URA Realis as at Oct 6. One was the sale of a one-bedroom, 592 sq ft unit on the 25th level, which changed hands for $1.25 million ($2,111 psf). The seller had purchased it for $1.022
million ($1,726 psf) in June 2009, when the project was relaunched. The seller saw a price appreciation of 22.3%.
Meanwhile, at the neighbouring block of the twin tower development, a 1,722 sq ft, three-bedroom apartment on the 31st floor changed hands for $3.7 million ($2,150 psf). The seller had paid $2.87 million ($1,664 psf) when it was purchased in August 2009, hence, recognising a 29.2% price gain in two years. The 1,722 sq ft, three-bedroom units have seen prices escalating on the secondary market, with owners asking prices in the range of $1,900 to $2,200 psf, despite the uncertainty hanging over the global economy in recent months.
The riverfront neighbourhood of River Valley- Mohamad Sultan- Robertson Quay has become a sought-after residential district, given the short driving distance to both the CBD and Orchard Road, say property agents. There's also the waterfront lifestyle, with the waterfront promenade so that people can enjoy a pleasant walk along the Singapore River, and the numerous retail and F&B enclaves at Boat Quay, and Clarke Quay.
Projects such as Martin Place Residences therefore appeal to local and foreign investors, especially those from China and Indonesia. Three-bedroom apartments in the area tend to fetch good rentals, ranging from $7,500 to $9,500 per month.
Source : The Edge – 10 Oct 2011
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