The neighbourhood of Cuscaden Road and Tomlinson Road, off Tanglin Road, is attracting the interest of high-net-worth individuals again, largely owing to the upcoming 29-unit boutique luxury condominium development, Hana, by Pontiac Land. The units at the 99-year leasehold Kerry Hill-designed project are said to average 3,500 sq ft each.
Nearby, Hotel Properties Ltd (HPL), one of the biggest stakeholders in the prime neighbourhood, launched the 70-unit Tomlinson Heights (on the site where Beverly Mai used to stand) in Cuscaden Road in August last year. Of the 30 units launched, 29 have been sold to date. The most recent recorded transaction according to URA was for a 4,004 sq ft, five-bedroom apartment that was sold for $12.53 million ($3,129 psf).
Existing high-end condos in the vicinity are also seeing renewed interest from buyers.
For instance, at the 150-unit freehold Cuscaden Residences, there were two transactions over the week of Sept 26 to 30, based on the latest caveats lodged and downloaded from URA Realis as at Oct 19. One was the sale of a three-bedroom, 1,485 sq ft unit on the 13th level, which changed hands for $3.33 million ($2,242 psf). The seller had purchased it for $2.28 million ($1,533 psf) in August 1999 when the project was first launched. The seller saw a price appreciation of about 46%.
Apartments at Cuscaden Residences have traditionally attracted investors, given the prime Orchard Road location as units there tend to be popular with high-level expatriate executives. The asking prices today
are considered attractive to buyers. However, buying activity is low at the moment as most investors are putting their property investments on hold owing to uncertainty of the global economy in recent months. The low transaction level could also have contributed to the sluggish prices.
Even though the current economic climate has affected transaction volume in the high-end segment as investors stay on the sidelines, interest for luxurious and exclusive condos in Singapore remain unaffected.
Source: The Edge – 24 October 2011
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