Archive for category: Real Estate

CapitaLand Ascott Trust’s lyf one-north Singapore has woven the essence of co-living into every facet of its existence, from its collaboration with local artists for design inspiration to the meticulous tailoring of shared facilities and communal spaces, enriching the co-living experience. This exceptional property has earned the prestigious Co-Living Excellence Award at the EdgeProp Singapore Excellence Awards (EPEA) 2023.

Hillock Green price Singapore winning bid totalled to $481,028,300.

Nestled on 80 Nepal Hill within the one-north technology park, this project comprises two distinctive seven-story residential blocks seamlessly connected by a vibrant inhabited bridge. These twin blocks provide a home to 324 compact studio units, thoughtfully equipped with a comprehensive array of amenities and communal spaces, welcoming both residents and the wider public. Among its attractions are an outdoor amphitheater, a lap pool graced with a barbecue pit, and an outdoor activity area. The property also enjoys excellent connectivity to key districts through the Ayer Rajah Expressway, and it stands opposite the one-north MRT Station, just a single station away from the Buona Vista MRT Station.

Awarded to CapitaLand Investment’s wholly-owned lodging arm, The Ascott, by JTC Corp in 2018, the concept behind CapitaLand Ascott Trust’s lyf one-north Singapore envisioned a co-living development characterized by socially inclusive urban design, a thriving sense of community, and sustainable architecture. lyf (pronounced “life”), standing for “live your freedom,” has vividly brought this vision to life since the project’s completion last year, infusing a dynamic spirit of co-living and sustainability into every facet of its development. Following the success of lyf Funan Singapore, which opened in 2019, this property is the second lyf-branded co-living offering in Singapore.

Designed by the acclaimed architecture firm WOHA, known for their biophilic and sustainable designs, lyf one-north Singapore boasts a variety of vibrant and green communal spaces and facilities that promote community-building. The property’s design has been described as “refreshing” by EPEA 2023 judge Tang Kok Thye, associate partner with ADDP Architects LLP, and it is attracting a younger demographic to the district. The innovative design elements, including windows inspired by washing machines, have garnered attention.

Another judge, Angela Lim, co-founder of design studio SuMisura, praises the entire property’s design as “nice, funky, and interesting,” creating a robust co-living experience.

Guests and their friends can participate in events and market fairs at the property’s rooftop social clubhouse called Hang Out, or they can organize gatherings in the convertible function rooms that cater to small groups and larger-scale business functions. lyf one-north Singapore also curates experiential programs and events, such as meditation and yoga sessions, fostering a strong sense of community. Guests can bond further by preparing and cooking home-cooked meals in the social kitchen or collaborating in the ‘Connect’ social zones for co-working and collaboration.

The co-living property is home to the largest public cycling hub in one-north, offering 82 cycling lots, lockers, changing rooms, and shower facilities. The property’s barrier-free walkway, accessible washrooms, and strong visual cues cater to all users, including those with disabilities, promoting community building and active mobility while contributing to a car-lite neighborhood.

lyf one-north Singapore offers additional co-living amenities such as a shared kitchen area and a laundromat.

In addition to its design, lyf one-north Singapore incorporates sustainability into its features, including an energy-efficient facade and mechanical, electrical, and plumbing equipment. The property leverages technology for eco-friendliness, with an automated building management system tracking electricity and water usage. Smart occupancy sensors in guest units enhance energy efficiency by automatically switching off air-conditioning and lights when rooms are vacant. Guests can use mobile apps to check in, unlock rooms, and make eco-conscious choices regarding bed linen and towel replacements. Natural ventilation is employed in common corridors and certain social spaces to reduce energy consumption, and external outdoor staircases further contribute to sustainability.

Staying true to its community-building theme, lyf one-north Singapore’s exterior features various textures and geometry to evoke a playful and light-hearted character. Local artists have played a vital role in designing the property’s facade, with a seven-story mural stretching over 25 meters in height, created by Singapore-based Colombian graffiti artist Didier “Jaba” Mathieu and local platform-studio Mural Lingo under the #lyfxart initiative. These art installations, thoughtfully curated to reflect the property’s location, culture, and heritage, adorn the entire development, including murals within the property’s apartments. These murals convey themes of innovation and communal living integrated with advanced technology.

Sky Seah, academic director and senior lecturer at NUS Business School’s Department of Real Estate, lauds lyf one-north Singapore’s innovative concept, noting its flexibility and co-working spaces that cater to modern work styles, aligning seamlessly with the live-work-play community of one-north.

A homegrown company for real estate development FRX Capital took home the sought-after Top Landed Development award in the Uncompleted (Central) category at the EdgeProp Singapore Excellence Awards (EPEA) 2023. The winner project is the Mount Rosie Signature Collection in District 11.

Hillock Green location map situated in a secluded environment provides an ideal setting for family living, blending convenience and comfort in a verdant, cosy setting.

This is a significant victory for the small developer that delivered its first three landed properties in the year. This is also the first victory the developer has received in EdgeProp’s annually held property awards.

FRX Capital, formerly known as Fraxtor Capital, is the development division of Fraxtor, which is a Singapore-based blockchain-enabled investment platform. This kind of real estate investment offers individuals investors a small portion of the proceeds of a property investment or development.

Mount Rosie Signature Collection is the fourth landed initiative in Singapore launched, giving investors the chance to invest in fractional. In the year 2000, FRX Capital completed its three initial landed projectstwo semi-detached homes at 5 and 5A Gardenia Road, three terraced houses located at 1 Haig Road, 187/189/19 1 Haig Road, and two semi-detached houses located at 6 and 8 Jalan Novena Selatan.

Homes on the hilltops that are stately

Mount Rosie Signature Collection comprises four terraced homes. The design, developed by DS Architects, features a contemporary colonnade design designed to be influenced by European townhouses that make the homes look elegant and formal. Design for the interior was developed with the help of Wallflower Architects.

The development makes the most of its hilltop location at Mount Rosie, nestled within the exclusive Goldhill Estate. It has an unobstructed view of the landed homes that are low on Barker Road and verdant greenery on Malcolm Road.

The homes were released to be sold in August of the previous year. According to URA cautions, at the very least two terraced homes have been sold so far. The first one was an 8,450 square feet four-bedroom terraced residence which was purchased at $12.35 million ($3,805 per square foot) on the 30th of August 2022. Then came selling a 710 square foot four-bedroom terraced house which sold for $9.58 million ($3,849 per sq ft) in the event that it was sold on February 14 of this year.

Each terraced house has the basement, which has an exclusive carpark that can accommodate up to six vehicles as well as a lift for accessing the other floors as well as a room for a helper with a bathroom attached. The first floor has an open courtyard separated from the living room and dining area. Kitchen, that connects to the dining room is also connected to the laundry area and backyard at the back of the home. A guest bathroom is also located on this floor.

The living spaces comprise the second floor, as does the attic. It includes an en-suite master bedroom as well as the en the junior master suite, both with a walk-in closet and an ensuite bedroom. The attic houses the fourth bedroom that is en suite as well as a multi-functional room for entertainment and a common bathroom.

Elegant bungalows

The main attraction of the Mount Rosie Signature Collection is certainly the two detached bungalows that have their own driveways for entrances and private backyards.

In comparison to the terraced homes and the carpark in the basement of the two bungalows is big enough to hold 10 cars. It can also double into an entrance hall for guests and residents. These bungalows are the only bungalows in Mosie Signature Collection Mosie Signature Collection to have an individual pool.

The biggest house is located on a 10,998 square foot part within the site and covers a total covered area that is 24,958 square feet. The configuration, with six master bedrooms and two junior master bedrooms and two bedrooms with en suites which makes it ideal for large families of multiple generations. The basement also houses the first assistant’s room as well as the chauffeur’s room.

A center courtyard serves as the center on the first floor. It is located between the dining area and living room, as well as private dining room, an apron as well as a kitchen that has the pantry attached. The deck and pool are adjacent to the living and dining spaces. The first master bedroom that has a walk-in closet is also located situated on this floor.

The second floor is comprised of another master suite, the bedroom juniors as well as both rooms with en suite bathrooms along with the study area and a separate family room. The attic contains an en-suite pantry, a powder room and a multi-purpose entertainment area as well as a gym. A roof terrace that is open to the air increases the space available.

The overall architecture and design of the homes that are part of the Mount Rosie Signature Collection reflect the beauty of the landed homes of Goldhill Estate. Goldhill Estate and are elevated by the use of contemporary style and materials.

For instance the courtyards inside each house let natural light and ventilation to flow through living areas while the practical design and contemporary colonnade are the driving force behind the modernist style.

Milestone accomplishments

The debut of Mount Rosie Signature Collection is an impressive achievement to Fraxtor along with FRX Capital. It’s a signal that its model of business, which provides fractional shares of a property investing opportunity, is getting popularity and is able to deliver luxurious homes that are landed for a local market that is discerning.

Cornerstone investors in Fraxtor along with its ventures are a group of investors helmed by experienced property developer Daniel Teo, the chairman and managing director of Hong How Group. Teo is also the director at local property development company Tong Eng Group.

The core group of investors, along with individuals who invest in fractional investments, contributed to Fraxtor to close in the acquisition of Gloria Mansion for $70.3 million in January 2022. The freehold property located at 292 Pasir Panjang Road, which was sold successfully attracted investment for the redevelopment plan that was estimated to have a Gross Development Value (GDV) of over $145 million.

Fraxtor as well as FRX Capital have at least three redevelopment projects within their pipelines within Singapore however Fraxtor is yet to release details about these upcoming land projects as well as the redevelopment of Gloria Mansion.

The land development includes the located at 56 Kingswear Avenue, redeveloping a semi-detached residence with an earmarked GDV of over $8 million, the redevelopment of a semi-detached residence located at 10, Redwood Avenue with a GDV greater than $11 million; and plans to turn an unattached house on Merino Crescent into a new property with a gross development value of more than $14 million.

Overseas diversification

Fraxtor has diversified its investment options for its customers by introducing markets outside of the United States like Thailand, Australia and the UK by offering a range of real property assets.

Then in Thailand, Fraxtor was one of the few investment partners who supported an agreement by Singapore investment company Prima Asset Management to acquire an undeveloped commercial property in Bangkok in June. Other investors included Baksh Capital and Thakral Corp.

The property is comprised of 250,000 sq ft of office, showroom and service areas as well as delivery spaces. It is let the property to Tesla Motors through a triple net lease. The purchase price was not made public at time of purchase however, the property is estimated to be worth $48.33 million.

Fraxtor is also part of a long-standing partnership that is based out of Singapore Q Investment Partners (QIP) since the month of August in 2020. The tie-up has allowed investors from Fraxtor to be a part in specially-designed student housing projects in the UK that are designed and run by QIP. The tie-up was extended in the last season to encompass QIP’s multifamily housing fund in Japan.

Fraxtor has also brought its expertise in land-based houses to Australia where it is financing numerous land-based development projects, including Coterie Como in Perth, an apartment development of 18 units that comprises one- to three-bedroom apartments. In Melbourne it also invested into Maple on Hastings, a 12-unit apartment building that offers three- and two-bedroom apartments.

Winnable features

With a steady pipeline of mostly land-based developments in Singapore, Fraxtor continues to establish itself as a leader in the premium and premium landed homes segment in Singapore. Their Mount Rosie Signature Collection is the latest creation that features sophisticated designs and modern style and is located in exclusive communities.

The panel of judges for this year’s EPEA was unanimous in their opinion that the terraced homes and bungalows featured in this collection were pushing the boundaries of quality design. They also applauded the overall concept and the functional layout of the design.

The application of engineered stone in the façade was a great illustration of the creative design that was demonstrated by the project, and the main courtyard and its open layout of the space helped it earn excellent marks for the sustainability of the project.

Singapore property investment witnessed a rise in the 3Q2023, with the growth rate in the amount of 74.8% q-o-q to clock in at $6.9 billion, as per the report from October published by Knight Frank. This is also an 19.4% improvement y-o-y. This is the first quarter of improvement after five quarters of decline since 1Q2022.

A total of $4.1 billion (over 60%) of the traded value was derived out of Government Land Sale (GLS) sites which were granted during the past quarter, which included sites located at Tampines Avenue 11, Marina Gardens Lane and Jalan Tembusu.

Hillock Green main contractor Forsea Residence Pte. Ltd, Soilbuild Group Holdings Ltd and UED Alpha Pte. Ltd, the consortium were awarded this site at Lentor Central, Hillock Green.

Residential deals comprised $3.3 billion in investment value during 3Q2023 mostly due to the awarding to five homeowners GLS tenders. This is the increase of 93.5% q-o-q, but an increase of 12% over the same period. In the same way private residential properties saw a decline in sales activity. This Knight Frank attributes to the rise in the Additional Buyer’s Stamp Duty (ABSD) rates that came into effective in the month of April.

Commercial property deals grew in 3Q2023, increasing 27.4% q-o-q and 23.3% in a year-over-year period to reach $1.5 billion. The increase in value comes after selling of Changi City Point by Frasers Centrepoint Trust for $338 million in August and the mall was reported to have been purchased through the Zhao family from mainland China. In addition, the combined selling of Far East Shopping Centre for $908 million to Glory Property Developments last month added to the value of commercial investment as did the sale of the mixed-use residential and commercial GLS site in Tampines Avenue 11 for $1.2 billion.

However the value of industrial transactions plummeted at $252.2 million in the 3Q2023 the figure that Knight Frank notes is the lowest amount for a quarter from the previous quarter, which was $174million reported in 2Q2020, during the period of circuit breakers.

The collective sales market faced challenges in the face of the uncertain outlook for the market. “The growing gap in expectations between developers and owners developers remains the most significant problem, which was further exacerbated by the rising prices, interest rates and the astronomical rises of ABSD prices, and all within an environment of economic uncertainty,” Knight Frank states in its report. The report was released in July. Wing Tai announced its abandonment of the deal to sell Holland Tower, following the sale being valued with a price of $76.3 millions in the month of March of this year.

Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, adds that rising costs have led developers to consider GLS sites. Yet, despite the fact that there are the fact that there are lots of plots in prime locations she says that developers are now less keen in recent tender exercises, as there were fewer applicants and more cautious bids made during recent GLS tender exercise.

Looking in the future, Knight Frank expects slower investment activity over the course of the year, based on the general mood and difficulties within the property market. “In the next few months the capital market space will be defined by investors who are on the lookout for assets that are primarily focused on enhancing the value of properties to increase the return. This is in order to justify the more expensive borrowing costs associated in the purchase of this property,” the report states.

The company has reduced its projections for the year-end of 2009 for investment sales, reducing projections from $20 billion to $22 billion, and reducing them to $18 billion and $20 billion.

“Due in the present rate of interest that is high buyers are forced to increase their risk-to-return curve by boosting the value of their investment portfolios to get more sustainable returns. this is a case of acquisitions for enhancement or redevelopment” adds Daniel Ding, head of capital markets (land and construction international real property) in Knight Frank Singapore.

Read also: One Draycott by SDB provides deferred payment programs with longer completion and option exercise periods

The executive condo (EC) site at Tampines Street 62 (Parcel B) was awarded the parcel to Sim Lian Land and Sim Lian Development in accordance with an announcement on October 9 by HDB. The two entities submitted an offer in the amount of $543.28 million to acquire the site that equates to $721 per plot ratio (psf ppr).

This is a record-breaking land price of $703 per sq ft per square foot for an EC site which was set by the plot in Plantation Close, which was granted by Hoi Hup Realty and Sunway Developments in the month of March, according to Wong Siew Ying, head of content and research for PropNex Realty.

Tenders for Tampines Street 62 (Parcel B) was closed at the end of July with bids coming from 7 prospective bidders. The site measures 313,392 square feet and could produce 700 units. The site is adjacent the site of Tenet, a six18 unit EC owned by Qingjian Realty, Santarli Realty and Heeton Holdings. The developers were given an EC site on August 20, 2021. $422 million, which is equivalent to $659 per sq ft ppr.

“The Parcel B site drew an interest from developers due to the high volume of sales at Tenet in the past year helped improve the trust in the parcel and indicate a high interest in ECs in the region,” remarks PropNex’s Wong. Based on caveats filed on October 10 616 units in Tenet were sold for an average of $1,382 per square foot.

Wong states she believes that Tampines Street 62 (Parcel B) site will benefit from its site in a mature estate that is close to Tampines North MRT Station. Tampines North MRT Station, and also the upcoming residential and commercial project on Tampines Avenue 11.

Lee Sze Teck, senior director of data analytics at Huttons Asia, views that the record bid of $721 per ppr for Parcel B Parcel B site shows the trust Sim Lian Group has for ECs located in Tampines. “Generally, EC sites in Tampines typically be a little more expensive than other places,” he says.

Wong believes that the next EC on the site could come with an average price that is more than $1,500 per square foot. “With new launches within the Outside Central Region going at an average of $2,070 per sq ft for the year ahead, ECs should still be an attractive proposition for buyers, even if prices remain at $1,500 or less and will offer an opportunity for Singaporean families who want to have a home that is their own residence,” she continues.

Although demand is still strong to purchase ECs, Wong notes that the high interest of developers for plots of this kind could keep pushing up prices for land, which, will affect the affordability of ECs. “The rising prices for land will increase pressure on the selling price, which could eventually force buyers to spend more money in advance to purchase the new EC device in the near future,” she cautions.

The price of ECs sold hit a new record at the time Altura is the 360-unit EC located in Bukit Batok West Avenue, recorded an average of $1,475 psf according to caveats that were lodged by the 10th of October. In the month of October, a 980 sq square feet unit at Altura was sold for $1,585 per square foot that was a record highest price for a brand new EC unit.

Read also: Lucky Plaza has a freehold strata store unit for sale at $16,100 psf

Three bungalows is located on the very top of Claymore Road, just off Orchard Road. The three bungalows are located at 9, 11 as well as 15, Claymore Road — the few remaining bungalows in the enclave’s most sought-after residential area of Claymore, Ardmore Park and Draycott. In the vicinity are high-rise luxurious condo towers like The 85-unit Tate Residences, 34-unit Sculptura Ardmore and one-hundred unit The Claymore.

Three bungalows specifically 11. Claymore Road, is on the market for sale along with Savills Singapore as the exclusive agent for marketing. The bungalow, constructed in the late 1940s, features an gross floor space of 4,796 sq feet. It is situated on the freehold site comprising 17,974 square feet.

According to an property title lookup the property is controlled by a private corporation, Kok Kim Chuan. The company is part of the Kok family, which were involved in finance and trading.

The house was originally a family residence, the property has been leased by Pat’s Schoolhouse (recently redesignated The Schoolhouse through Busy Bees) for the for the past 24 years. Therefore that the property will be sold in conjunction with the current lease.

According to the URA Master Plan, the site is designed for residential development with an area ratio of 2.8 and an maximum height of 36 stories. Should the site is converted to a condo with a high-rise with a land betterment fee of $57.889 million is due in addition to that $95 million asking value. After incorporating the land betterment fee the land price will be $2,839 per plot ratio (ppr).

“Revitalisation of Orchard Road’
The site located at 11 Claymore Road could attract developers who are looking to establish themselves in the highly sought-after District 9 neighborhood. “With the revival of this area of Orchard Road — the renovation of Tanglin Shopping Centre, Ming Arcade, Hotel Properties Ltd’s HPL House, Forum The Shopping Mall and Voco Orchard Singapore, there’s an uproar around the area,” says Jeremy Lake the managing director of capital markets and investment sales, Savills.

In the year 2016 for example three premium freehold residential sites located off Orchard Road were put on the market and bought by local developers For instance, the site located at 120 Grange Road was purchased by Roxy-Pacific Holdings $48.5 million The site in 8 Hullet was sold to a consortium headed by Patrick Kho of Lian Huat Group for $38.2 million. The site located at 3. Cuscaden Walk which was the largest at 21,560 sq feet and was transferred by SL Capital, a consortium headed by Sustained Land, for $103.8 million.

Lake sold the property through Lake three units at Cuscaden Walk, just off Orchard Boulevard in prime District 10. SL Capital redeveloped the site into a 23-story building with 96 luxurious units comprised of onetwo, three-bedroom homes that measure between the 420- 1,281 square feet. The property is completely sold and is scheduled to be completed by 2022.

In the time that the 3 Cuscaden Walk was introduced in November of 2018 The average cost for units that were sold was $3,596 per sq ft. The sale of eight units was for prices over $4,000 per square foot, with the highest selling price of $4,241 for a 657 square foot two-bedroom apartment located on the 19th floor, which was sold for $2.784 millions in the month of February, 2022. The most recent sale was a purchase of an sub-sale to a 452 sq. ft one-bedder on the 8th floor, which sold for $1.8 million ($3,982 per square foot) in February of this year.

Foreign developers
Alongside in addition to local developers, Savills’ Lake believes that the site could also attract foreign developers as well. “We could have someone who is brand unfamiliar with Singapore’s market. Singapore,” he says.

For instance the Hong Hong Kong-listed Shun Tak Holdings purchased the Park House Park House en block in June 2018 for $375.5 millions in the month of June. With a price of $2,910 per sq ft it is the highest-priced a in-block site in the present. Lake brokered the deal.

The Park House, which was once the Park House was transformed into the forthcoming luxury condominium that is freehold and has 54 units Park Nova. The project was officially launched in May 2021 the prices of units sold exceeded $5,000 psf, and reached an all-time high of $5,838 for the most expensive penthouse. Based on caveats filed in URA Realis as at Sept 27th, the project was more than 90% sold for the average price of $4,889 per square foot.

In June of 2018, Shun Tak also purchased an unattached house located on a 66,452 square foot freehold site located at 14 and 14A Nassim Road for $218 million or $2,744 psf per ppr. The property was transformed into the luxurious Les Maisons Nassim with just 14 units which range from 6,049 square feet.

The units in Les Maisons Nassim were sold for a range of prices, ranging between $30.764 million ($5,050 per sq ft) for 609 sq ft and up to $85 million ($6,210 per square foot) for the biggest penthouse measuring 12,077 square feet. The development was 100% sold at July’s end with an average transaction cost of $5,559 per sq ft.

A luxury market that is more subtle
Following the property cooling measures that were announced in April, when the stamp duty for buyers (ABSD) on behalf of foreigners increase to 60% the market for luxury condos has become more cautious. “Following the increase of ABSD for foreigners as well as the recent money laundering scandal the luxury residential market is quieter,” observes Lake.

A fascinating trend is the growth of foreign buyers who have US citizenship. In the second quarter of 2023, US nationals overtook the Chinese as the most significant category of foreign buyers in the housing market in the 2Q2023, as per OrangeTee & Tie Research in an article published on the 20th of July.

The trend was evident in August the same way, with US citizens making up 13.3% of all 15 non-landed resales of private homes that were sold to foreign buyers according to PropNex Research in its Sept 26 report. Two of the foreign buyers originated of Indonesia in the Philippines and Myanmar.

The principal reason behind the increase of US buyers is the fact that the US together as Iceland, Liechtenstein, Norway and Switzerland have Free Trade Agreements (FTAs) together with Singapore which allow their citizens to receive exactly the same stamp tax benefits that they enjoy as Singapore citizens. Therefore, they are exempt from having to pay 60% ABSD for the residential property purchase.

Lake isn’t ruling out the possibility of interest from ultra-high-net-worth people (UHNWIs) who have US citizenship, or any of any of the other four nations with FTAs. “We might imagine an UHNWI seeking to build and construct a new high-rise with apartments bespoke for family use similar to those in the Ambanis which includes Antilia,” he reckons.

The homes of the super-rich
Indian billionaire Mukesh Ambani’s residence private, Antilia located located in Mumbai’s billionaires’ Row is a 27-storey, 173m tall tower that covers 400,000 square feet of living space. The upper floors comprise the residential section which includes amenities on lower floors, which include an 168-car garage, a ballroom, nine elevators that are high-speed as well as a 50-seat theatre. landscaped gardens, spas, swimming pools, a temple and the snow room, which has sparkling snowflakes emitted out of the walls as per Wikipedia. The structure was created in collaboration with two US architectural firms – Chicago-based Perkins & Will and Los Angeles-based Hirsch Bedner Associates — and was said to cost approximately $2 billion ($2.7 billion).

Singapore might not have Antilia However, it does have the Eden. The 22-storey residential tower located at 2 Draycott Park was developed by Swire Properties, a Hong Kong-based company Swire Properties and completed in the year 2019. Eden was developed by British designer Thomas Heatherwick of Heatherwick Studio and was his first residential project in the world.

Eden is home to 20 luxury freehold apartments, each of which is a four-bedroom home measuring 3,035 square feet occupying the entire floor. Eden was purchased in block at $293 million on April 20, 2021. The penthouse unit on 22nd floor was sold for $18.287 million ($6,024 per square foot) and the lowest floor unit (the third floor) was offered at $13.069 million ($4,305 per square foot). The intermediate units ranging from the fourth to 21st storeys made up the remainder of $261.644 million ($4,789 per sq ft). The purchaser came from one of the Tsai family in Taiwan who own Want Want Holdings, a confectionery manufacturer renowned in the world of rice crackers and snacks beverages and food items.

Eden can be described as a renovation project of the previously Hampton Court, an apartment complex with four floors which Swire Properties purchased en bloc for $155 million at the end of December 2012. Lake was the broker for the transaction. Eden is Swire Properties’ first residential development in Singapore.

In light of 11 Claymore’s estimated price of $95 million, and an average land price of $2,839 per square foot an developer could create an ultra-luxury project with only 10 to 15 custom-designed units with at least 4,000 square feet each. They could be priced as high as $4,500 per sq ft or even $5,000 per sq ft according to Lake.

Another alternative an option for developer is to construct the most expensive condo in the area, with 64 apartments that are averaging 800 sq ft per. The units will be priced higher than $4,000 psf. “The total prices are attractive to homeowners and investors because of the proximity for access to Orchard Road,” says Lake.

The site located at 11 Claymore will go on tender auction on September 28, and will be closed on November 8.