Final Units Perfect Ten And Pasir Ris 8 Sold
The last remaining unit at the luxurious Perfect Ten condominium in Bukit Timah has finally been sold, marking the end of a successful project by Hong Kong-listed developer CK Asset Holdings.
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Located in prestigious District 10, the final unit was a 1,281 square foot three-bedroom apartment on the top floor (24th floor) of one of the development’s three 24-story towers. According to a caveat lodged on May 20, the unit fetched a price of $4.359 million, which translates to $3,403 per square foot. The buyer, a Singapore Permanent Resident (PR), was represented by PropNex.
Perfect Ten, which is set to be completed sometime next year, is situated on a freehold site spanning 104,529 square feet. Its prime location near top schools such as Anglo-Chinese School and Singapore Chinese Girls’ School has made it popular among local homebuyers.
Meanwhile, at the 192-unit Cuscaden Reserve, which is a 99-year leasehold development, the latest transaction involved the sale of a 700 square foot two-bedroom unit on the 18th floor of the 28-story tower for $2.047 million ($2,926 per square foot). This brings the total number of units sold in the project to 100, or 52% of the development, since its relaunch in March. The relaunch saw prices being slashed by up to 20%, with the average price of units sold since then standing at $3,057 per square foot.
Located in prime District 10 along Cuscaden Road, Cuscaden Reserve is a luxury project jointly developed by SC Global Developments, New World Development, and Far East Consortium International. It was completed last year.
Another highly sought-after development is the freehold Klimt Cairnhill, which is situated along Cairnhill Road in prime District 9. Since its launch in August 2021 and a subsequent relaunch in January this year, 83% or 114 of its 138 units have been sold. The latest transactions involve the sale of two-bedroom units of 829 square feet each on the 17th and 26th floors, which went for $2.72 million ($3,282 per square foot) and $2,828 million ($3,412 per square foot), respectively. Developed by Low Keng Huat, Klimt Cairnhill is expected to be completed by next year.
In District 11, Watten House has been a hit among homebuyers since it previewed last November, with 79% or 142 units already sold to date. Developed by UOL Group and Singapore Land Group, the 180-unit freehold development is located on Shelford Road.
According to Dominic Lee, who is the head of luxury at PropNex, most buyers for Cuscaden Reserve, Klimt Cairnhill, Perfect Ten, and Watten House are Singaporeans looking to take advantage of the narrowing price gap between properties in the Core Central Region (CCR) and those in the Rest of Central Region (RCR). Additionally, he notes that there has been an increase in purchases from PRs, who enjoy a lower additional buyer’s stamp duty (ABSD) rate of 5% compared to foreigners, who are charged 60%.
In the outskirts of Singapore, the final unit at Pasir Ris 8, a 487-unit condominium jointly developed by Allgreen Properties and Kerry Properties, was sold on May 26. It was a three-bedroom unit spanning 1,302 square feet and located on the fifth floor, which was sold for $2.302 million ($1,767 per square foot). The development saw 85% of its units snapped up on the first day of launch in July last year, thanks to its convenient location on top of the three-story Pasir Ris Mall and its close proximity to the Pasir Ris MRT Station, which will be an interchange for the East-West and Cross Island Lines. The average price of units sold at Pasir Ris 8 is $1,630 per square foot, although at least 14 units have been sold at prices exceeding $2,000 per square foot, with the highest being $2,101 per square foot for a 710 square foot unit on the fourth floor based on caveats lodged.