Singapore: 38 units at The Draycott up for sale
July 16, 2014 - D10 - Bukit Timah, Holland Rd, Tanglin
A portfolio of 38 condominium units at one of Singapore’s most prestigious addresses was recently put on the market and is expected to fetch about SGD198 million (USD155.6 million).
The Draycott, an iconic 34-storey residential project located next to Draycott and Ardmore Park, is instantly recognisable from its cylindrical design and was a landmark in the city upon its completion in the 1980s.
“When The Draycott was built in the 1980s, it was the new icon of luxury and prestige”, said Karamjit Singh, head of investments and residential at agent JLL. “The Draycott set a new standard with its characteristic classic design, towering over its neighbours in its expansive grounds and ultra-prime location.”
The 38 units represent about 31 per cent of the 133-unit development, with 30 of the apartments located within one column in the tower block. The majority of the units boast views of the bucolic Goodwood Hill.
“En bloc sales happen in cycles. The market is experiencing a low point now, with the cumulative weight of the suppressive measures at its peak, especially with foreigners needing to pay 18 per cent stamp duty,” Singh said. “As a result, prices of high-end homes in around Orchard Road have eased as much as 15 to 25 per cent from the high in 2007.”
This portfolio’s valuation of SGD20,451 per sqm offers a discount when compared with individual sales of other projects in the vicinity, according to JLL. Three units at the nearby Ardmore Park recently sold for an estimated SGD37,566 per sqm in the second half of last year, while a unit at Four Seasons Park transacted at SGD25,000 per sqm.
Source: Property Report
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