Wednesday, May 16, 2012

$108m for a bungalow - any takers?

Straits Times: Tue, May 15
A LUXURY bungalow in Sentosa Cove with a staggering $108 million price tag. A huge, swanky condo unit in Cuscaden Walk on sale for a cool $68 million.

Homes are being tagged with a level of prices never seen before here.

Online asking prices of $50 million or more are now not uncommon. For instance, there are more than a dozen listings of good-class bungalows, mainly in the traditional upscale areas of Leedon Road and Victoria Park Road, with price tags at this level.

But with asking prices significantly higher than market prices, some experts say these could be more of a marketing tactic to generate publicity for the particular home.

So far, there have been only a handful of homes sold that have managed to cross the $50 million mark, and none has exceeded the $100 million threshold.

But it is also important to look not just at overall prices but also at the unit per sq ft (psf) price when comparing these homes, experts add.

For instance, the most expensive landed home sold here was a 41,850 sq ft good-class bungalow in Leedon Park that changed hands for $61.4 million, or $1,467 psf, in December 2010. The record psf price is held by a bungalow in Chatsworth Road that went for $2,081 psf, or $22 million, in July last year.

In the non-landed homes market, it was a 8,050 sq ft Boulevard Vue unit that smashed records with a transaction of $33.4 million in November 2009. But it was The Marq on Paterson Hill that caused jaws to drop with a 3,003 sq ft unit snapped up at about $6,850 psf - or $20.5 million...
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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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