Sunday, February 3, 2013

Novena Buzz

JANUARY 28, 2013

A 775 sq ft, ground-floor unit at Novena Court, a 999-year leasehold property just a few minutes’ walk from the Novena MRT Station, was sold this month for $1.24 million. This value works out to $1,600 psf, the highest psf price recorded for the 43-year-old apartment, based on caveats lodged with URA for January.

The 107-unit walk-up apartment block is located at the junction of Thomson Road and Jalan Novena Barat. Most of its units that changed hands last year were sold for $1,254 to $1,471 psf. For instance, an 861 sq ft unit on an upper floor was sold for $1.25 million ($1,452 psf) last October.

Property agent, Gilbert Tiew of PropNex Realty, reckons the renewed interest in Novena Court and the recent spike in price could be due to the upcoming redevelopment of Novena Ville across the road. The latter was sold en bloc to listed Fragrance Group for $131.5 million ($1,838 psf per plot ratio) last May. The tenants on the ground floor, mainly restaurants, have to move out by March, according to sources.

Fragrance has yet to announce its plans for the project, saying only that the freehold site would be “redeveloped into a mixed development for commercial and residential use”, in its 3QFY2012 results released last November. The existing Novena Ville is a 33-unit residential project with 10 commercial units on the ground floor. PropNex’s Tiew expects the apartments in the new project to be priced above $2,000 psf, “comparable to newer residential properties in the Novena area”. For instance, in the vicinity is the 175-unit Lincoln Suites, formerly Lincoln Lodge, located on Khiang Guan Avenue, off Newton Road. The freehold Lincoln Suites, which is more than 86% sold, is jointly developed by Lian Beng Group, KSH Holdings, Heeton Holdings and Koh Brothers, and has two 30-storey towers. According to caveats lodged, a 1,119 sq ft unit on the 28th floor was sold for $2.56 million ($2,289 psf) last month. In November, an identical unit two floors below was sold for $2.52 million ($2,251 psf). The project is expected to be completed later this year

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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