Singapore Press Holdings (SPH) highlighted its ability as a property developer with the unveiling of Sky@eleven – its newly completed maiden residential project located in prime district 11 off Thomson Road.
The freehold project, which was developed by Times Development, a wholly owned subsidiary of SPH, acquired its temporary occupation permit in May.
Launched amid a hot property market in 2007, Sky@eleven achieved an average value of $975 psf. All of its 273 units were sold in 30 hours during the launch.
Each of the duplex penthouses went for an absolute price of up to $5.8 million, and a highest recorded price of about $1,200 psf became a benchmark level in the Thomson area.
Since then, prices have risen significantly. In April, transactions for units at Sky@eleven were at the $1,250 psf to $1,400 psf level.
The project features large units, ranging from 1,851 sq ft to 2,820 sq ft, while the duplex penthouses stretch up to 5,597 sq ft.
The project’s architect and principal designer was Mr. Ti Lian Seng, who also designed Marina Square, and was part of the team responsible for the Esplanade arts centre.
Tony Tan, chairman of SPH, said that while the company was recognised for providing quality media products, Sky@eleven’s completion has proved its capability to provide more than media products.
“It is a testament to SPH’s growing versatility, dynamism and willingness to seek out opportunities to create shareholder value. Sky@eleven also reflects the type of high-quality product that SPH is well known for,” said Mr. Tan.
Aside from Sky@eleven, other property projects of SPH include Paragon in Orchard Road. Currently, the office complex and shopping mall has a new facade, following $82-million worth of renovation.
In late 2009, the group also acquired the Clementi Mall project, and together with NTUC FairPrice and NTUC Income, it offered a $541.9-million bid for the mall, which is located at Clementi Town Centre and has a direct link to Clementi MRT station. Operation of the mall is due to start in H1 next year, said Tan.
SPH is also looking for further opportunities for the expansion of its property business.
“We are still looking for sites for residential development,” said Mr. Seow Choke Meng, executive director of Times Development.
One growth engine for the group is property development, he said. The company has a group studying possible sites and there may be good chances to pick up locations when there is a slowdown in the market, he added.