A 3,003 sq ft four-bedroom unit at The Marq on Paterson Hill has been snapped up by an overseas buyer for a whopping S$19 million.
The posh condo project near Orchard Road had already set a record price after a similar unit was sold for S$5,842 psf in May this year. However, the latest sale easily trumped it at a record price of approximately S$6,400 psf.
Launched in 2007, The Marq is a freehold condo project developed by SC Global Developments. It comprises 66 units, ranging from 3,000 sq ft to 15,000 sq ft in size, situated in two 24-storey towers. One tower comprises 21 five-bedroom units, each with its own heated private pool and the other tower houses the four-bedroom units.
The sale reportedly involved one of the units without a private pool and the buyer was impressed by the view from the high-storied apartment.
Meanwhile, The Straits Times reported that the previous psf record set this year was for a three-bedroom unit at The Orchard Residences, which was sold to an Eastern European couple for around S$8.7 million (approximately S$4,800 psf).
These record prices, however, contradict a general decline in the high-end residential segment. Property services firm CB Richard Ellis (CBRE) recently said that Singapore luxury home prices dropped 1.7 percent in the second quarter.
“Tightened mortgage lending and rising interest rates continued to impact on buyer demand in most Asian markets in the second quarter of 2011,” it said.
To contact the journalist, you may send your message to editor@propertyguru.com.sg