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[COMPLETED] D9 | The marQ (24 x2 floors)

17K views 58 replies 26 participants last post by  Sharkie 
#1 ·
SC Global to pay $266m for Paterson Tower

20 Mar 06

SC Global Developments will pay $266 million or $1,064 per sq ft per plot ratio (psf ppr) for 8 Paterson Hill, Paterson Tower.

In a press release yesterday, SC Global said that its offer, made by wholly owned subsidiary Grandon Pte Ltd, for the en-bloc purchase of all 72 units at Paterson Tower, had been accepted by a majority of unit owners.

Paterson Tower was put on the market in February and its marketing consultant United Premas had indicated an asking price of $280 million. The failure to achieve this price suggests that prices for such prime redevelopment sites may have plateaued.

Prices for prime redevelopment sites had been rising steadily this year. In February, Far East Organization paid $120 million or $1,058 psf ppr for Angullia Mansion, the highest price achieved since 1997. Then, earlier this month, Hasetrale Holdings paid $138 million or $1,218 psf ppr for Eng Lok Mansions, an all-time high for a collective sale site. Both properties are within a stone's throw of Paterson Tower.

The price for Paterson Tower may not have broken any records but owners will still walk away with about double the market price for their homes. The current market price is about $1.85-1.9 million per unit.

The $266 million price tag includes the price for a 6,459 sq ft adjoining plot of state land. The combined land area is 121,006 sq ft and the plot ratio is 2.1. This will give the new development on the site a potential gross floor area of 254,112 sq ft and a building height of 24 storeys.

In line with SC Global's niche development strategy, a high-end luxury residential development will be built.

The Boulevard Residences around the corner, which was also developed by SC Global, made the headlines last year when a three-bedroom unit sold for $2,200 psf in October, a record high.

By ARTHUR SIM
 
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#2 ·
SC Global to launch high-end project by Q3 (Paterson Hill)

18 Jan 07

Units' prices in the two-tower freehold development are expected to exceed $2,800 psf



SC GLOBAL Developments hopes to set a new benchmark in high-end living with the launch of its latest luxury project, the marQ on Paterson Hill, in the second or third quarter of this year.

Units in the two-tower freehold development - where one tower will feature a 15-metre private lap pool in every apartment - are expected to fetch prices upwards of $2,800 per square foot (psf).

With the marQ, SC Global chief executive Simon Cheong hopes to re create the feeling of living in a good class bungalow (GCB) - but in a high-rise development. 'The marQ aims to create something that you can achieve in a bungalow, like staying on landed property,' he said, pointing out that most GCBs come with a private pool.

The marQ will have two 24-storey towers, but the number of units will be kept small - between 60 and 70 - to allow for bigger apartments. SC Global promises 'spacious homes', including 4,500 sq ft units and a 'one of a kind' 11,000 sq ft super penthouse.

Construction on the project will probably start in the third or fourth quarter of this year, Mr Cheong said. He added that he is in 'no rush' to launch the project, as much attention will need to be paid to the design and other details.

If launched in the second quarter, the marQ's debut will follow hot on the heels of Orchard Turn, which is expected to be offered to buyers in the next two months. The 99-year leasehold Orchard Turn is a joint venture between CapitaLand and Hong Kong's Sun Hung Kai Properties.

The project, located right above Orchard MRT station, also aims to create the feeling of 'super-luxury', and hopes to set new benchmark prices.

With these and other upmarket launches expected, Mr Cheong predicts that prices in the luxury segment could climb another 20 to 30 per cent this year.

Lending weight to his optimism, GuocoLand yesterday said that The View @ Meyer, an exclusive boutique development in the East Coast, has set a benchmark price for the Meyer Road area.

'Apartments on the higher floors with an unobstructed sea view have achieved selling prices of close to $1,700 psf,' said the company. 'The average price for the standard sea view units is close to $1,500 per sq ft, a price level not witnessed in the Meyer Road area in almost a decade.'

About 80 per cent of the 45 units at The View @ Meyer have been sold on a strictly by-appointment basis earlier this month, GuocoLand said.

While speculative activity has been rife for the high-end developments launched recently, Mr Cheong expects most of the marQ's buyers to be investors who will hold on to the property and in some cases, move in once the project is completed.

'The marQ is, by far, the most luxurious and ambitious of our developments to date,' said Mr Cheong. 'In keeping with our reputation for creating premium luxury developments, the marQ will raise the mark for ultra high-end luxury residences, not only in Singapore but also internationally.'


By UMA SHANKARI
 
#3 ·
Honestly, I haven't yet seen any other project upcoming this year that better deserves to set new benchmarks in price.

While I am not really a fan of SC as a person (more than a bit arrogant if you ask me), I do find his building designs are typically exciting and his attention to detail in finishing is certainly at the highest levels...

Also agree that you are not going to get a lot of short term speculators...
 
#6 ·
ST : Orchard Rd still beats Marina Bay, says Simon Cheong

ST : Orchard Rd still beats Marina Bay, says Simon Cheong

Jan 18, 2007
Orchard Rd still beats Marina Bay, says Simon Cheong
Home rentals along prime shopping belt likely to rise by 20%-25% this year

By Fiona Chan

MARINA Bay homes may be hogging the headlines with their sky-high prices, but Orchard Road is still Singapore's foremost luxury residential district, says property entrepreneur Simon Cheong.

The chairman and chief executive (CEO) of boutique developer SC Global expects demand for Orchard Road homes to rise this year, pushing up prices and rentals along the prime shopping stretch.

Rents there are likely to surge by 20 to 25 per cent, and prices will jump even more, Mr Cheong said in an interview yesterday.

These predictions have been revised upwards from his estimates last August, when he was quoted as saying that Orchard Road rents could go up by 15 to 20 per cent.

A big reason for his more bullish projections now would be the recent record prices at Marina Bay. One unit at 99-year leasehold Marina Bay Residences reached an all-time high of $3,500 per sq ft (psf), eclipsing prices of freehold Orchard Road homes.

'If Marina Bay prices are so high, can you imagine what Orchard Road prices will be? Definitely stronger,' said Mr Cheong.

Apart from The Lincoln Modern in Newton, most of SC Global's high-profile projects are in the Orchard Road area.

They include The Ladyhill near Nassim Road and The Boulevard Residence (BLVD) at Cuscaden Walk.

Although high-end home prices already climbed 35 per cent last year, Mr Cheong believes that 'the market has just begun'.

He expects a shortage of luxury homes in Orchard Road once the collective sale estates are torn down. At the same time, demand for such homes will increase with the ongoing remaking of the area.

'There are very few Orchard Roads in the world,' said Mr Cheong. 'It is unique because it's one continuous street of lifestyle, entertainment and shopping.'

He is backing his predictions with two upcoming projects in the area. The first, The Marq on Paterson Hill, will be launched in the second quarter of this year and is being billed as the developer's 'most exclusive condominium' to date. The other is to be built on the former Hilltops Apartments.

The Marq, on the former Paterson Tower site, has two 24-storey towers and 60 to 70 units.

One tower will feature apartments, each with a private lap pool, that take up entire floors.

These units will each be 4,500 sq ft, catering to the current demand for large apartments, said Mr Cheong. The smallest unit in the project is a largish 2,800 sq ft, while the biggest will be a 11,000 sq ft 'super penthouse'.

Although prices for units at The Marq has not yet been finalised, Mr Cheong said the project will be more expensive than The Ladyhill and BLVD. The latter developments were launched at $1,500 psf but have since seen units sold at more than $2,000 psf.

Mr Cheong expects The Marq to fetch monthly rentals of $6.50 psf to $7 psf, which translates into a conservative price of at least $2,800 psf, said consultants.

Mr Ku Swee Yong, director of marketing and business development at Savills Singapore, thinks prices are likely to be between $2,800 psf and $3,200 psf.

He noted that prices at 99-year leasehold Orchard Turn, another upcoming project in the area, are being estimated at $2,500 psf.

'Since The Marq is freehold, it should be pricier,' he said.

Already, The Marq has received enough interest from potential buyers to account for almost the whole condominium, Mr Cheong said.

But he is in no hurry to find buyers, of whom he expects 50 to 60 per cent to be foreigners.

Also, he is not worried about speculators in Marina Bay shifting their attention to Orchard Road.

'In Orchard Road, particularly for freehold developments like The Marq, I think it's not a speculator's market,' he said.

'It's for the ultra-rich who fly in for half a day and decide to buy; they're not here to queue. It's not that kind of market.'

fiochan@sph. com.sg
 
#7 ·
SC Global to set near record prices for marQ

24 Jan 07



SC GLOBAL Development Ltd, a builder of luxury apartments in Singapore, plans to price homes at its downtown project at 'north of $3,000 per square foot', chief executive Simon Cheong said.


The twin-tower development, called the marQ on Paterson Hill, will include 15-meter lap pools in every apartment for one block.

It is the latest residential offering in the area close to the Orchard Road shopping belt. In June, Kwek Leng Beng's City Developments Ltd set a record by selling units at its St Regis project at prices exceeding $3,000 per square foot.

'Property is a sentiment game, and one cannot predict the prices just through demand and supply,' Mr Cheong said in an interview yesterday.

The government has 'taken very major steps' to make Singapore into a global city. 'With that, you're looking at global pricing,' he added.

The developer plans to start selling homes in the downtown development in the second half, Mr Cheong said. SC Global said in March it bought the property for $266 million.

SC Global's shares have surged 70 per cent since the start of the year, the best performer on the Singapore property index. The stock lost 2 cents to close at $4.24 yesterday.

Singapore's private home prices rose for the 11th quarter in the last three months of 2006, the government said earlier this month.

'The Singapore market has been in the doldrums for so long that when fundamentals improve, prices start to run ahead,' said Leslie Chua, head of research at Jones Lang LaSalle. - Bloomberg
 
#21 ·
> $5000 psf (under auction process)

I highly think so. That auction process for that BLVD penthouse, imho, could be a mental preparation by SC Global on their pricing for The MarQ units. just a guess.... tats why I seriously think units at The MarQ will be worth at least $5000 psf by 3Q this year.

darn... I sold off my Paterson Residence too early. argh.
 
#34 ·
I have always been under the impression that SC Global will launch Hilltop first before The MarQ so this news surprises me a little.

Assuming this rumour is true, a launch price starting from 3500psf appears reasonable. That will place the low floors of The MarQ close to the prices of the higher floors of The Blvd. I believe that the price spread between units (Height) will be big because like what Landluv said, i will be surprised if the penthouse of The MarQ is priced below that of The Blvd.

Also Simon Cheong will be shooting himself in the foot if he does not achieve an average psf much higher than that of The Orchard Residences for The MarQ. The MarQ is his most exclusive most prestigious project to date and he claims that to be the best in Singapore too.
 
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