Martin Place Residences units resold at a lower price

Property

The demand for condominiums in prime areas continues to rise as resale prices continue to soften. Only in district 9, there were 22 transactions starting from June 12 to 21 this year. Besides to the new OUE Twin Peaks, Martin Place Residences that was completed last 2011 also saw a heightened activity.

This residence is situated at Martin Place in the River Valley Road. The last series of resale did not come as a surprise from some real estate agents marketing units of this project. They ascribed it to the site just beside the residence which the URA had launched for sale last April. According to an anonymous agent, some of the owners of this residence will not be satisfied living next door to a construction site for the next three to five years.

The tender of that site has closed last June 28 and has attracted 13 bids. The highest bid came from the GuocoLand which submitted 595.1 million dollars; the highest psf ppr price for a residential site since 2009, an executive director of SLP International said.

There weren’t also new launches within the vicinity. The only condominium within the vicinity is the Martin Place Residences that was fully sold five years ago today. 2 out of 3 units that has changed hands were recently purchased in sub sales; one was a 1,722 sq ft 3-bedroom with a study room that was sold for 3.42 million dollars according to a caveat lodged last June 20. The property last changed hands in a sub sale for 3.44 million in June 2012.

The second unit was a 1,421 sq ft 3-bedroom unit at the same tower sold at 2.92 million dollars according to a caveat lodged last June 17. The previous owner of this unit purchased it at a price of 3 million dollars.

The third unit was a 1,421 sq ft 3-bedroom unit. It was sold for 2.925 million dollars. It was purchased before for 2.11 million dollars when the project was first launched. This translates into a capital upside of 38.4% for over the past 7 years.

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