(Reminiscent of a brave new world: iLiv@Grange. Image courtesy of the agency.)
Thankfully, it seems these overseas buyers are returning their attention to choice spots on our sunny shores, such as The Boutiq. Located at Killiney Road (where Mitre Hotel used to be), it is a 130-unit freehold project by co-developers KSH Holdings and Tee International. 39 of 52 units launched – with 10% off the listed price – have since retrieved a warm $2,350 per sq ft (psf), half of which were bought by Malaysians.
Just last month, nearby Devonshire Residences sold off 53 of 84 units at a median price of $2,505 psf. Heeton Holdings chief operating officer Danny Low told The Straits Times that the decision to sell its luxury units at a lower price was not a reaction from the Government’s market cooling tactics – which have proven useful in curbing speculation and calming price hikes – but from the lower cost it had incurred by purchasing the site at a ‘very good price’.
In hopes of riding the wave of growing buyer interest, iLiv@Grange, Heeton’s other luxury development will be re-launched later this year. The 30-unit Grange Road project has been much less fortunate that its successor, having had zero sales since its June launch last year. Mr. Low thinks its price and size are the reasons behind the stark contrast in buyer reaction. At more than $3,000 psf for a much larger unit, it caters to a different target market.
While Mr. Low predicts that prices will crawl upwards this year, he is sceptical that it would surpass the standard previously set at the start of this year, much less reach its 2007 record high.
Other upcoming launches include Wing Tai's Foresque Residences, which will launch at $1,000 to $1,200 psf.