Monday, November 21, 2011

Who are snapping up the High End condos?

A 3,003-sq-ft, 4-bedroom apartment in the The Marq (Premier Tower) at Paterson Hill is reported by the BT, to have sold for nearly $6,850 psf ($20.5 m), topping the previous record set in August for $6,394 psf

Who are snapping up these High End  condos?


'The majority of buyers in this segment are foreigners. Singaporean buyers typically aim for Good Class Bungalows, since the absolute price for a GCB is quite similar to that for a luxury apartment in a project like The Marq,' says Jones Lang LaSalle's head of residential and national director Jacqueline Wong.

'It is foreigners, who don't qualify to buy a GCB, who are the main players looking at luxury condos right now. Their interest in buying property in Singapore has never dissipated; their interest is still there. But due to the global uncertainty including European debt crisis, everybody's more cautious, more selective now. They want value buys or fire sales - but these are difficult to find in Singapore as our high-end developers are deep-pocketed,' added Ms Wong.

Why ?
A possible reason is design, and exclusivity, it seems.....

....the developer's track record of consistently improving its product in terms of quality, design and concept. 'It has always reinvented itself. Take The Marq, for instance. The Signature Tower has an interlocking design for each of the apartments (which are over 6,000 sq ft) so that it feels like a penthouse even for units on lower floors - with double-volume ceiling height in the living and dining area and a private pool for each apartment.

'(SC Global chairman and chief executive) Simon Cheong has paid careful attention to the project's details even in the common areas like the lobby. There's a club lounge/ library where they serve drinks, and the gym is fully equipped. There's a concierge service, and sculptures and other artwork on display in various parts of the development.'

So it seems, the foreigners are still snapping up despite the resilently high prices.

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