Penthouse at The Boulevard Residence sold for $30m

SC Global recently sold a penthouse at The Boulevard Residence for $30 million or $4,242 psf, the highest achieved in the development in both unit price and absolute quantum terms.

The deal involves a 7,072 sq ft triplex unit with an 11-metre lap pool and five bedrooms. Sources said the buyer is a Chinese national who plans to live in Singapore.

This was the last unit to have been sold by SC Global in the 46-unit, 36-storey freehold condo located at Cuscaden Walk, and one of two identical “super penthouses” in the project. The first of such penthouse was sold in 2006 for $16 million, the highest deal in absolute price quantum in the project prior to the most recent transaction.

The latest transaction also exceeded the $3,933 psf price achieved for a 2,034-sq ft, three-bedroom unit that was sold at the project in late 2007.

Another top-end condo transaction also took place at The Orchard Residences, which involved a 1,808 sq ft, three-bedroom unit that went for $4,260 psf.

It is still unclear if these transactions will signal a return of interest in the luxury condo segment, which was dominated by foreigners during the boom in 2007. “This is the ultra luxury residential sector we're talking about, where buyers won't be affected by ups and downs in the property market. Singapore has opened up a lot in recent years and we're drawing foreigners keen to park their monies as well as live here,” said Peter Ow, managing director at Knight Frank.