Queens' unit prices continue to rise

Prices of units at the 99-year leasehold Queens have appreciated over the years, since their launch in 2000. Recently, some homeowners took the opportunity to cash out as prices surged above S$1,100 psf, seeing gains of over 50 percent.

Prices reached a high of S$1,284 psf when a 914 sq ft unit on the 38th floor changed hands for S$1.175 million in November 2010. The figure is close to the 2000 high of S$1,328 psf, when a 1,237 sq ft unit on the same floor fetched S$1.644 million.

Located along Stirling Road, the 722-unit Queens consists of three 39-storey towers. Developed by Allgreen Properties, the project was completed in 2002.

The condo is popular among families, with its close proximity to good schools, eateries and shops, said Danny Jang, an agent with Zonelink.

Mr. Jang, who is marketing a 1,195 sq ft, three-bedroom unit for S$1,255 psf, said the property continues to see good buying interest. “You can’t get this kind of pricing for homes in this area,” he said.

Another reason for the healthy interest in Queens is the strong rental yield, with a three-bedroom unit fetching around S$4,600 to S$5,000 per month, said Mr. Jang.

Thomas Gay, a real estate agent with DTZ who is marketing a three-bedroom unit at S$4,800 per month, agreed: “There are a number of Japanese tenants in the condo. Queens tends to attract interest from Japanese expatriates.”

Three transactions were seen at Queens on Friday at prices between S$1,055 to S$1,148 psf. A 1,194.8 sq ft, three-bedroom unit on the ninth floor was sold for S$1.26 million or S$1,055 psf, representing a 48 percent gain for the previous owner, who acquired the unit for S$850,000 or S$711 psf in 2000.