UPDATED: Treasure on Balmoral (pictured) is up for sale by Expression of Interest (EOI), announced Savills today.
The freehold residential development, located in the prime Balmoral enclave in District 10, is developed by Hiap Hoe Group.
Launched
in January last year, it comprises of two 12-storey blocks of 48 luxury
residential apartments in a mix of three, four bedrooms and penthouses.
Unit size ranges from 1,701 sq ft to 3,767 sq ft, while the total strata area is about 103,439 sq ft.
The guide price for the property is $1,850 psf or $191.4 million.
Besides being close to Orchard Road, it is also 10 minutes away from the Central Business District (CBD).
Popular
educational institutions such as Anglo-Chinese School (Barker Road),
Singapore Chinese Girls’ School and Raffles Girls’ School are located
within one km from the Property.
“What we have here is a rare
opportunity for private investors or ultra high net worth individuals to
acquire a well located and high quality product as an investment
property or strata sales exit in future,” said Steven Ming, Managing
Director of Savills Singapore.
To date, the project has yet to sell a unit. Responding to PropertyGuru’s
queries, he said, “Treasure on Balmoral is a high quality product
developed on an established prime address. If not for the cooling
policies, several units would have already sold.”
Ming added, “The developer had attempted strata selling the property over
the past few years. However, the collective impact of increased
acquisition costs for residential acquisitions as well as the total debt
service ratio (TDSR) have substantially curtailed sales in the high
end.”
He believes a strong price recovery in the high-end property market during
the next property upswing is expected as the high-end market has been
battled for quite a number of years.
The EOI closes on the 21 August 2014.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
Related Stories:
Buyers gunning for homes costing up to $1.2 mil
Property investment opportunities abound in Thailand