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Penthouse at Bishopsgate Residences sold for S$20.68m

At almost an identical price, two big-ticket freehold residential properties changed ownerships recently.

Posted on 28-Nov-2016

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Penthouse at Bishopsgate Residences sold for S$20.68m

At almost an identical price, two big-ticket freehold residential properties changed ownerships recently.

Consisting of four ensuite bedrooms, a kitchen, a living room, dining and family areas on the fifth level - above which is a rooftop terrace and private pool, Kajima Overseas Asia has sold the penthouse located atBishopsgate ResidencesinDistrict 10for S$20.68 million, or S$3,462 per square foot (psf) based on the strata area of 5,974 square feet. The 31-unit project has four penthouses; the five-storey development received its Temporary Occupation Permit in 2012. The buyer is thought to be a Singapore-incorporated company owned by two Japanese citizens.

Caveats for the purchases of just seven units in the development have been lodged thus far. This includes the latest deal.

Kajima Overseas Asia is presumed to have sold about 20 units in the Bishopgate Residencesproject a few years ago to a special purpose vehicle set up by the group; this entity is understood to have then resold a few of the units but now concentrates on leasing out the remaining units. Only four or five units are understood to be left by Kajima Overseas Asia in the project with the intention to sell. Samuel Eyo, Managing director of Singapore Christie's International Real Estate (Residential), said: "The latest penthouse deal at Bishopsgate Residences shows that the rich are still looking for large apartments such as penthouses, and ground-floor units with big private enclosed spaces."

Built on a site zoned for residential use with 1.4 plot ratio (ratio of maximum gross floor area to land area), Bishopsgate Residences is located next to the Chatsworth Park Good Class Bungalow (GCB) Area. The Bishopsgate Residences project was developed by Kajima Overseas Asia on a site of about 69,000 sq ft that was bought through the collective sale of the former Bishops Walk townhouses in 2007. It was reported that the Japanese group had paid more than S$130 million or S$1,500 psf of potential gross floor area including an estimated S$15.6 million development charge.

The sale of an old two-storey GCB alongThird Avenue offBukit Timah Roadis the second big-ticket freehold transaction that happened. It was transacted at the price of S$20.7 million which works out to nearly S$1,066 psf based on the freehold land area of 19,420 sq ft. "This is a fair market price for an old house on a downwards-sloping site," said Newsman Realty managing director KH Tan.

Realstar Premier, which is understood to have brokered the transaction, declined to comment.

Located near the Sixth Avenue MRT Station, the bungalow was constructed approximately 20 years ago and has since been renovated and now has a resort-like theme with a large swimming pool next to coconut trees. The bungalow comprises of five bedrooms and a maid's room.

Suresh Nair, an obstetrician and gynaecologist who specialises in advanced fertility treatment, is presumed to be the buyer.

The Business Times

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