Prime freehold units at Scotts Square, Tate Residences sold

THE freehold 338-unit Scotts Square, located on Scotts Road, saw several units change hands in the week of April 4 to 11. One of the transactions was the sale of a 947 sq ft, two-bedroom unit on the 21st floor that fetched S$2.76 million (S$2,914 psf), according to a caveat lodged on April 7. The seller had purchased the unit from the dev­eloper for S$3.65 million (S$3,849 psf) in August 2007, when the project was launched.

Another bigger unit, a 1,249 sq ft, three-bedroom unit on the 31st floor changed hands for S$3.9 million (S$3,123 psf). The unit was purchased from the developer as well, for S$5.2 million (S$4,161 psf) a decade ago.

Last month, there were four transactions at Scotts Square with prices ranging from S$1.81 million (S$2,899 psf) for a 624 sq ft, one-bedroom unit on the 10th floor to S$2.86 million (S$3,019 psf) for a 947 sq ft, two-bedroom unit on the 37th floor.

Scotts Square was developed by Wheelock Properties and completed in 2011. At its launch in 2007, units were sold at an average price of S$4,000 psf. At the peak of the market, a 635 sq ft, one-bedroom unit fetched S$3.05 million (S$4,803 psf) in June 2012. The mixed-use development has two residential towers — one of 34 storeys and the other of 43 storeys — sitting on top of a luxury shopping mall.

Over the years, prices have soften­ed,
following the implementation of cooling measures. Prices fell below the S$3,000 psf mark for the first time in 2015 when a 624 sq ft unit changed hands for S$1.8 million (S$2,883 psf), ­according to a caveat lodged on Nov 20. Across the road, up on the hillslope of Claymore Road is Tate ­Residences. The 85-unit freehold project by Hong Leong Holdings was completed in 2009. The luxury condo comprises only three-bedroom units of at least 1,895 sq ft and four-bedroom units from 3,200 sq ft. 

Recently, a 1,894 sq ft, three-bedroom unit on the 12th floor of one of the twin 36-storey ­towers at Tate Residences was sold for S$4.4 million (S$2,323 psf), according to a caveat lodged on April 7. The unit was purchased for S$3.97 million (S$2,098 psf) from the developer in September
2006.

Two other units at Tate Residences changed hands in February. One was a 3,218 sq ft, four-bedroom unit that was sold for S$7.8 million (S$2,424 psf); the other was a 2,185 sq ft, three-bedroom unit that went for S$4.69 million (S$2,145 psf) on Feb 1.

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on April 24, 2017.

For more stories, download TheEdgeProperty.com pullout here for free.