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KUALA LUMPUR: Singapore’s tallest residential tower when completed has received encouraging sales from foreign investors including Malaysians.
Known as The Altez (pictured), the 320ft tall tower by Far East Organization was launched in Singapore in February and in Malaysia last month. It will also be one of the 20 tallest residential buildings in the world.
Of the 280 units, 211 units were released for sale and to date, 165 units have been sold. About 60% of the units were taken up by foreigners, of which 20% are Malaysians, said Chia Boon Kuah, Far East Organization’s COO of Property Sales.
Units from levels 10 to 28 have been fully taken up while 22 of the 68 1-bedroom lofts have been sold.
Prices range from S$1,600 (RM3,740) to S$2,425 psf for unit sizes between 527 sq ft and 1,658 sq ft with a selection of 1-bedroom units, 1-bedroom lofts, 2-bedroom units, 2-bedroom lofts and 3-bedroom lofts. There is a commercial segment on the first level.
The Altez sits on 0.7 acres or 32,681.7 sq ft of leasehold land and is set to be completed in 2015, said Chia.
“The Altez is also close to Singapore’s integrated resorts -- Resorts World at Sentosa and Marina Bay Sands,” he added.
“The momentum in the Singapore property market is expected to continue in the coming months with a slew of new projects ready to be launched,” explained Daisy Chiu, director of corporate real estate, Hall Chadwick Asia, the marketing agent for The Altez in Malaysia.
Chiu said the two integrated resorts have the potential of creating 30,000 new jobs and this factor is attractive to property investors in the private housing market.
According to Chiu, the limited supply of land in the island republic, good infrastructure and expanding public transportation system -- particularly the MRT network -- transparent rules of ownership, ease of buying and selling of property and the Orchard Road makeover may contribute to capital appreciation of properties in the next five years.
“There is no capital gains tax but there is a seller’s stamp duty of approximately 3% of the selling price if you sell within the first year of purchase,” Chiu said.
Far East Organization has over the past few years launched four other condominium projects in Malaysia -- Cyan, Floridian, Adria and Silversea.
The Cyan development in Bukit Timah offers 278 units with sizes ranging from 679 to 2,691 sq ft. Developed on 3.7 acres of freehold land, residents can enjoy 162,000 sq ft of sprawling grounds and greens. To date, 200 of the 265 units released for sale have been sold. Completion is targeted for 2014.
The 336-unit Floridian, also in Bukit Timah, is about 50% sold while the105-unit Adria condominium on Derbyshire Road is to be completed in 2014.
Meanwhile, Silversea is a development sitting on five acres of leasehold land along Marine Parade Road on the East Coast of Singapore.It has an unobstructed view of the sea from its four 21-storey towers that will contain a total of 383 condo units. Out of this total, 308 units were released for sale, with 153 units sold. Unit sizes range from 968 (2-bedroom) to 4,912 sq ft (4-bedroom penthouse). It has a targeted completion date of 2014.
