Prime freehold units at Scotts Square, Tate Residences sold

The freehold 338-unit Scotts Square, located on Scotts Road, has seen 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 $2.76 million ($2,914 psf), according to a caveat lodged on April 7. The seller had purchased the unit from the developer for $3.65 million ($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 $3.9 million ($3,123 psf). The unit was purchased from the developer as well, for $5.2 million ($4,161 psf) a decade ago.

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

A 1,249 sq ft, three-bedroom unit on the 31st floor of Scotts Square changed hands for $3.9 million ($3,123 psf) earlier this month

Scotts Square was developed by Wheelock Properties and completed in 2011. At its launch in 2007, units were sold at an average price of $4,000 psf. At the peak of the market, a 635 sq ft, one-bedroom unit fetched $3.05 million ($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 $3,000 psf mark for the first time in 2015 when a 624 sq ft unit changed hands for $1.8 million ($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.

Tate Residences recently saw a 1,894 sq ft, three-bedroom unit on the 12th floor of one of the twin 36-storey towers sold for $4.4 million ($2,323 psf), according to a caveat lodged on April 7. The unit was purchased for $3.97 million ($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 $7.8 million ($2,424 psf); the other was a 2,185 sq ft, three-bedroom unit that went for $4.69 million ($2,145 psf) on Feb 1.

This article appeared in The Edge Property Pullout, Issue 776 (Apr 24, 2017) of The Edge Singapore.

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