According to the latest property news by EdgeProp Singapore (June 2016), there has been a revival of interest from property investors to purchase large condo units in prime districts. For example, on May 25, a condo unit located on the 23rd floor of The Claymore was purchased for $6.5 million or $2,425 psf.
The original owner purchased the spacious 2,680 sq ft condo 20 years ago at a lower price of $4.8 million or $1,788 psf. This meant that the seller walked away with a capital gain of $1.7 million, or 35.4% returns. In addition, the sale price was lower than the price from a previous transaction held in the same year. An identical unit located on the development’s ninth floor was sold for $7 million, or $2,612 psf, in January 2016. It was previously purchased for $4.7 million, or $1,754 psf, in 2006.
Samuel Eyo, the managing director of Singapore Christie’s International Real Estate, told EdgeProp Singapore that it might have been because the previous owner renovated this condo unit. The refurbishing of the unit helped the seller earn more when it changed hands in January. However, he adds that the condo that was sold in May was probably not renovated.
A collective sale fever in 2006 and 2007 pushed many of The Claymore’s homeowners to attempt a collective sale. Located on prime Claymore. Hill, just off the Draycott Drive-Ardmore Park neighborhood, the residential development consists of only two blocks with 146 freehold condo units sitting on a spacious 246,000 sq ft site. Its prime location makes The Claymore a high-value property investment, bagging a hefty price tag of $1.3 billion in June 2007. This is similar to Farrer Court’s $1.34 billion transacted price tag. Farrer Court is a private estate sitting on top of a 99-year leasehold site sized at 838,500 sq ft.
The record-high price tag from the collective sale of Farrer Court, now known as d’Leedon, still has not been achieved by any other property. As a result, the Claymore’s attempt for a collective sale was promptly aborted.
The Claymore is a luxury development completed in 1986 by Tokyo Land Corporation Singapore Pte Ltd, a boutique developer who owns several properties. Even after three decades, The Claymore is still a high-value property investment that can hold its prices. One reason for the price resilience is that the luxury property consists of massive condo units. Property investors can choose from a 3-bedroom unit (2,680 sq ft), 4-bedroom units (3,348 sq ft), and a 5-bedroom unit (4,919 sq ft).
Another reason is that The Claymore is a rare condominium that sits on a massive freehold land area of 246,000 sq ft. It is only second to Wheelock Properties’ Ardmore Park condominium, on eight acres of freehold land.
Big units in other luxury condominium developments are also equally sought after in the property market. For example, a five-bedroom unit at Tomlinson Heights was recently sold for $11.53 million or $2,850 psf. Tomlinson Heights is a freehold property located along Tomlinson Road in District 10. It’s comprised of 70 units spread across 36 floors. Similar to The Claymore, it boasts of massive condo units, five bedders that range from 4,047 sq ft to 4,941 sq ft. It’s located near the Orchard MRT Station.
At Ardmore Park, mid-level condo units were sold at prices ranging from $5.54 million, or $3,177 psf) to $6.24 million, or $3,513 psf. The luxury development contains 330 freehold units in a single tower. Located at the prestigious Draycott-Ardmore enclave in District 10, Ardmore Park was developed by Marco Polo Developments Ltd in 2001. The condominium offers 4-bedroom units sized at 2,885 sq ft. Ardmore Park s also located in a prime area near Orchard Road and Orchard MRT Station.
The Claymore is situated at a prime residential area in Claymore Road in District 9. It’s one of the most prestigious neighbourhoods, known for many similar luxury developments. Some high-end condominiums within the vicinity include Scotts Square, The Ritz-Carlton Residences, and Martin Modern.
The area is also known for its convenience, with Orchard Road’s shopping belt just a 5-minute walk away. The Central Business District is also just ten minutes away by car. The closest train stations are Orchard MRT Station and Newton MRT Station.
Are you a home buyer or property investor looking to purchase a unit in The Claymore? Get in touch with a property agent now, or contact us for available units for sale or rent.