Following is a report in this week’s edition of THEEDGE SINGAPORE.
The Trillium hits $2,238psf – by Angeline Cheong
Following completion in December, buyer interest has returned to the 231-unit The Trillium located along Kim Seng Road. The luxury condominium was fully sold by Lippo Group at private previews in early 2007, at prices averaging $1700psf.
Prices of units at the project, which obtained its TOP in December, are well supported above the $2000psf level. A 5,533sqft penthouse on the 28th floor of one of the three 29-storey towers was sold last month for $12.38 million ($2238psf), according to a caveat lodged on Jan 25, which was after the latest round of government measures. The price achieved at the penthouse is just below the peak of $2239psf in 2007, when a 2,217sqft unit on the 25th floor was sold for $4.9 million.
Most apartments in the development enjoy a 270 degree view of the city skyline and the Singapore River as well as private lift access. Two bedroom apartments measure 1,400sqft while five-bedroom ones are 2,440sqft and penthouses, more than 5,000sqft each.
The Trillium is also popular with homebuyers and investors, given that it’s just across the street from the Great World City shopping mall. There’s also a free shuttle service from Great World City to Orchard Road and Chinatown. The property is within walking distance to Clarke Quay, along the Singapore River and a short drive to the CBD and Marina Bay. It is also very near amenities, such as eateries and the wet market at Tiong Bahru.
Since its completion, The Trillium has seen greater interest from owner-occupiers than from investors, notes Harry Boey, a property agent with PropNex. When the project was first launched four years ago, most of the buyers were said to be Indonesian Chinese, owing to its proximity to Great World City. Boey is currently marketing a two-bedroom, 1,400sqft unit with a price tag of $2.8 million ($2000psf).
Currently, 30% of the units at The Trillium are occupied. Investors are waiting for the right time to sell and, in the meantime, putting their property on the market for lease, observes Lester Tan, a property agent with HSR International. He is marketing a two-bedroom unit, which is up for lease with an asking monthly rental rate of $7,588.
The trillium has not been spared from the effects of the government’s property cooling measures, with the resale market having turned sluggish, notes Boey. On the other hand, sellers have holding power and are willing to wait for the right price.
There were three transactions from Jan 25 to Feb 1, with prices ranging from $2050 to $2238psf, according to caveats lodged with URA Realis.
The seller of the 5,533sqft penthouse on the 28th floor, which was sold for $12.38 million ($2238psf) on Jan 25, reaped a 21% capital gain, having purchased the property for $10.24 million ($1850psf) in 2007.
A 2,217sqft unit on the 16th floor was sold for $4.6 million ($2100psf) on Jan31. The previous owner had purchased the unit for $3.9 million ($1760psf) in 2007, thus enjoying a 19% gain.
On the 10th floor, a 1,797sqft unit was sold for $3.69 million ($2050psf). This is a 17% gain for the seller, who purchased it for $3.138 million ($1746psf) in 2009. Prior to that, the unit was sold for $2.793 million ($1554psf).
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Now, how many of you actually knew that The Trillium is also a flower? The wife and I certainly did not... until tonight that is... while trying to search for a photo of The Trillium (the condo) on the web.
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