SPH sells last remaining Sky@eleven unit - Mar 13, 2007 (BT)

BackMar 13, 2007

The Straits Times / The Business Times News On SPH

SPH sells last remaining Sky@eleven unit

Mar 13, 2007
The Business Times

SINGAPORE Press Holdings (SPH) has sold the last remaining unit at its freehold Thomson condominium Sky@eleven at 'above the average price', the media giant said yesterday.

When the condo was launched in January, all 273 units were snapped up within 30 hours at an average price of $975 per square foot (psf). Subsequently, all but one option to purchase units in the project were exercised, SPH said.

The one 'unclaimed' unit was sold last week at above the average price, SPH said. The company did not reveal the exact price at which the apartment, a 2,700 sq ft four-bedder, was sold. But units at Sky@eleven have been fetching upwards of $1,000 psf on the resale market. During the launch, the highest price recorded was $1,200 psf.

Based on the average transacted price of $975 psf, total revenue from the project is estimated to exceed $650 million. SPH said after the project was sold out that the financial impact could not be ascertained then as it is dependent upon a number of factors including total construction costs.

Located at Thomson Lane off Thomson Road, the 43-storey high Sky@eleven is the tallest development in the area. When completed at end-2009, the project promises great views of the reservoirs and the city skyline. Residents will also enjoy top quality finishes and fittings, luxurious condominium facilities and lush landscaping, SPH said when launching the project.

SPH shares closed 8 cents up at $4.42 yesterday. The company's stock price has climbed 3.3 per cent since the start of the year.