SPH's luxury condo in Thomson to be launched next month - Jan 19, 2007 (ST)

BackJan 19, 2007

The Straits Times / The Business Times News On SPH

SPH's luxury condo in Thomson to be launched next month

By Joyce Teo, Property Correspondent
Jan 19, 2007
The Straits Times

SINGAPORE Press Holdings (SPH), better known for its newspapers and magazines, will soft launch a 273-unit luxury condominium, Sky@eleven, at Thomson Road, next month.

The 43-storey freehold development is a seven-minute walk to the Toa Payoh MRT station and offers views of MacRitchie Reservoir, the Singapore Polo Club and even the Central Business District (CBD).

PREPARING FOR LAUNCH: Unveiling SPH's 273-unit luxury condominium project at Thomson Road are (from left) chief executive officer Alan Chan, deputy chairman Cham Tao Soon and chairman Tony Tan. The 43-storey freehold development will be the tallest building in the Thomson area and is expected to set landmark pricing in the vicinity. Key features of the project include unobstructed views of the CBD, an abundance of carpark lots, relatively large units and two sky terraces. Photo/ DESMOND WEE

Market sources say it is likely to fetch $1,000 to $1,300 per sq ft (psf) or more. It will be priced 'very competitively' and 'attractively'', said Mr Michael Chin, executive vice-president of SPH's corporate development division and Times Properties, yesterday. He said many potential buyers had expressed interest. About 20 to 25 per cent of buyers could be foreigners and the rest locals.

SPH chairman Tony Tan said: 'We expect Sky@eleven to be well-received by both local and foreign buyers in the light of the growing demand for high-end luxury properties.'

Mr Peter Ow, executive director of Knight Frank, which is marketing the project, said its pricing will be similar to pricing in the Novena and Newton areas. Condominiums in the Novena area are fetching $1,000 to $1,200 psf, while those in Newton are going for $1,200 to $1,500 psf, he said.

Sky@eleven, which will be the tallest building in the Thomson area, will set 'landmark pricing' in the area, he added. The project is distinguished by its large units. It will have 265 units of four-bedroom apartments ranging from 1,851 sq ft to 2,820 sq ft.

Only certain people can afford these large units as their prices will start at nearly $2 million, said Knight Frank's Mr Nicholas Mak.

There will be eight duplex penthouses ranging from 3,800 sq ft to 5,800 sq ft, to be priced higher than the regular units. Mr Chin said there is very strong demand for the penthouses which offer unobstructed views of the CBD.

Another key feature is the abundant parking space - 404 carpark lots for the 273 units. Construction costs for Sky@eleven are estimated at over $100 million.

The project is being developed by Times Development. While this is a one-off project by SPH, the group remains open to other development opportunities, said SPH's director and chairman of Times Development, Mr Sum Soon Lim.