Spanish Property Auctions – Real Estate Properties

Spanish Property Auctions – Real Estate Properties

HY Realty Dundee Queenstown Condo

It seems that some hefty spending has been seen by well seasoned foreign investors in the market of strata offices amidst the segments seeing buying that has been very selective.

According to recently lodged records, one Chinese investor put down close to $100.6 million of the Prudential Towers’ 25th and 27th floors. Based on unit area of 12, 196 square feet per floor, this equates to about $2,750 per square foot for Dundee Road Queenstown.

HY Realty Dundee Queenstown Condo

The buyer is a native of Shanghai and it is believed that he is a property developer who owns beverage and food chains. The purchase at Prudential Tower will mark his first investment in the strata office sector in Singapore. He does, however, already own several residences and shop-houses in Singapore Dundee Road.

Another buyer, who is European, purchased both the 29th and 29th floors of the property for close to $73.2 million, which would equate to $3,000 per square foot. The same investor made a purchase last year of the 19th floor at the Samsung Hub, for around $41.7 million.

It is believed that both of these buyers have purchased these units as an investment.

At the moment, it appears that this 30 story property is the best selling on the market in the sector of strata office projects. Last year, a consortium that was headed by KOP Limited, purchased 19 ½ floors from Keppel Reit, who has around 7 more floors available to sell.

At GSH Plaza, a 28 story project nearby, a buyer recently purchased 3 units on the 11th floor at a price of $2,850 per square foot.

Dundee Road Condo Queenstown

At the other end of the spectrum, Dundee Road Queenstown Condo, which is a much pricier project with their average pricing close to $3,513 per square foot presently, only 13 units have sold since its launch in March of this year.

One expert pointed out that, even though the Crown appears to have a long standing superior hold, there are many Dundee Road Queenstown buyers who are seeking to occupy a part of the floors they purchase themselves.

As a result, this is why GSH Plaza and the Crown at Robinson, both of which are expected to be completed by next year, are tougher selling for individuals who are wanting units on a basis of vacant possession.

Dundee Road Condo

Prudential Towers has a lease with close to 80 years left, GSH Towers has around 73 years remaining, and Crown at Robinson is a freehold for Dundee Road Queenstown.

It is a unique market because it has been witnessed that more transactions occur when leases are getting closer to their expiration dates. Otherwise it has a tendency to move a bit more slowly, as it appears to be the situation at Prudential Towers and Samsung Hub.

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