No of units: 46
Price range: $4000-$4500 psf
Developer: Napier Properties. Director Mark Wee & Tony Tan, former Parkway boss.
Details: 10 storeys, 40 apartments of 3-4 bedroom units, and 6 penthouses. All penthouses are duplex ranging from 4000 sq ft to 6000 sq ft and are expected to be sold by auction. Smallest 3 bed unit is just over 2000 sq ft and priced at about $8 million. Some units are already sold to a mix of Singaporean and foreign buyers. Current plan is to limit sales to just 10-12 units.
'We may sell another dozen or so apartments when our showflat is ready on site in a few months' time. But we plan to keep the rest of the project, including the six penthouses, for sale after the project is completed, which will probably be around end-2009' said Mark Wee.
'All the units come fully loaded with top-notch lighting, sound system and kitchen equipment, bathroom fittings and the like, so that our buyers do not have to do any renovations as we are fitting the units to the highest standard currently available in the Singapore market. This should minimise the hassle of moving in' said Mark Wee.
Points to note:-
- A replacement unit for owners if they want to stay in the same location and have to buy a unit in 8 Napier will cost only $8 million for a 3 bedroom 2000 sq ft unit. In the latest offer from CBRE, how much more will you have to pay out of your own pocket to buy a replacement unit?
- $4000-$4500 psf currently. That is the market benchmark for the area and I'd doubt any developer who buys BGV will attempt to sell new units at anything less than what 8Napier is marketing.
- Napier Properties are holding back units till end 2009, especially the prime penthouses. This shows their confidence in the market, and their expectation that they will achieve even more than $4000-$4500 in 1 and a half years time. Given the latest estimate of 20% increase in property price per annum, it would be fair to say they should be targeting about $5000 psf by end 2009.
- In a Business Times report dated 10 Nov 2006, they priced the units at a 'high $2000 psf' but 6 mths later, revised it to $4000-$4500 psf.
- That report also cited Mark Wee as stating that some of the priciest real estate in global cities like New York and London is around famous parks, and 8 Napier, which is just two minutes' walk to the Botanic Gardens, will be in that league. If 8Napier is in this league, what about BGV which is 30 seconds away from the Gardens?
- Profit to developer? They bought Eng Lok at $128million ($1218ppr) in Mar 2006 but they stand to gain a cool $344million (less development costs and proceeds). This for an estate half the size of BGV. What a steal for Napier Properties. Will this happen to us as well, to be sold on the cheap?
- To say that we have a goldmine on our hands, a piece of real estate around a famous park, is an understatement. But some people don't really care.
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