Treasure on Balmoral is up for sale by Expression of Interest (EOI), announced Savills today.
The freehold residential development, located in the prime Balmoral enclave in District 10, is developed by Hiap Hoe Group.
Launched in January last year, it comprises of two 12-storey blocks of 48 luxury residential apartments in a mix of three, four bedrooms and penthouses.
Unit size ranges from 1,701 sq ft to 3,767 sq ft, while the total strata area is about 103,439 sq ft.
The guide price for the property is $1,850 psf or $191.4 million.
Besides being close to Orchard Road, it is also 10 minutes away from the Central Business District (CBD).
Popular educational institutions such as Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ School and Raffles Girls’ School are located within one km from the Property.
“What we have here is a rare opportunity for private investors or ultra high net worth individuals to acquire a well located and high quality product as an investment property or strata sales exit in future,” said Steven Ming, Managing Director of Savills Singapore.
To date, the project has yet to sell a unit. Responding to PropertyGuru’s queries, he said, “Treasure on Balmoral is a high quality product developed on an established prime address. If not for the cooling policies, several units would have already sold.”
Ming added, “The developer had attempted strata selling the property over the past few years. However, the collective impact of increased acquisition costs for residential acquisitions as well as the total debt service ratio (TDSR) have substantially curtailed sales in the high end.”
He believes a strong price recovery in the high-end property market during the next property upswing is expected as the high-end market has been battled for quite a number of years.
The EOI closes on the 21 August 2014.
Credits: Property Guru