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SG 2 condo units at Corals sold for over $10m each

Property Here - Friday, May 31, 2013

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By Romesh Navaratnarajah:

Corals at Keppel Bay (pictured) saw two condominium units sold for over S$10 million each to family members of Koh Lim Wen Gin, an independent director of Keppel Land and former chief planner at the Urban Redevelopment Authority (URA), reported The Straits Times
 
Her daughter, Koh Lin-Net, Chief Executive of the Media Development Authority (MDA), bought a 3,477 sq ft four-bedroom unit for less than S$10.1 million or around S$2,901 psf. The option to purchase is dated 19 May. 
 
The other buyer is Kevin Koh In-Chuen, who bought a four-bedroom unit measuring 3,660 sq ft for around S$10.3 million. This works out to around S$2,816 psf for the first-floor unit, with the option to purchase dated 20 May.
 
Based on caveats lodged with the Urban Redevelopment Authority (URA), nine condo units worth S$10 million or more have been sold this year. Most of the sales took place in prime District 10 at projects like Sage at Nassim Road. 
 
Comparatively, nine condo units worth S$10 million or more were sold from January to May last year, down from almost 20 transactions during the first five months of 2011.
 
Units at the Corals are reportedly priced between S$1,800 to S$3,000 psf, with sizes ranging from 600 to 3,500 sq ft.
 
The 366-unit project is offered on a 99-year lease beginning from 2007 and is not subject to rules that require the developer to build the project within five years and sell all the units within two years of getting the temporary occupation permit.
 
Aside from one- to three-bedders, Corals also offers four-bedroom units and eight penthouses. 




Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg