Commonwealth Towers pricing details are not available yet, but a look at the land tender cost may help with estimates of prices.
To recap, this land parcel at Commonwealth Avenue in the heart of the Queenstown HDB estate, is in an attractive location right next to Queenstown MRT Station.
This parcel, zoned for a residential condominium development, has a site area of over 130,000 sq ft, or a maximum GFA (gross floor area) of 637,500 sq ft.
The top bid, at S$562.8 million for this site, came from a consortium comprising subsidiaries of City Developments and Hong Leong Holdings: Verwood Holdings, Intrepid Investments and Hong Realty.
This works out to S$883 per sq ft per plot ratio.
The top bid beat earlier projections, and was 2.46 per cent higher than the second highest bid of S$549.2 million.
While seen as high at the time, fast forward to 2023, even Lentoria got its land at a cost higher than this despite being further out in the OCR (Outside Central Region) area. TID Residential won the URA tender for the Lentoria condo site at around $1,130 PSF PPR, which was already considered something of a bargain due to lack of competition for the bidding. Furthermore, while Commonwealth Towers is just opposite Queenstown MRT station, the Lentoria condo is something like 6 minutes walk from Lentor MRT station.
Indicative Commonwealth Towers Pricing Calculations
Property analysts estimate a breakeven cost of S$1,350 psf, which works out to an expected selling price of above S$1,600 psf. (Compare this to the expected average Lentoria price of slightly over $2,000 PSF. How times have changed!)
Desmond Sim, associate director at CBRE Research said: “Prices fetched by the resale HDB flats in Queenstown are the most expensive in Singapore. A five-room HDB Strathmore unit is observed to be asking for up to S$100,000 cash-over-valuation, one of the highest transactions recorded.
Five-room and executive flats that are less than 10 years old fetched at around S$800,000 to S$1 million in some cases between the July-November 2012 period.”
The 99-year lease site was launched for tender by the HDB on December 18 last year.
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Commonwealth Towers Pricing :: VIP Preview
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LENTORIA PRICE . LAUNCH @ LENTOR HILLS ESTATE
One of Singapore’s top developers, Guocoland, will redeveloping the former Casa Meyfort site to house a new luxury development, the Meyer Mansion condo. It will a freehold project within easy walking distance from Katong Park MRT station, and even within walking distance of the upcoming Tanjong Katong MRT station as well.
The Meyer Mansion project is similar to Commonwealth Towers in that both are at city-fringe locations, and are high-rise projects. Pricing-wise however, Commonwealth Towers was priced at only around 60% of the expected pricing for Meyer Mansions.
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