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Japanese activist shareholder sells penthouse at a slight loss
A FEW big-ticket apartment and penthouse deals have been done recently.
Japanese activist shareholder Yoshiaki Murakami has sold his penthouse unit at The Boulevard Residence in Cuscaden Walk for S$15.8 million or S$2,234 per square foot (psf). This is close to the S$16 million that he paid for the 7,072 sq ft triplex unit, which has five bedrooms and an 11 metre lap pool, back in 2006.
The buyer is understood to be linked to CY Tay, son of the late OG founder Tay Tee Peng.
The unit is one of two identical super penthouses in the 36-storey freehold condo development, which was completed in 2005. The Boulevard Residence was developed by SC Global.
Shortly after Mr Murakami had moved into the penthouse, he was arrested by Japanese authorities for insider trading, and he had to close his multi-billion dollar investment fund MAC Asset Management, which he managed from Singapore. He was convicted in 2007 and sentenced to two years in prison, which was suspended on appeal. He has since made a comeback as an activist shareholder in Japan, this time together with his daughter Aya.
Separately, at the nearby Boulevard Vue, which is also along Cuscaden Walk, Far East Organization has sold a four-bedroom apartment on a high floor in the 33-storey freehold condo, for S$18.18 million or S$4,060 psf. The buyer is understood to be a Cambodian citizen.
Built on a a site of about 45,000 sq ft, Boulevard Vue has 26 apartments - just one 4,478 sq ft unit per floor - on levels four to 29.
There are also two penthouses. One of them, on levels 30 and 31, was sold by Far East Organization in late 2009 for S$33.4 million or S$4,150 psf. The other, spanning 11,098 sq ft on Levels 32 and 33, and with a private pool on the roof terrace, is available for sale with an asking price of at least S$4,300 psf,
Besides this penthouse, two four-bedroom apartments in the 28-unit development are also available for sale.
Boulevard Vue's facade was designed by well-known Japanese interior designer Super Potato.
The condo has 133 car parking spaces. Each apartment unit has three designated parking spaces, while penthouse owners each get four.
Wing Tai recently sold two four-bedroom apartments at Le Nouvelle Ardmore.
A Chinese citizen acquired a 3,907 sq ft unit on the 13th floor for S$16.8 million or S$4,300 psf, while an ethnic Chinese who is a US citizen is paying slightly over S$16 million or S$3,880 psf for a 4,133 sq ft unit on the 20th floor.
Market watchers found it odd that a higher-floor unit went for a lower psf price.
Le Nouvel Ardmore is a 33-storey development comprising 43 units including a penthouse. It received Temporary Occupation Permit in 2014.
List Sotheby’s International Realty chief operating officer Leong Boon Hoe said there has been renewed interest from both local and foreign investors in the luxury and ultra-luxury condo sectors, fuelled by land prices achieved for en bloc sale sites as well as at state tenders – which point to higher selling prices for future launches.
"The volume of sales at new launches such as New Futura in Leonie Hill Road as well as the average price of around S$3,500 psf for the project's second phase launch in May - up from about S$3,350 psf from the first phase in January - has also given confidence to buyers to make the jump," he added.
"When the market has legs to run, the additional buyer's stamp duty is less of a hurdle for long-term investors - weeding out speculators from good-profile buyers."