Hong Kong-based developer CK Asset Holdings is banking that the luxury market will continue to remain buoyant as it readies to launch its upcoming development Perfect Ten for sale on Dec 19.
The 230-unit freehold development in Bukit Timah in District 10 will comprise 2-bedroom apartments spanning 753 to 797 square feet (sq ft), and 3-bedroom apartments ranging from 1,227 to 1,281 sq ft.
Prices start from $2.5 million for 2-bedders on low floors to $2.9 million for those on high floors. For 3-bedroom units, the indicative price ranges from $3.9 million on low floors to $4.4 million on high floors. This translates to about $3,200 to $3,700 per square foot (psf).
The sales gallery opens to the public from Dec 8.
Perfect Ten, which sits on the site of the former City Towers, will feature twin 24-storey towers. City Towers was sold via collective sale in 2019 to CK Asset for $401.9 million, or a land rate of about $1,847 psf per plot ratio after factoring in development charges.
"We remain optimistic that demand for property will continue to be strong in 2022," said Francis Wong, director of Property Enterprises Development (Singapore), which is linked to CK Asset.
"The global economy is poised to recover given the opening up of borders and increasing vaccination rates. However, we will have to continue observing the economic recovery and the border measures taken by various countries closely, given the emergence of the new Omicron variant."
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Where the luxury segment is concerned, Wong expects that it will continue to gain ground. "Singapore's luxury property market continued its hot streak in Q3 2021, and demand for luxury homes has been steadfast," he noted.
"Locally, the steady rise of incomes and higher living standards facilitate the growth of demand for premium homes," Wong said, adding that Singapore remains a popular choice among foreign buyers.
The developer expects the majority of buyers for Perfect Ten to be from Singapore, although Wong added that the project may draw seasoned investors and buyers from Hong Kong, China and South-east Asia as well.
CK Asset - which is backed by Hong Kong tycoon Li Ka-shing - has a substantial portfolio in Hong Kong and China, as well as a presence in Singapore and the United Kingdom. Earlier this year, its luxury residential project in Hong Kong's Mid-Levels, 21 Borrett Road, clocked a record price of S$23,000 psf.
In Singapore, it has developed projects such as Stars of Kovan at Upper Serangoon Road, Thomson Grand at Upper Thomson Road, and Cairnhill Crest. As part of a consortium which included Keppel Land and Hongkong Land, it also had a role in developing Marina Bay Financial Centre and One Raffles Quay.
Features at Perfect Ten - which is due to TOP in November 2025 - include a clubhouse and a private "crystal sky" elevator. A 5-minute drive from Orchard Road, it also has schools such as Anglo-Chinese School (Primary) and Singapore Chinese Girls' School within a 1-kilometre radius.
This article was first published in The Business Times. Permission required for reproduction.