DESPITE flat demand in the luxury market so far this year, at least two condominium units with a price tag of over $10 million each were sold over the past fortnight.
Keppel Land told the Singapore Exchange on Tuesday that family members of Mrs Koh-Lim Wen Gin, a former Urban Redevelopment Authority (URA) chief planner, bought the units at its upcoming project Corals at Keppel Bay.
Mrs Koh has been an independent director of Keppel Land since January 2010.
One of the buyers is her daughter, Ms Koh Lin-Net, the chief executive of the Media Development Authority. Ms Koh took office last November and prior to that was deputy secretary of trade at the Ministry of Trade and Industry.
Ms Koh and her husband Lawrence Low bought a 3,477 sq ft four-bedder at Corals for slightly below $10.1 million, which works out to around $2,901 per sq ft for the second-floor unit. The option to purchase is dated May 19.
The other family member is Mr Kevin Koh In-Chuen, who bought a first-floor 3,660 sq ft four-bedder for around $10.3 million. This translates to around $2,816 psf. Mr Koh's option to purchase is dated May 20.
There have been nine transactions of condo units worth $10 million or more so far this year, according to caveats lodged with the URA. Most of the sales were in the prime District 10 at projects such as Sage at Nassim Road.
From January to May last year, there were also nine condo unit sales worth $10 million or more. This was a sharp drop from the nearly 20 transactions at or above $10 million in the first five months of 2011.
Prices at the 366-unit Corals are said to range from $1,800 psf to $3,000 psf. Sizes range from 600 sq ft to 3,500 sq ft.
The project is on a 99-year leasehold starting from 2007. It is not subject to rules that stipulate that the developer has up to five years to build the project and then has to sell all the units within two years of getting the temporary occupation permit.
Most units sold at Corals have been one- to three-bedders, with the three-bedders being the most popular, Keppel Land said last week. There are also four-bedroom units and eight penthouses.
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