All 273 units of SPH condo project sold in 30 hours
Sky@eleven achieved average price of $975 psf, with the highest price paid at $1,200 psf

2007 January 30 - Singapore Press Holdings (SPH) has sold all 273 units at its freehold condo Sky@eleven off Thomson Road.

Selling point: Buyers who turned up at the showsuites were drawn to the spaciousness of the units, which range from 1,851 to 2,820 square feet

The media group said in a statement that the four-tower luxury project was snapped up within 30 hours after its soft launch on Sunday evening. It achieved an average price of $975 per square foot (psf), with the highest price recorded at $1,200 psf.

SPH said one major selling point of its maiden condo development was the attractive pricing.

'Buyers who turned up at the showsuites were also drawn to the spaciousness of the units, which range from 1,851 square feet to 2,820 square feet. The apartment types include mostly four-bedroom and three bedroom + study,' the SPH statement said.

The condominium is being developed by wholly owned subsidiary Times Development Pte Ltd. Times Development chairman Sum Soon Lim said: Sky@eleven truly offers value for money given the luxury lifestyle concepts it offers.'

In its statement, SPH also noted that the overwhelming response to Sky@eleven was not unexpected given the current bullish property sector, 'particularly the popular demand for luxury homes in prestigious districts'. SPH said the number of staff who bought units in the project was not significant compared to the number of buyers from the public. 'There is no discount for SPH staff and SPH board of directors,' it added.

Located at Thomson Lane, the 43-storey Sky@eleven will be the tallest development in the area, offering views of the reservoirs and the city skyline.

The project, which could be completed as early as end-2009, was marketed by Knight Frank. -  SINGAPORE BUSINESS TIMES     January 30, 2007

SPH sells last remaining Sky@eleven unit

2007 March 13:  Singapore Press Holdings has sold the last remaining unit at its freehold Thomson condominium Sky@eleven at 'above the average price', the media giant said yesterday.

When the condo was launched in January, all 273 units were snapped up within 30 hours at an average price of $975 per square foot (psf). Subsequently, all but one option to purchase units in the project were exercised, SPH said.

The one 'unclaimed' unit was sold last week at above the average price, SPH said. The company did not reveal the exact price at which the apartment, a 2,700 sq ft four-bedder, was sold. But units at Sky@eleven have been fetching upwards of $1,000 psf on the resale market. During the launch, the highest price recorded was $1,200 psf.

Based on the average transacted price of $975 psf, total revenue from the project is estimated to exceed $650 million. SPH said after the project was sold out that the financial impact could not be ascertained then as it is dependent upon a number of factors including total construction costs.

Located at Thomson Lane off Thomson Road, the 43-storey high Sky@eleven is the tallest development in the area. When completed at end-2009, the project promises great views of the reservoirs and the city skyline. Residents will also enjoy top quality finishes and fittings, luxurious condominium facilities and lush landscaping, SPH said when launching the project.   - SINGAPORE BUSINESS TIMES   March 13, 2007

Sep 2, 2006  Singapore Press Holdings (SPH) is developing an upmarket condominium in Thomson Road that analysts say could set a new benchmark for prices in the area.

The property - to be built on a prime freehold site that currently houses SPH's Times Industrial Building - will be the first residential development for the media company.

The move, which has surprised some market watchers, is expected to yield higher profits than an outright sale of the plot, SPH said in a statement yesterday, and it will better enhance shareholder value.

'This is an opportunistic project in view of the sustained recovery in the property market and our prior experience in redeveloping The Paragon,' said SPH chairman Tony Tan.

'The current market sentiment bodes well for this project, and we are confident that there will be strong demand for the units at this development.'

The project is planned to be an upmarket 43-storey condominium with a gross floor area exceeding 660,000 sq ft. It will be launched next year and built on a relatively large site of about 240,000 sq ft.

It will consist of four-bedroom units, all offering panoramic views of the city and MacRitchie Reservoir, said Mr Peter Ow, executive director of Knight Frank, the project's marketing agent.

'Pricing won't be cheap because of the quality of furnishing that will be fitted,' said Mr Ow.

'I expect it to set a new benchmark for prices for the area.'

Property prices in the nearby Novena area have risen between 5 and 10 per cent in the past year, in line with a general recovery of Singapore's property market. Freehold apartments there now go for about $800 to $1,000 per sq ft, and analysts say prices will continue to rise next year.

Mrs Ong Choon Fah, executive director of property consultancy DTZ Debenham Tie Leung, said the project will probably be the tallest in the area. The nearby Thomson 800 is just 20 storeys.

'It's a good location that is convenient and near many amenities, including Novena Square and the Toa Payoh town centre,' she said.

Dr Tan said: 'The development will be in a class of its own, catering to the needs of affluent home buyers who value the fantastic view, surrounding greenery, lush landscaping and top-notch design.'

Made earlier this year, the decision to develop the Thomson site surprised some given SPH's previous sale of its landmark Times House site three years ago.

Also, until last December, the company was still considering offers for the site, which topped a list of non-core property assets it was looking to sell.

An SPH spokesman said the recovery of the property market is now much firmer than in 2003, when the company sold the Kim Seng Road plot to Marco Polo Developments.

The new development is a one-off project and the company, which has no other residential sites, is not planning to buy any more.

The Times Industrial Building was built in the 1960s and used to house the company's magazines business, which has since moved to a Genting Lane facility.

To build the condominium, SPH has incorporated a new unit called Times Development which will be chaired by director Sum Soon Lim. - by Bryan Lee   SINGAPORE PRESS HOLDINGS    Setpember 2, 2006

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