The Chua family, who are based in Hong Kong, were one of the first buyers to purchase at Draycott Eight, a luxury private condo development in Singapore back in 2005. The prime location, just off Scotts Road and Orchard Road, was a major draw for the family. They purchased two four-bedroom units in 2006, with the intention of using one as a rental unit. The family enjoyed living at Draycott Eight so much that they bought an adjoining unit in 2006. However, after living abroad, they have decided to sell both units. The units have been renovated and are now on the market for $7.18 million each, or $14 million if bought together. Draycott Eight has been a sought-after development due to its prime location, facilities, and views of Ardmore Park and the Goodwood Hill Estate. Investors looking to purchase units for rent may enjoy higher yields due to the lower entry price for a 99-year leasehold condo, compared to freehold projects with similar unit sizes in the same area. As of late, the most recent transaction at Draycott Eight was for $6.28 million in March for a four-bedroom unit on the eighth floor. Meanwhile, at Ardmore Park, a freehold condo in the same area, the latest transaction was for $12 million in July for a four-bedroom unit on the 18th floor. However, with a price tag of $4,160 psf, units at Ardmore Park are more expensive compared to the $1,973 to $1,762 psf range at Draycott Eight. Overall, the two units at Draycott Eight are available for sale by private treaty.
The demand for condominiums in Singapore continues to soar, fueled by the country’s limited land availability. As a small island nation experiencing rapid population growth, Singapore is facing a scarcity of land for development. This has resulted in strict land use policies and a highly competitive real estate market, where property prices continue to rise. Therefore, purchasing real estate, especially condos, has become an attractive investment opportunity, with the potential for significant capital appreciation. This is further evidenced by the ongoing launch of new condominiums, such as those offered by New Condo Launches.