On November 12, Hong Leong Holdings offered a 13% discount on condos at One Balmoral. In just a fortnight, nine units have already been sold due to property investors looking to bag them in markdown prices. During the two weeks after the discount announcement, the number of units sold was already equivalent to the number when the residential project was first launched in 2014. This brings total sales to 18 so far, according to the latest property news by EdgeProp Singapore (last updated in December 2016).

One Balmoral

Recently sold units at One Balmoral include a 1,410 sq ft, three-bedroom unit that fetched a price of $3.19 million or $2,261 psf. In addition, a 592 sq ft, one-bedroom home on the 12th floor was also sold for $1.49 million or $2,522 psf. However, popular units among investors were the two-bedroom units sized at 969 sq ft, fetching prices ranging from $2.03 million, or $2,094 psf, to $2,11 million, or $2,175 psf.

One Balmoral is a freehold condominium made up of 91 units and is a redevelopment of a condominium that bears the same name. Hong Leong Holdings reportedly paid $125 million for a 43-unit condominium in March 2007, resulting in a record price of $1,888 psf per plot ratio.

Pinewood Gardens

The strong sales at One Balmoral, driven by the 13% discount, also stirred interest in older condominium developments along the Balmoral Park enclave. 

One example of this was the recent resale of a 2,056 sq ft unit located on the third floor of Pinewood Gardens. The four-bedroom unit was resold for $2.98 million, or $1,449 psf, on November 24.

According to Alan Yap, associate director of ERA Realty Network, “Pinewood Gardens appeals to many homebuyers as it’s a low-rise development on a sprawling freehold site.” In addition, he notes that units in older developments are often much bigger in size compared to units in newer ones. It also makes an excellent property investment since there’s a collective sale potential.

Pinewood Gardens is a freehold condominium that was completed in 1990. The luxury development consists of 149 units measuring 1,249 sq ft to 2,099 sq ft. It was developed by the multinational real estate firm City Developments, whose parents company is Hong Leong Holdings. 

However, since most of the buyers of older developments such as Pinewood Gardens are owner-occupiers, there haven’t been a lot of recent transactions. For example, before the November resale, a 1,249 sq ft unit was sold for $1.95 million or $1,562 psf.

Three Three Robin

Another development located in the same Balmoral Park enclave is Three Three Robin, a luxury condominium that stands back to back with Pinewood Gardens. There have been five condo resales in just less than a year—the highest number of units sold since 2011. Many of the properties that changed hands were three-bedders measuring 1,582 sq ft to 1,636 sq ft. They fetched prices ranging from $2.55 million, or $1,559 psf, and $2.8 million, or $1,770 psf. 

The most recently recorded resale at the development was for a 1,367 sq ft unit located on the 10th floor of Three Three Robin. The two-bedroom unit was sold for $2.35 million, or $1,719 psf, on November 29. Five years ago, the seller previously purchased the unit for $2.65 million, or $1,949 psf, in June 2011. Before that, the unit fetched a lower price of $2.15 million, or $1,573 psf, in a resale that occurred in March 2007. When it was sold by the developer when it was newly launched in 2005, the asking price was $1.61 million, or $1,178 psf.

Three Robin is a freehold condominium that was completed in 2005. SC Global Developments developer was a leading upmarket real estate firm focusing on luxury residential properties located in prime districts. Three Robin only consists of a limited 36 condo units spread across a single building. However, its state-of-the-art living spaces are massive, with over three unit types—a two-bedroom unit sized at 1,367 sq ft, a three-bedroom unit sized at 1,582 sq ft, and a five-bedroom unit sized at 5,931 sq ft.

Are you looking for a condo for sale or rent in Pinewood Gardens? Get in touch with a property agent now, or contact us for available units for sale or rent.

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