SINGAPORE (EDGEPROP) - Developed by Tuan Sing Holdings and completed three years ago, the freehold Cluny Park Residence was designed by the acclaimed SCDA Architects and comprises just 52 units. It is the only condominium along Cluny Park Road, an area populated by prime landed housing including the Cluny Hill Good Class Bungalow Area.
When the project was launched in August 2013, the developer released only 40 units for sale. Among the 12 units it did not release was a 1,690 sq ft corner penthouse facing the UNESCO World Heritage listed Singapore Botanic Gardens.
The owner of the penthouse – who declined to be named – purchased the unit for $5.24 million ($3,100 psf) on Sept 17, 2013 after some negotiation with the developer. At that time, he only had his sights set on this corner penthouse as it has an unblocked view of the greenery provided by the Botanic Gardens. Only one other penthouse at Cluny Park Residence shares this view.
The corner penthouse at Cluny Park Residence has a full view of the Singapore Botanic Gardens (Pictures: Samuel Isaac Chua/The Edge Singapore)
Additionally, the development is close to amenities like Cluny Court and Serene Centre. Good schools – like Nanyang Primary School, Singapore Chinese Girls’ School and Hwa Chong Institution – are also nearby.
But in September, the owner put the penthouse on the market for $6.3 million ($3,728 psf) as he plans to start a family and thus is looking for a bigger space. The penthouse is marketed by luxury realtor List Sotheby’s International Realty (List Sotheby’s).
Home proud
Along with the million-dollar views comes top notch furnishings. As the founder of an architectural products firm, the owner says he was able to source for a variety of high-quality materials to add sparkle to an already exclusive abode. For example, he specially imported an outdoor decking material from Italy to furnish the two living room balconies. Apart from the custom tables and lounge furniture, the balcony features a French oak wood wall cladding by hardwood specialist Listone Giordano. There is also an engineered stone countertop by Cosentino in the kitchen while the switches and handles are from Buster & Punch.
The kitchen has an engineered stone countertop and Gaggenau appliances
“I need the little things to help tie the [overall aesthetic of the] rooms together. I have an interest in these things so I already knew what I wanted. There’s a lot of similar colours – basically shades of grey and brown, but all the textures are different,” says the owner.
While the penthouse initially had four bedrooms, he sacrificed one bedroom to enlarge the living room space. A false ceiling over the living room was also removed to create a seven-metre high asymmetrical roof. This creates more space and complements the unit’s floor-to-ceiling windows that maximises the view.
All in, the cost of renovation, furniture, and fittings came to around $1 million. Some of the alterations were also carried out by the developer before the project was completed. This includes the removal of a bathtub in the ensuite bathroom of the master bedroom and replacing it with a pair of rain showers.
Prime address
The $6.3 million price tag includes all the furniture and fittings of the unit. “If someone were to purchase this apartment, everything can go with [the price] because a lot of things were made and designed with the space in mind. So, if someone wants to pay for it, they wouldn’t have to do all this again if they like the existing interior design,” says the owner.
The master bedroom leads to an enclosed balcony
Before he decided to put the unit up for sale, the owner had even offered to buy the neighbouring unit with the intention of combining both units to provide more living space for his family. Unfortunately, he was unable to receive permission from the developer.
Penthouse units at Cluny Park Residence range from 1,249 sq ft to 2,842 sq ft. There are only three penthouses at 2,842 sq ft each. One was sold on Sept 10, 2013 for $8 million ($2,815 psf) while the other two units transacted at $7.75 million ($2,725 psf) in July 2018 and $7 million ($2,463 psf) in February, respectively.
According to Han Huan Mei, director of research at List Sotheby’s, Cluny Park Road is one of the most prestigious addresses in Singapore. “Being located on this road gives Cluny Park Residence an added appeal to the well-heeled and high net-worth [property buyers],” she says.
The orientation and unblocked views of this unit also makes it unparalleled to other units in the development, she adds.
There are two living room balconies that overlook the Singapore Botanic Gardens
The unit will likely appeal to a broad profile of buyers, from singles, couples to even families of three or four. This is because there is enough living and recreational space to meet the needs of different age groups, says Han. The project’s proximity to the Botanic Gardens MRT station also makes it convenient to travel to the downtown financial district and Orchard Road shopping belt.
“For those who aspire to own a freehold penthouse in the Core Central Region that also comes with liveable space and efficient layout, this unit would be an ideal unit to consider,” she says.
According to List Sotheby’s, luxury residential prices for units priced above $5 million in Singapore have risen 14% over the first nine months this year. The average price for the luxury apartment segment is $3,088 psf, compared to the average price of $2,663 psf for the same period last year.
The country remains a safe haven for wealth preservation, and the relative stability will warrant that the real estate market here will remain in investor’s radar. So far this year, foreigners made up 61% of luxury home buyers. Han reckons that prices are likely to stay close to current levels due to the limited supply of top quality and well-located homes.
For price trends, recent transactions, other project info, check out Cluny Park Residence project research page
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