SC Global: has been able to set a new record price at The Marq on Paterson Hill once every three months since May this year, despite thin sales volumes generally in the luxury residential sector.
In the latest transaction, a 3,003-sf, 4-bedroom apt in the Premier Tower is understood to have sold for nearly $6,850 psf or ~$20.5m.
This tops the previous record set in August for $6,394 psf, which in turn broke the May record of $5,842 psf. In all three cases, the units are of the same size and in the same tower.
The latest record comes fresh on the heels of news last month of a world-first collaboration between Hermes and SC Global. Designers from the French luxury house will fit out a 6,232-sf, 5-bedroom apt in the Signature Tower at The Marq, with a combination of furniture, fabrics, rugs, carpets, wallpaper and made-to-measure upholstered items. The world's first Hermes apt is due to be ready next year and will be kept by SC Global for private functions and Hermes exclusive events. It will not be for immediate sale.
The Marq, a freehold project which received TOP in Jan this year, comprises two 24-storey towers with a total of 66 units.
The stock trades at 0.7x P/B. Street recommendations are mixed with 3 Buys, 1 Hold and 3 Sells. TP has a wide range btwn $1.08 – 2.68.
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