A Chinese firm – Reignwood Holding, has acquired all 36 unsold units at Hamilton Scotts, a luxury residential development with the highlight of having a “sky garage” that allows homeowners to park their cars next to the living room.
According to the market rates provided by KOP Properties, the developer, Reignwood Holding would have likely paid up to $407 million for the block of posh apartments in the 56-unit Hamilton Scotts along Scotts Road. Having only sold 16 units in 2008 and 2009, and an additional 4 since 2010, the project had been seemingly caught in the doldrums. All 20 units that were sold before Reignwood’s purchase were 3-bedders.
Experts deduced that the units were likely sold at discounted rates, given that the market’s luxury segment has been somber in recent years. KOP Properties, however, declined to reveal the sale amount.
According to caveats lodged with URA, the most recent sale was inked in March last year at $3,221 psf. Sale prices generally ranged from $2,300 to $3,676 psf. The project consists of 52 3-bedders at 2,756 sq ft each, 2 junior penthouses and 2 penthouses at 3,229 sq ft and 6,975 sq ft each respectively. A 2,756 sq ft 3-bedroom unit was marketed at $3,600 psf while a 6,975 sq ft penthouse was asking for $5,000 psf. Hamilton Scotts was issued its Temporary Occupation Permit in June last year.
An interesting feature about the luxurious Hamilton Scotts has got to be its sky garage. Residents are able to drive their cars onto a turntable in the basement carpark. After placing their thumb on a scanner for identification, the car is placed into a lift and taken to the resident’s unit.
According to Reignwood Holdings, they believe that the purchase of Hamilton Scotts would help enhance the Reignwood brand and expand its business footprint in Singapore. The founder of Reignwood is Thai-chinese businessman Chanchai Ruayrungruanng who is worth US$1.4 billion (S$1.7 billion) with reference to Forbes’ Rich List. The conglomerate, which is also the exclusive producer of the Red Bull energy drink in China is headquartered in Beijing.