The exclusive pocket of Bukit Timah that lies west of the Botanic Gardens has been quiet in recent years but that could change with the arrival of new homes.
Dotted with pricey low-rise housing and with the delights of the gardens on their doorstep, the Cluny Park estate has long been the preserve of old money and very wealthy professionals.
Consultants said that although investment yields may be lower, well heeled investors would likely still be keen on the area.
The spotlight is back on the area, thanks to the upcoming Cluny Park Residences, one of the few condominiums in the mostly landed housing district.
The 52-unit freehold project will officially launch today, though it already began sales in August last year.
Its developer Tuan Sing said earlier this week that it had received "commitments" for 20 units so far and the price range at its official launch would hover close to $3,000 per sq ft (psf).
The project sold 12 units in August last year at prices ranging from $2,594 to $3,422 psf, according to Urban Redevelopment Authority (URA) data. The median price that month was $3,121 psf.
There are 70 bungalows including good class bungalows and six semi-detached houses with a "Cluny" address, including Cluny Road, Cluny Hill and Cluny Park.
Projects close to Cluny Park Road include The Siena, 10 Shelford and Dukes Residence. The Siena and 10 Shelford are being built while Dukes Residence was completed in 2011.
The Siena, a 54-unit leasehold development by Far East Organization in Tan Kim Cheng Road, is on a 99-year lease. The most recent sale was $2,335 psf for a new 850 sq ft unit in October last year, according to URA data.
At the freehold 10 Shelford, on Shelford Road north of Dunearn Road, the most recent transaction was $1,874 for a new 431 sq ft shoebox unit in August 2011. The 69-unit project is expected to be completed this year.
The 42-unit Dukes Residence is freehold and prices were $1,576 psf on average over the past six months. The most recent resale transaction there was $1,576 psf for a 1,701 sq ft unit last October.
Consultants said one downside is that the weakness in the high- end market has weighed down rentals in the area.
Source: Straits Times 8th March 2014
