Straits Times Aug 13, 2008

SC Global offers NY-warehouse living at Martin Rd

SC GLOBAL is introducing New York-style warehouse living to Martin Road - a first for Singapore - with prices that will be set above the market average.

Like warehouse lofts in Lower Manhattan, the flats will feature high ceilings and seamless interior spaces that can be separated at will, using walls that slide and hide away.

And unlike traditional high-end developments here, Martin No. 38, as the project is called, will have a more rugged design of raw concrete, base metal finishes and unvarnished timbers.

Australian architect Kerry Hill is designing the project, which is on the site of a former warehouse near the Singapore River.

The freehold development, which will be launched later this year, will be 15 storeys high with 91 units, including four penthouses with pools.

Most of the units will be small - from 969 to 1,130 sq ft each - but there will be some larger ones of 1,335 to 1,495 sq ft each.

SC Global is aiming to sell the units at an average of $2,000 per sq ft (psf).

Prices of projects in the same area are around $1,200 to $1,850 psf, according to Knight Frank. Newer projects like 8 Rodyk cost more - a 721 sq ft apartment sold at $1,800 psf last month.

But market sentiment remains weak, with buyers staying away, especially from the high-end sector, which surged dramatically last year.

Prices have since slipped while activity has slowed considerably. But there is always room for the right product, said SC Global chairman and chief executive Simon Cheong, who is confident Martin No. 38 will be well-received.

SC Global bought the site in 1999 but said it deferred development until the area was rejuvenated and the concept of warehouse lofts became viable.

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