The average price is about $1,480 per sq ft for the initial batch of 85 units. The 12-storey freehold project has 248 units.
The pricing is considered fair for the location, said a property consultant who is not marketing Parvis, adding that it could easily be $1,500-1,600 psf on average.
The Lush on Holland Hill nearby is selling for about $1,500 psf on average. In the secondary market, units at Waterfall Gardens in Farrer Road are changing hands for about $1,450-1,500 psf.
The 85 units MCL Land and Ho Bee are releasing at Parvis will be priced between $1,400 psf and $1,600 psf. In absolute terms, prices range from $1.62 million for a two-bedroom unit of 990 sq ft to $3.02 million for a four-bedder of 1,991 sq ft.
The project comprises three blocks being built on the former Holland Hill Mansions site, which Ho Bee and MCL bought in late 2006 for $292 million or $750 psf per plot ratio.
Market watchers estimate the developers' breakeven cost could be about $1,200 psf. Assuming a $1,480 psf average selling price for the entire development, their total pre-tax profit for the project could be about $120 million, some analysts reckon.
This is the second time MCL Land and Ho Bee have teamed up. Their first partnership was the 716-unit Rio Vista condo at Hougang. The project was launched in 2001 and completed three years later.
MCL is developing solo a 608-unit condo on a 99-year leasehold plot near Yishun MRT Station, fronting Lower Seletar Reservoir and close to Singapore Orchid Country Club/Golf Course.
It paid $350 psf ppr for the site in a state tender in March last year. The project, named The Estuary, will be launch-ready by year-end but is more likely to be released only in the first quarter of next year, said MCL's CEO Koh Teck Chuan.
Source: Business Times, 5 Nov 2009
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