Thursday, March 11, 2010

Cheung Kong has a grand Vision for the West Coast

CHEUNG Kong has set its sights on building the tallest – and perhaps priciest – condominium project in the West Coast area.

The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf).

The Vision comprises 281 apartments and 14 strata terrace units. The apartments will be housed in two towers – one with 33 levels and the other with 32. The project will be the tallest residential development in the area, said Cheung Kong sales manager Cannas Ho yesterday.

It will have two-, three- and four-bedroom units ranging from 818-1,604 sq ft. There will also be two penthouses. Going by the average asking price cited, a four-bedder could cost about $1.9 million.

The target psf price tag for units at The Vision looks high compared with those at developments nearby. Just next door is the 99-year leasehold Blue Horizon, which was launched around 2001. Units there went for $764-$808 psf last month, as caveats lodged show.

Homes at ClementiWoods Condominium in the vicinity changed hands at $836-$957 psf last month. It has a 99-year lease and entered the market in 2007.

But Cheung Kong is marketing The Vision as a high-end project in the West Coast area – and that probably shows in the asking prices.

According to the developer, the construction cost is ‘high due to the quality finishes and high-end fittings used’.

For instance, Cheung Kong says it will cost about three times more to build a bathroom in The Vision than in a typical condominium.

The developer says it is confident there will be demand because of several factors. For one thing, the site is across the road from West Coast Park, and about 70 per cent of units will enjoy unblocked sea views.

The area is also popular with expatriates. And this is a group which The Vision is targeting, besides Singaporeans.

Ms Ho expects owner-occupiers to make up the majority of buyers, and says there have been plenty of enquiries. BT understands agents have collected cheques from potential buyers.

Chesterton Suntec International research and consultancy director Colin Tan reckons The Vision’s target pricing could be ‘a bit strong’ for owner-occupiers. Investors would not mind paying, if they believe property prices will continue rising, but they tend to be more interested in one- bedroom units, he said.

‘If the launch is successful, it will set the benchmark’ for developments in the West Coast area, he said.

Elsewhere, more property launches are on their way. Agents are gathering interest for Ho Bee’s Seascape and City Developments’ The Residences at W, both at Sentosa Cove.

Sources say Seascape could be launched towards the end of the month, at asking prices of $2,700-$3,000 psf.

Agents are also advertising for Hong Leong Group’s 76 Shenton Way, said to comprise mostly one and two-bedders. BT understands it could be previewed at month-end, and agents are quoting prices above $2,000 psf.

Source: Business Times, 11 Mar 2010

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