Tuesday, June 1, 2010

Far East may launch 6 projects in H2

It cites good sentiment, low interest rates

FAR East Organization plans to launch up to six residential projects with more than 1,500 units in the second half of this year, said chief operating officer Chia Boon Kuah.

Mr Chia, who is bullish on the high-end and mass market segments of the private property market here, said most - if not all - of the projects could be pushed out by year-end.

'On the ground, the sentiment is quite good,' he said. 'The demand factors are there, with the positive economic situation in Singapore and the low interest rate environment.'

Two of the six projects are being developed as joint ventures with Frasers Centrepoint - Waterfront Gold with 361 units and and Waterfront Isle with 556.

The projects are the third and fourth phases of the two developers' Waterfront Collection along Bedok Reservoir.

The four other projects are fully owned by Far East.

They are: the 319-unit Greenwich at the corner of Yio Chu Kang and Seletar roads; the 214-unit Lanai in the Hillview area; the 72-unit Horizon Residences on Pasir Panjang Hill; and the luxury Skyline @ Orchard Boulevard, which will have 40 apartments.

Together, the six projects will yield 1,562 units - although not all units in each project will be released during the initial launch

Far East - Singapore's biggest private property group - has already launched two residential projects this year: the 280-unit Altez in Enggor Street and The Shore Residences opposite Katong Shopping Centre, which has 408 units. Last year, the developer launched 12 projects.

Of the six upcoming launches, four - Waterfront Gold, Greenwich, Skyline @ Orchard Boulevard and Horizon Residences - could be launched within four months, BT understands.

Waterfront Gold will have mostly smaller units to cater to current market demand.

In line with this, apartments at the project will be sold at higher prices per sq ft compared to the first two phases of the Waterfront Collection, Waterfront Waves and Waterfront Key. Units at Waterfront Waves, for example, fetched $850 psf on average.

Mr Chia is especially excited about Skyline @ Orchard Boulevard, which he said will 'offer super high net worth individuals world-class residences'.

The development was designed by Japanese architect Fumihiko Maki and is his first residential project outside Japan.

Far East is on the lookout for new residential sites.

'We are looking for land and when land is available, we will consider it carefully,' he said.

Source: Business Times, 1 Jun 2010

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