Other projects include Hong Leong's launch of The Scala in Serangoon
A NEW development is about to inject some freshness to the historic area of Chinatown. The Tang Group of Companies will be building Dorsett Regency Hotel and Dorsett Residences at a 99-year hotel site at New Bridge Road.
Agents have started gathering interest for the 68-unit Dorsett Residences, and they say it could be previewed at the end of this month. The six-storey project will have one, two and two-plus-one bedroom units, starting from 484 sq ft in size. Prices are said to be in the region of $1,700-$1,900 psf.
According to agents, residents will be able to tap on concierge services from Dorsett Regency Hotel next door.
Tang Group's website provides more details. It says the 10-storey hotel will have 285 rooms, a swimming pool and a landscape deck. The entire hotel-residential development will have a direct link to Outram Park MRT station.
Tang Group is headed by Dennis Chiu, of the Chiu family that used to run the former Tang Dynasty City in Jurong.
The firm bagged the hotel site through a state tender which closed in September last year. Zoning guidelines allow developers to set aside as much as 40 per cent of a hotel site's total floor area for commercial and residential uses.
Cushman & Wakefield managing director Donald Han believes that Dorsett Residences should be popular, given its location. He suggests that medical tourists who frequent Singapore General Hospital nearby may consider buying units for their own occupation when they are in town.
He adds that for developers, hotels are a longer term investment compared with homes. Developers would be able to recover some capital more quickly by incorporating and selling residences in hotel sites.
Another residential project that is coming up is The Scala. Hong Leong Holdings plans to launch the 99-year leasehold 468-unit development at Serangoon Avenue 3 at the end of the month.
There will be one to four-bedders, ranging from 474 to 2142 sq ft in size. Hong Leong has yet to determine the number of units and prices for the launch. Based on caveats lodged, units at Chiltern Park nearby were sold at $735-761 psf in May.
'The Scala was designed with the family in mind,' said Hong Leong's sales and marketing head Betsy Chng. The project will have seven pavillions, providing facilities such as a wood-fired pizza oven for residents.
Over at Cairnhill Road, private previews of CapitaLand's Urban Resort Condominium have started since May. According to Urban Redevelopment Authority data, 12 units have been sold. Of these, four units changed hands in June at a median price of $2,733 psf.
Source: Business Times, 17 Jul 2010