Tuesday, March 23, 2010

At least three project launches seen this week

DEVELOPERS continue to roll out new residential projects. TID Pte Ltd – a joint venture between Hong Leong Group Singapore and Japan’s Mitsui Fudosan – is expected to preview the 65-unit Nathan Suites at Nathan Road, opposite the Malaysian High Commission, within the next two weeks.

The 24-storey freehold development is expected to be priced at about $2,100 per square foot on average. The units, which comprise two, three and four-bedroom apartments as well as penthouses, range from about 915 sq ft to 4,800 sq ft.

This week, potential home buyers can look forward to at least three new project releases. All three have 99-year leasehold tenure. Two of them are on Sentosa Cove – Ho Bee’s and IOI’s Seascape, and City Developments Ltd (CDL)’s The Residences at W Singapore Sentosa Cove.

The third, which is in the Central Business District – is 76 Shenton by Hong Leong Holdings. The 39-storey development is expected to be priced around $2,000 psf on average.

The 202-unit condo comprises one and two-bedroom units. Response to this project will be seen as a gauge of whether demand for smallish units – often sought by speculators – has been affected by the recent introduction of seller’s stamp duty for residential properties bought and sold within a year.

Over in Sentosa Cove, Ho Bee and IOI are expected to release an initial 40 units at the 151-unit Seascape at a private preview for VVIPs later this week. Prices are expected to start from about $2,700 psf, BT understands.

The eight-storey development, which also has an attic, is expected to be completed either late this year or early next year. Seascape comprises three- and four-bedroom units. There are no smaller units.

Rival CDL’s 228-unit condo, The Residences at W, has two-, three- and four-bedroom units. Two bedders start from 1,227 sq ft, three bedders from 1,625 sq ft and four bedders from 2,067 sq ft.

The six-storey project, which also has an attic level, faces the waterway. It is expected to be completed before year end. CDL is expected to announce its pricing later this week.

Last month, Real Estate Developers’ Association of Singapore (Redas) president Simon Cheong said developers will be bringing forward their property launches over the next few months to satisfy strong demand from homebuyers.

‘Redas’s members are committed to fast track supply to satisfy demand to minimise excessive speculation in the property market,’ said Mr Cheong. ‘Hopefully when demand is satisfied, there will be less pressure for future anti-speculative measures.’

Source: Business Times, 23 Mar 2010

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