Friday, April 23, 2010

Lion Teck Chiang to soft launch cluster housing

MAINBOARD-LISTED Lion Teck Chiang is soft-launching its freehold cluster bungalow project at Crescent Road in District 15 this weekend.

The $70 million project, called Seven Crescent, comprises 14 bungalows that share common facilities, such as a pool and playgrounds, on a 33,135 sq ft site. At $4.6 million to $5 million each unit, the four-bedroom homes, which range from 4,618 to 5,177 sq ft, are selling at an average price of $1,000 to $1,200 psf. Industry observers reckon these prices are keen enough to attract good interest, given the development is in a mature neighbourhood just off Mountbatten and Meyer roads. It is unclear how much the project will contribute to Lion Teck Chiang's bottom line, but it bought the land for $28.5 million a couple of years ago.

Although largely a steel player, Lion Teck Chiang has gradually built up a reputation as a boutique developer in the bungalow segment. While it has built and sold such homes in various parts of District 15 over the years, this is its first cluster bungalow project. Its other property projects include apartments in various prime locations around Singapore and mass market developments in the Klang Valley near Kuala Lumpur.

Following the soft launch this weekend, Lion Teck Chiang will put any unsold bungalows on the market for sale next week. The project, designed by MKPL Architects, is being marketed by DTZ.

Source: Business Times, 23 Apr 2010

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