Eyeing the mid-end segment, it will redevelop Balestier site for $80 million
(SINGAPORE) Industrial property developer Global Orion is making its first foray into the local private residential market with a freehold project at Balestier.
It is eyeing the mid-end segment, and hopes to establish itself by offering 'affordable luxury'.
Global Orion's director Satia Narjadin shared these plans with BT. The firm sealed the first collective sale of the year when it bought an industrial building at 6 Jalan Ampas in February, and it will be redeveloping the site into a new condominium.
The firm expects to invest a total of around $80 million in the yet unnamed project, which could have about 100 units. The launch is expected to take place in the first quarter of next year, and prices will be in line with those of new projects in the area.
According to caveats lodged with the authorities in June, units of upcoming developments nearby changed hands at $1,029-$1,506 psf.
Global Orion 'wants to be here for the long haul' and it is designing its first residential project in Singapore carefully, Mr Narjadin said. For starters, it is not keen to offer shoebox units - the smallest one at this development will measure at least 500 sq ft.
The firm also wants its projects to be both functional and aesthetically pleasing. 'I don't want to have to shield my eyes when I go past some of my projects,' he quipped.
Global Orion was incorporated in 2006 and is a family business. Mr Narjadin's father started out in the building materials industry more than 40 years ago, and the family has been developing residential and commercial projects as and when opportunities arose, in a few markets such as Indonesia and Australia.
It was on entering the Singapore market that the family decided to set up a vehicle to focus on property development.
Global Orion chose to get its feet wet in the industrial property sector. Compared with residential projects, industrial ones tend to involve fewer regulatory issues, and there are fewer details to take care of, Mr Narjadin said.
Entering the industrial sector was a way to 'get to know how things work, before we can confidently say ok, we're ready to do a residential project the right way,' he explained.
Global Orion has four industrial developments under its belt - the latest being Meissa at Pasir Panjang. It will launch the freehold 58-unit project in the third quarter.
The seven-storey building will be suitable for light industrial firms, and units range from 969-3,595 sq ft in size. Prices are likely to be around $700 per sq ft.
While Global Orion is using the industrial sector as a stepping stone to the residential sector, it will not be neglecting the former. The firm aims to have a balanced portfolio of projects, Mr Narjadin said.
Source: Business Times, 5 Aug 2010
Showing posts with label New Launch. Show all posts
Showing posts with label New Launch. Show all posts
Thursday, August 5, 2010
Wednesday, August 4, 2010
Buyers snap up 80 units at preview of The Greenwich
THE Greenwich condominium caused a rare traffic jam in the quiet Seletar Hills estate on Monday when potential buyers flocked to its showflat to get the first bite of the cherry in a special preview.
Developer Far East Organization said yesterday that it has sold 80 out of 96 units released at the 319-unit The Greenwich on Monday. The showflat closed at 2am the following morning, in order to cope with the demand.
Prices ranged from $650,000 to $1.25 million, with the price per sq ft (psf) at $980 on average. The psf price is a record for the area, said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
'The buyers are those who really like this corner of Singapore,' he said.
Singaporeans accounted for almost all of the buyers at the preview, Far East said in a statement yesterday. Most are from the Seletar estate area, it added.
More than 80 per cent of the one- and two-bedroom units released were snapped up, and all 10 of the three-bedroom units released were sold, it said.
The Greenwich, at the junction of Seletar and Yio Chu Kang roads, has residential units and retail shops. Of the 319 residential units, 160 are one-bedroom units that Far East describes as Soho-type (small office, home office) units.
Ranging in size from 603 sq ft to 721 sq ft, they offer users the flexibility to combine an efficient work environment with the comfort and privacy of a home, Far East said. It has since sold 32 out of 40 such units released in the preview. The two- to three-bedroom units go up to 1,485 sq ft in size.
The retail shops will be in a 45,000 sq ft two-storey mall called Greenwich V, which is close to 60 per cent committed.
Far East's executive director and chief operating officer of property sales, Mr Chia Boon Kuah, said The Greenwich is 'quite unlike the typical suburban condominium'.
'It differentiates itself as a new 'trans-urban' development, set to transform the suburban enclave into a vibrant live-work-and-play urban environment,' he said.
Recently, another new 99-year leasehold project, The Scala near Lorong Chuan MRT station, also attracted hordes of eager buyers.
It has since sold 90 per cent of the 468 units, said developer Hong Leong Holdings yesterday. The Scala was priced at $1,150 psf on average.
Source: Straits Times, 4 Aug 2010
Developer Far East Organization said yesterday that it has sold 80 out of 96 units released at the 319-unit The Greenwich on Monday. The showflat closed at 2am the following morning, in order to cope with the demand.
Prices ranged from $650,000 to $1.25 million, with the price per sq ft (psf) at $980 on average. The psf price is a record for the area, said Ngee Ann Polytechnic real estate lecturer Nicholas Mak.
'The buyers are those who really like this corner of Singapore,' he said.
Singaporeans accounted for almost all of the buyers at the preview, Far East said in a statement yesterday. Most are from the Seletar estate area, it added.
More than 80 per cent of the one- and two-bedroom units released were snapped up, and all 10 of the three-bedroom units released were sold, it said.
The Greenwich, at the junction of Seletar and Yio Chu Kang roads, has residential units and retail shops. Of the 319 residential units, 160 are one-bedroom units that Far East describes as Soho-type (small office, home office) units.
Ranging in size from 603 sq ft to 721 sq ft, they offer users the flexibility to combine an efficient work environment with the comfort and privacy of a home, Far East said. It has since sold 32 out of 40 such units released in the preview. The two- to three-bedroom units go up to 1,485 sq ft in size.
The retail shops will be in a 45,000 sq ft two-storey mall called Greenwich V, which is close to 60 per cent committed.
Far East's executive director and chief operating officer of property sales, Mr Chia Boon Kuah, said The Greenwich is 'quite unlike the typical suburban condominium'.
'It differentiates itself as a new 'trans-urban' development, set to transform the suburban enclave into a vibrant live-work-and-play urban environment,' he said.
Recently, another new 99-year leasehold project, The Scala near Lorong Chuan MRT station, also attracted hordes of eager buyers.
It has since sold 90 per cent of the 468 units, said developer Hong Leong Holdings yesterday. The Scala was priced at $1,150 psf on average.
Source: Straits Times, 4 Aug 2010
Thursday, July 29, 2010
The Scala: Crowd ballots for chance to buy
Units fetch average price of $1,150 psf
The public launch of The Scala yesterday drew a huge turnout and defied official data of slowing private home sales in recent months. Over a thousand property buyers turned up and balloted for a chance to make a purchase.
The developer, Hong Leong, said it had sold over 75 per cent of the 468 units available as of yesterday. It said the units, sized between 474 and 2,142 square feet, were sold at an average of $1,150 per square foot.
Hong Leong also said that the buyers comprised a good mix of HDB upgraders and investors, with local buyers making up the majority.
Buyers who spoke to MediaCorp said properties in the central area were out of their price range. Instead, they picked The Scala because of its suburban location.
One of them is Mr Andrew Low, 43, an IT manager at an insurance firm, who wanted to buy a two-bedroom unit for investment. He said: “The Scala should not be affected by the recent dip in private sales. It is close to the Lorong Chuan MRT and near the NEX Mega Mall. I see a 10- to 20-per-cent increase in prices in two years.”
Some buyers were also encouraged by the potential rental yields as they reckon that the units can attract expatriates due to their proximity to international schools.
“If I rent it out, I’m looking at a monthly rent of between $3,000 and $4,000 a month. If not, I can move in here myself,” said Mr Low.
Also looking for a two-bedroom unit was Mr Zhao Han, a permanent resident from China, who had been working here as a technical specialist in the automotive industry for three years.
He said: “Mainland Chinese have too much cash but they can only invest in property because other sectors like manufacturing and enterprises in China have not been fully developed yet.”
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that bullish property investors may be willing to pay a premium and push the property prices higher still. “At $1,150 psf, the price can still go up to $1,200 and some units may even reach $1,250,” he said.
Source: Today, 29 Jul 2010
The public launch of The Scala yesterday drew a huge turnout and defied official data of slowing private home sales in recent months. Over a thousand property buyers turned up and balloted for a chance to make a purchase.
The developer, Hong Leong, said it had sold over 75 per cent of the 468 units available as of yesterday. It said the units, sized between 474 and 2,142 square feet, were sold at an average of $1,150 per square foot.
Hong Leong also said that the buyers comprised a good mix of HDB upgraders and investors, with local buyers making up the majority.
Buyers who spoke to MediaCorp said properties in the central area were out of their price range. Instead, they picked The Scala because of its suburban location.
One of them is Mr Andrew Low, 43, an IT manager at an insurance firm, who wanted to buy a two-bedroom unit for investment. He said: “The Scala should not be affected by the recent dip in private sales. It is close to the Lorong Chuan MRT and near the NEX Mega Mall. I see a 10- to 20-per-cent increase in prices in two years.”
Some buyers were also encouraged by the potential rental yields as they reckon that the units can attract expatriates due to their proximity to international schools.
“If I rent it out, I’m looking at a monthly rent of between $3,000 and $4,000 a month. If not, I can move in here myself,” said Mr Low.
Also looking for a two-bedroom unit was Mr Zhao Han, a permanent resident from China, who had been working here as a technical specialist in the automotive industry for three years.
He said: “Mainland Chinese have too much cash but they can only invest in property because other sectors like manufacturing and enterprises in China have not been fully developed yet.”
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that bullish property investors may be willing to pay a premium and push the property prices higher still. “At $1,150 psf, the price can still go up to $1,200 and some units may even reach $1,250,” he said.
Source: Today, 29 Jul 2010
Mass market condos still hot property
200 units at The Scala in Serangoon snapped up at launch yesterday
HUNDREDS of eager buyers yesterday braved the early morning rain, making a beeline for the public launch of Hong Leong's The Scala, as keen interest in mass market condominiums shows no sign of abating.
Demand for the 300 or so remaining units of the 99-year leasehold project near Lorong Chuan MRT station was so strong that balloting was needed to sort out who got to enter the showflat first.
By late morning, more than 800 property agents and potential buyers who had submitted blank cheques had packed the balloting tent at the condo site in Serangoon Avenue 3. This is the biggest turnout at a mass market public launch since Trevista in Toa Payoh and Hundred Trees in the West Coast area were launched late last year.
A private preview was held on Tuesday for Hong Leong staff and buyers who had registered their interest with the developer. About 150 units were sold then.
Hong Leong said that as of yesterday, more than 75 per cent of the project's 468 units had been sold. That means more than 350 were sold, of which about 200 went yesterday.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the condo had set a benchmark price for new projects near MRT stations in the north-east.
'There is a demand for mass market homes among investors and they generally feel more comfortable buying projects near MRT stations,' he said.
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, said: 'The market is still hungry, and the proximity of the project to the Circle Line has given (buyers) a reason to buy.' He said worries over the euro debt crisis had receded so buying sentiment had turned positive again.
Property experts say the strong demand for mass market homes is expected to continue, with prices set to rise about 7 per cent in the second half of this year.
The Government is rolling out a record number of residential sites in the second half of this year, and has assured buyers that there will be no shortage of homes.
Units at The Scala, in five residential towers, are between 474 and 2,142 sq ft each and range from one- to four-bedroom apartments. They were sold at an average of $1,150 per sq ft (psf).
In terms of total price, the smallest units were priced from $600,000 while the four-bedders were from $1.5 million.
Hong Leong said the buyers, mainly locals, comprised a good mix of HDB flat upgraders and investors.
Most buyers The Straits Times spoke to listed as key selling points the project's close proximity to newly opened Lorong Chuan MRT station and the range of amenities such as the NEX mega mall due to be completed next year.
Some buyers also cited nearby schools such as the Australian International School and the Stamford American International School. They said this could mean high rental yields.
Sales executive Tammy Lim, 30, bought a two-bedroom unit. She said the project is near her parents' home.
In addition, the project is close to schools that her three-year-old daughter could attend later, she said. 'Prices keep increasing. We decided to buy now rather than keep waiting.'
Nearby Chiltern Park condo, completed in 1995, saw an average selling price of $746 psf for five units sold last month, according to caveats lodged with the Urban Redevelopment Authority.
The Scala is expected to be completed in the first quarter of 2014.
Source: Straits Times, 29 Jul 2010
HUNDREDS of eager buyers yesterday braved the early morning rain, making a beeline for the public launch of Hong Leong's The Scala, as keen interest in mass market condominiums shows no sign of abating.
Demand for the 300 or so remaining units of the 99-year leasehold project near Lorong Chuan MRT station was so strong that balloting was needed to sort out who got to enter the showflat first.
By late morning, more than 800 property agents and potential buyers who had submitted blank cheques had packed the balloting tent at the condo site in Serangoon Avenue 3. This is the biggest turnout at a mass market public launch since Trevista in Toa Payoh and Hundred Trees in the West Coast area were launched late last year.
A private preview was held on Tuesday for Hong Leong staff and buyers who had registered their interest with the developer. About 150 units were sold then.
Hong Leong said that as of yesterday, more than 75 per cent of the project's 468 units had been sold. That means more than 350 were sold, of which about 200 went yesterday.
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said the condo had set a benchmark price for new projects near MRT stations in the north-east.
'There is a demand for mass market homes among investors and they generally feel more comfortable buying projects near MRT stations,' he said.
Mr Colin Tan, research and consultancy director of Chesterton Suntec International, said: 'The market is still hungry, and the proximity of the project to the Circle Line has given (buyers) a reason to buy.' He said worries over the euro debt crisis had receded so buying sentiment had turned positive again.
Property experts say the strong demand for mass market homes is expected to continue, with prices set to rise about 7 per cent in the second half of this year.
The Government is rolling out a record number of residential sites in the second half of this year, and has assured buyers that there will be no shortage of homes.
Units at The Scala, in five residential towers, are between 474 and 2,142 sq ft each and range from one- to four-bedroom apartments. They were sold at an average of $1,150 per sq ft (psf).
In terms of total price, the smallest units were priced from $600,000 while the four-bedders were from $1.5 million.
Hong Leong said the buyers, mainly locals, comprised a good mix of HDB flat upgraders and investors.
Most buyers The Straits Times spoke to listed as key selling points the project's close proximity to newly opened Lorong Chuan MRT station and the range of amenities such as the NEX mega mall due to be completed next year.
Some buyers also cited nearby schools such as the Australian International School and the Stamford American International School. They said this could mean high rental yields.
Sales executive Tammy Lim, 30, bought a two-bedroom unit. She said the project is near her parents' home.
In addition, the project is close to schools that her three-year-old daughter could attend later, she said. 'Prices keep increasing. We decided to buy now rather than keep waiting.'
Nearby Chiltern Park condo, completed in 1995, saw an average selling price of $746 psf for five units sold last month, according to caveats lodged with the Urban Redevelopment Authority.
The Scala is expected to be completed in the first quarter of 2014.
Source: Straits Times, 29 Jul 2010
More than 75% of The Scala sold
MORE than 75 per cent of the Hong Leong group's latest residential project, The Scala, has been sold at prices averaging $1,150 per square foot.
The 468-unit development in Serangoon Avenue 3 was publicly launched yesterday.
Hong Leong said yesterday that the units sold at the 99-year leasehold project are spread across five residential towers that feature one to four-bedroom units ranging from 474 square feet to 2,142 sq ft.
Buyers comprise a mix of Housing & Development Board upgraders and investors, with the majority being Singaporeans.
Betsy Chng, Hong Leong's head of sales and marketing, attributed the strong response to the project's location, unique features, finishing and pricing.
The Scala is next to the Circle Line's Lorong Chuan MRT Station and near several schools, including St Gabriel's Primary, Yangzheng Primary, Nanyang Junior College, the Australian International School, Stamford American International School and Lycee Francais de Singapour.
It is also close to a bus and MRT interchange at Serangoon Central, and the soon-to-be-opened NEX mega mall.
The project is slated for completion in the first quarter of 2014. Apart from the usual condominium facilities, The Scala will have features such as pavilions with wood-fired pizza ovens and teppanyaki hotplates, a Harvest Garden and a Green Gazebo.
Source: Business Times, 29 Jul 2010
The 468-unit development in Serangoon Avenue 3 was publicly launched yesterday.
Hong Leong said yesterday that the units sold at the 99-year leasehold project are spread across five residential towers that feature one to four-bedroom units ranging from 474 square feet to 2,142 sq ft.
Buyers comprise a mix of Housing & Development Board upgraders and investors, with the majority being Singaporeans.
Betsy Chng, Hong Leong's head of sales and marketing, attributed the strong response to the project's location, unique features, finishing and pricing.
The Scala is next to the Circle Line's Lorong Chuan MRT Station and near several schools, including St Gabriel's Primary, Yangzheng Primary, Nanyang Junior College, the Australian International School, Stamford American International School and Lycee Francais de Singapour.
It is also close to a bus and MRT interchange at Serangoon Central, and the soon-to-be-opened NEX mega mall.
The project is slated for completion in the first quarter of 2014. Apart from the usual condominium facilities, The Scala will have features such as pavilions with wood-fired pizza ovens and teppanyaki hotplates, a Harvest Garden and a Green Gazebo.
Source: Business Times, 29 Jul 2010
Sunday, July 18, 2010
The appeal of designer condos
More developers are engaging world-class architects as buyers get more sophisticated
It is hard to miss the striking high-rise residential projects in central Singapore, some designed by internationally renowned architects.
In recent years, these internationally acclaimed names include German Ole Scheeren – who was behind The Interlace in the Alexandra Road area – and American Daniel Libeskind, who designed Reflections at Keppel Bay.
Equally famed Zaha Hadid is behind a huge condominium project on the former Farrer Court site, which has yet to be launched for sale.
Developers say it is crucial to differentiate their products in a challenging market where buyers are becoming more discerning.
Far East Organization, Singapore’s largest private developer, launched an ultra luxury brand called ‘Inessence’ last month.
Apart from allowing it to tap further into the rapidly growing wealth in the Asia-Pacific region, the developer said its move is a testament to Singapore’s strong foundations and transformation into a vibrant global city.
Mr Augustine Tan, chief executive officer, Singapore residential, Keppel Land, said: ‘With increasing globalisation, home buyers have also becoming increasingly sophisticated, so much so that owning a home is beyond the brick and mortar but involves the considerations of prestige, lifestyle and other value propositions associated with the development, such as designer architects.’
Property experts say that condos designed by world-renowned architects have a particular appeal to brand-conscious buyers.
Furthermore, these architects are believed to be able to design condos with superior layout and lifestyle concepts – for both the individual apartments and the overall development, said Colliers International’s director for research and advisory Tay Huey Ying.
Many of these designer condos are then able to command a pre- mium.
‘It’s one of the marketing tools for developers to help them achieve their price target,’ said ERA Asia-Pacific associate director Eugene Lim.
‘If I put a brand-name architect to a high-end project, I can push the price slightly higher. The pre- mium is possible because of the product differentiation.
‘People have to associate what they are paying for with what they are getting. It’s about selling an image, a lifestyle and status.’
The price premium, said Ms Tay, is, however, not guaranteed.
‘More often, they are differentiators that can help to move sales, particularly in a competitive market.’
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said buyers will be willing to pay a premium only if the property comes with other attributes – such as a desirable location and a sensible layout.
And developers do change the designs to fit the market if needed. Far East Organization, for instance, did away with an eye-catching design by Mr Scheeren for Scotts Tower as the market had changed significantly.
It had wanted to launch the project – which had only 67 large units – back in late 2007 but the high-end market had started to show signs of slowing.
It has since replaced the original design, featuring four suspended towers, with a creation by Mr Ben van Berkel of UNStudio.
Singapore can expect to see more designer condos, but they would not be flooding the market any time soon. They will remain in a class of their own.
‘Not all developers can afford to pay for the services of a world-renowned architect. Moreover, such architects may also be selective in the projects that they want to be a part of,’ said Ms Tay.
‘As such, it is unlikely that designer condos will be the norm one day, although such condos could grow in numbers, particularly in the higher-end segments.’
Source: Sunday Times, 18 Jul 2010
It is hard to miss the striking high-rise residential projects in central Singapore, some designed by internationally renowned architects.
In recent years, these internationally acclaimed names include German Ole Scheeren – who was behind The Interlace in the Alexandra Road area – and American Daniel Libeskind, who designed Reflections at Keppel Bay.
Equally famed Zaha Hadid is behind a huge condominium project on the former Farrer Court site, which has yet to be launched for sale.
Developers say it is crucial to differentiate their products in a challenging market where buyers are becoming more discerning.
Far East Organization, Singapore’s largest private developer, launched an ultra luxury brand called ‘Inessence’ last month.
Apart from allowing it to tap further into the rapidly growing wealth in the Asia-Pacific region, the developer said its move is a testament to Singapore’s strong foundations and transformation into a vibrant global city.
Mr Augustine Tan, chief executive officer, Singapore residential, Keppel Land, said: ‘With increasing globalisation, home buyers have also becoming increasingly sophisticated, so much so that owning a home is beyond the brick and mortar but involves the considerations of prestige, lifestyle and other value propositions associated with the development, such as designer architects.’
Property experts say that condos designed by world-renowned architects have a particular appeal to brand-conscious buyers.
Furthermore, these architects are believed to be able to design condos with superior layout and lifestyle concepts – for both the individual apartments and the overall development, said Colliers International’s director for research and advisory Tay Huey Ying.
Many of these designer condos are then able to command a pre- mium.
‘It’s one of the marketing tools for developers to help them achieve their price target,’ said ERA Asia-Pacific associate director Eugene Lim.
‘If I put a brand-name architect to a high-end project, I can push the price slightly higher. The pre- mium is possible because of the product differentiation.
‘People have to associate what they are paying for with what they are getting. It’s about selling an image, a lifestyle and status.’
The price premium, said Ms Tay, is, however, not guaranteed.
‘More often, they are differentiators that can help to move sales, particularly in a competitive market.’
Ngee Ann Polytechnic real estate lecturer Nicholas Mak said buyers will be willing to pay a premium only if the property comes with other attributes – such as a desirable location and a sensible layout.
And developers do change the designs to fit the market if needed. Far East Organization, for instance, did away with an eye-catching design by Mr Scheeren for Scotts Tower as the market had changed significantly.
It had wanted to launch the project – which had only 67 large units – back in late 2007 but the high-end market had started to show signs of slowing.
It has since replaced the original design, featuring four suspended towers, with a creation by Mr Ben van Berkel of UNStudio.
Singapore can expect to see more designer condos, but they would not be flooding the market any time soon. They will remain in a class of their own.
‘Not all developers can afford to pay for the services of a world-renowned architect. Moreover, such architects may also be selective in the projects that they want to be a part of,’ said Ms Tay.
‘As such, it is unlikely that designer condos will be the norm one day, although such condos could grow in numbers, particularly in the higher-end segments.’
Source: Sunday Times, 18 Jul 2010
Brisk sales continue at new launches
Sales picking up after quiet June with World Cup, school holidays
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line’s Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Sunday Times, 18 Jul 2010
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line’s Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Sunday Times, 18 Jul 2010
Saturday, July 17, 2010
Brisk sales continue at new launches
Sales picking up after quiet June with World Cup, school holidays
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line's Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Straits Times, 17 Jul 2010
SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.
Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.
The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.
The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.
Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The newly released 368 Thomson has also done well.
City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.
The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.
Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.
Since then, the developer has released more units with prices 2 to 3 per cent higher.
The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.
But this month will be a slightly busier month, say property consultants.
Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.
The Scala, which is in Serangoon Avenue 3 and near the Circle Line's Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.
Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.
More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.
CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.
Source: Straits Times, 17 Jul 2010
Friday, July 16, 2010
Sales of new private homes cool further
SALES of new private homes slowed further last month as World Cup fever seemed to take its toll on buyer interest.
Homehunters bought 847 units in June, compared with 1,083 units in May and the near-record 2,208 units in April, according to Urban Redevelopment Authority (URA) data released yesterday.
The June figure brings new home sales to 8,518 units for the first half of the year - averaging 1,420 units per month and ahead of last year's average monthly sales volume of 1,224 units, noted CBRE Research.
The URA figures show that launches were also down last month, with 1,010 units released, against 1,135 in May.
Property experts had factored in a quiet June, given that the four-week-long South Africa World Cup, school holidays and the euro zone crisis were likely to divert the attention of potential buyers.
About half of the sales in June were for homes in suburban areas, according to URA, while prime areas proved to be the quietest, accounting for 17 per cent of sales.
Colliers International sees the geographical breakdown of new sales volumes showing intensified price resistance in June.
It points out that mid-tier units in city-fringe areas - or what the URA calls Rest of Central Region - dipped by a sharp 74 per cent to just 275 units from April's peak level of 1,044 units.
The firm's director of research and advisory, Ms Tay Huey Ying, said that this was not surprising, considering URA preliminary data had showed prices in that region gaining the most in the first half, compared to prices in the city centre or suburban areas. And overall, the prices have crossed the previous peaks.
The Minton in Hougang proved to be June's top seller, moving another 173 units at a median price of $871 per sq ft. CBRE Research said that this was higher than the median price of $849 psf reported for the first 204 units sold in May.
A new launch, Waterfront Gold, had a weaker showing with 157 units launched and 77 units sold at a median price of $996 psf.
Jones Lang LaSalle said the total quantum demanded at the project - more than $1 million for a three-bedder - was possibly larger than what the market was willing to absorb.
At the 84-unit La Brisa in Geylang, where most of the units range from 409 sq ft to 689 sq ft, buyers snapped up 82 units at a median price of $960 psf.
Looking ahead, experts expect to see stronger sales in July, noting that already two new launches - 368 Thomson and Terrene in Bukit Timah - have done well.
Yesterday, NOL Group reported selling more than 100 units at Terrene since a private preview started on July 8.
Buyers could come out to buy before the inauspicious Hungry Ghost Festival in August, they said.
Still, CBRE Research predicts buying interest will remain selective, and depend on location, product attributes and price points.
Jones Lang LaSalle said a more moderate buying mood backed by conservative global economic conditions, and hence a continual slowdown in price growth, can be expected.
Source: Straits Times, 16 Jul 2010
Homehunters bought 847 units in June, compared with 1,083 units in May and the near-record 2,208 units in April, according to Urban Redevelopment Authority (URA) data released yesterday.
The June figure brings new home sales to 8,518 units for the first half of the year - averaging 1,420 units per month and ahead of last year's average monthly sales volume of 1,224 units, noted CBRE Research.
The URA figures show that launches were also down last month, with 1,010 units released, against 1,135 in May.
Property experts had factored in a quiet June, given that the four-week-long South Africa World Cup, school holidays and the euro zone crisis were likely to divert the attention of potential buyers.
About half of the sales in June were for homes in suburban areas, according to URA, while prime areas proved to be the quietest, accounting for 17 per cent of sales.
Colliers International sees the geographical breakdown of new sales volumes showing intensified price resistance in June.
It points out that mid-tier units in city-fringe areas - or what the URA calls Rest of Central Region - dipped by a sharp 74 per cent to just 275 units from April's peak level of 1,044 units.
The firm's director of research and advisory, Ms Tay Huey Ying, said that this was not surprising, considering URA preliminary data had showed prices in that region gaining the most in the first half, compared to prices in the city centre or suburban areas. And overall, the prices have crossed the previous peaks.
The Minton in Hougang proved to be June's top seller, moving another 173 units at a median price of $871 per sq ft. CBRE Research said that this was higher than the median price of $849 psf reported for the first 204 units sold in May.
A new launch, Waterfront Gold, had a weaker showing with 157 units launched and 77 units sold at a median price of $996 psf.
Jones Lang LaSalle said the total quantum demanded at the project - more than $1 million for a three-bedder - was possibly larger than what the market was willing to absorb.
At the 84-unit La Brisa in Geylang, where most of the units range from 409 sq ft to 689 sq ft, buyers snapped up 82 units at a median price of $960 psf.
Looking ahead, experts expect to see stronger sales in July, noting that already two new launches - 368 Thomson and Terrene in Bukit Timah - have done well.
Yesterday, NOL Group reported selling more than 100 units at Terrene since a private preview started on July 8.
Buyers could come out to buy before the inauspicious Hungry Ghost Festival in August, they said.
Still, CBRE Research predicts buying interest will remain selective, and depend on location, product attributes and price points.
Jones Lang LaSalle said a more moderate buying mood backed by conservative global economic conditions, and hence a continual slowdown in price growth, can be expected.
Source: Straits Times, 16 Jul 2010
A breather for home sales in lazy June
Volumes fell during school hols, World Cup; July spurt expected before Hungry Ghost Month starts
(SINGAPORE) Students were not the only ones taking a break during the mid-year school holidays. Home seekers also slowed their pace, buying just 847 private homes from developers in June.
This is the smallest number of new sales in a month since the start of the year. It is 22 per cent lower than the 1,083 units sold in May, and 62 per cent below April's 2,208 units.
But market watchers are hardly fretting as they expect purchases to pick up slightly in July before the Hungry Ghost Festival is celebrated.
Also, overall sales for the first half of the year have been strong. Developers offloaded 8,584 units from January to June - an average of 1,431 monthly. They did better compared with the same period last year, when they sold 7,374 units in total or an average of 1,229 monthly.
'The momentum of new home sales slowed down in June as expected,' said CBRE Research executive director Li Hiaw Ho.
Purchases had started falling in May as the euro debt crisis and high prices caused interested buyers to think twice.
According to flash estimates from the Urban Redevelopment Authority (URA) two weeks ago, the private residential property prices index hit a new high in Q2, past the pre-Asian financial crisis peak.
Then there were other distractions - the football World Cup and the school holidays - which could have persuaded developers to hold back launches. They rolled out 1,010 homes in June, down 11 per cent from 1,135 in May.
Buying activity was concentrated in the suburbs, reflecting market caution. Home hunters bought 429 homes in the outside central region, accounting for 51 per cent of total sales. These included 77 units from Waterfront Gold at Bedok, which made its debut in June.
In the rest of central region, developers sold 275 units or 32 per cent of the total. Activity was quietest in the core central region with 143 units or 17 per cent sold.
New launches included Far East Organization's Skyline @ Orchard Boulevard, where two units changed hands for a median price of $3,839 per square foot (psf).
Property consultants believe developers may sell slightly more homes this month, with the World Cup and school holidays over.
Also, the Hungry Ghost Festival arrives in the second week of August. There might be 'superstitious buyers looking to pick up homes in July ahead of the inauspicious home-buying period', said Colliers International research and advisory director Tay Huey Ying.
DTZ executive director (consulting) Ong Choon Fah added that strong economic growth in Q2 could boost market sentiment. On Wednesday, the government revised its GDP growth forecast for the year to a range of 13-15 per cent, up from 7-9 per cent.
CBRE's Mr Li noted that sales in the third quarter have 'started well'.
At UOL Group's Terrene in Bukit Timah, more than 100 homes out of 130 soft-launched since July 8 have been sold. The average price is $1,250 psf and demand came mainly from Singaporeans, especially those with private home addresses. UOL will officially release 42 units for sale today.
While the market could get better in July, few consultants expect buying activity in the coming months to revisit highs reached earlier in the year.
'Buying interest will remain selective, depending on the location and product attributes as well as price points of new launches,' CBRE's Mr Li said.
Price resistance could keep some buyers on the sidelines. 'Bargain hunting is likely to be the main focus of buyers,' said Chua Yang Liang, South-east Asia and Singapore research head at Jones Lang LaSalle.
To some extent, home sales are driven by the number of property launches, said DTZ's Mrs Ong. She expects launches in the mass market to continue because developers who recently won tenders for state land may want to roll out their projects before more government sites and more competition come onstream.
But developers of prime freehold projects could hold back launches because there have been fewer collective sales of such sites. They may consider waiting 'for a little while more when they have a bit more pricing power', Mrs Ong said.
Source: Business Times, 16 Jul 2010
(SINGAPORE) Students were not the only ones taking a break during the mid-year school holidays. Home seekers also slowed their pace, buying just 847 private homes from developers in June.
This is the smallest number of new sales in a month since the start of the year. It is 22 per cent lower than the 1,083 units sold in May, and 62 per cent below April's 2,208 units.
But market watchers are hardly fretting as they expect purchases to pick up slightly in July before the Hungry Ghost Festival is celebrated.
Also, overall sales for the first half of the year have been strong. Developers offloaded 8,584 units from January to June - an average of 1,431 monthly. They did better compared with the same period last year, when they sold 7,374 units in total or an average of 1,229 monthly.
'The momentum of new home sales slowed down in June as expected,' said CBRE Research executive director Li Hiaw Ho.
Purchases had started falling in May as the euro debt crisis and high prices caused interested buyers to think twice.
According to flash estimates from the Urban Redevelopment Authority (URA) two weeks ago, the private residential property prices index hit a new high in Q2, past the pre-Asian financial crisis peak.
Then there were other distractions - the football World Cup and the school holidays - which could have persuaded developers to hold back launches. They rolled out 1,010 homes in June, down 11 per cent from 1,135 in May.
Buying activity was concentrated in the suburbs, reflecting market caution. Home hunters bought 429 homes in the outside central region, accounting for 51 per cent of total sales. These included 77 units from Waterfront Gold at Bedok, which made its debut in June.
In the rest of central region, developers sold 275 units or 32 per cent of the total. Activity was quietest in the core central region with 143 units or 17 per cent sold.
New launches included Far East Organization's Skyline @ Orchard Boulevard, where two units changed hands for a median price of $3,839 per square foot (psf).
Property consultants believe developers may sell slightly more homes this month, with the World Cup and school holidays over.
Also, the Hungry Ghost Festival arrives in the second week of August. There might be 'superstitious buyers looking to pick up homes in July ahead of the inauspicious home-buying period', said Colliers International research and advisory director Tay Huey Ying.
DTZ executive director (consulting) Ong Choon Fah added that strong economic growth in Q2 could boost market sentiment. On Wednesday, the government revised its GDP growth forecast for the year to a range of 13-15 per cent, up from 7-9 per cent.
CBRE's Mr Li noted that sales in the third quarter have 'started well'.
At UOL Group's Terrene in Bukit Timah, more than 100 homes out of 130 soft-launched since July 8 have been sold. The average price is $1,250 psf and demand came mainly from Singaporeans, especially those with private home addresses. UOL will officially release 42 units for sale today.
While the market could get better in July, few consultants expect buying activity in the coming months to revisit highs reached earlier in the year.
'Buying interest will remain selective, depending on the location and product attributes as well as price points of new launches,' CBRE's Mr Li said.
Price resistance could keep some buyers on the sidelines. 'Bargain hunting is likely to be the main focus of buyers,' said Chua Yang Liang, South-east Asia and Singapore research head at Jones Lang LaSalle.
To some extent, home sales are driven by the number of property launches, said DTZ's Mrs Ong. She expects launches in the mass market to continue because developers who recently won tenders for state land may want to roll out their projects before more government sites and more competition come onstream.
But developers of prime freehold projects could hold back launches because there have been fewer collective sales of such sites. They may consider waiting 'for a little while more when they have a bit more pricing power', Mrs Ong said.
Source: Business Times, 16 Jul 2010
Just steps from MacRitchie …
Property giant City Developments (CDL) has officially launched 368 Thomson today. The freehold residential development is located in the prime District 11 residential enclave and occupies the sites of the former Concorde Residences, Balestier Court and Bright Building.
It is a quick stroll to Novena MRT station and a stone’s throw away from the MacRitchie Reservoir. The development has a 36-storey tower with 157 apartment units. It also features Therma jet pools, children’s aqua treat areas, a gymnasium, a social lounge and a club house.
CDL said more than 85 per cent of the units have already been snapped up. It added that the price per square foot had increased marginally by 2 to 3 per cent since the previews last week. During the previews, the units were priced at an average of $1,350 per sq ft translating to a price tag which ranges from $918,000 for the one+study apartments to $4.4 million for the five-bedroom penthouses.
CDL said that the majority of buyers are Singaporeans with Permanent Residents and foreigners making up about 25 per cent of the buyers. CDL’s group general manager, Mr Chia Ngiang Hong, said: “With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential.”
Source: Today, 16 Jul 2010
It is a quick stroll to Novena MRT station and a stone’s throw away from the MacRitchie Reservoir. The development has a 36-storey tower with 157 apartment units. It also features Therma jet pools, children’s aqua treat areas, a gymnasium, a social lounge and a club house.
CDL said more than 85 per cent of the units have already been snapped up. It added that the price per square foot had increased marginally by 2 to 3 per cent since the previews last week. During the previews, the units were priced at an average of $1,350 per sq ft translating to a price tag which ranges from $918,000 for the one+study apartments to $4.4 million for the five-bedroom penthouses.
CDL said that the majority of buyers are Singaporeans with Permanent Residents and foreigners making up about 25 per cent of the buyers. CDL’s group general manager, Mr Chia Ngiang Hong, said: “With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential.”
Source: Today, 16 Jul 2010
Thursday, July 15, 2010
More than 100 units of Terrene at Bukit Timah sold
Property developer UOL Group has sold more than 100 units of its latest condominium project, Terrene at Bukit Timah.
This is almost 80 per cent of the 130 units released at a private preview which started on July 8.
UOL will be releasing the remaining 42 units for the official launch on Friday.
The 999-year leasehold condominium is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The apartments are priced at an average of S$1,250 per square foot for a typical unit.
They range from S$719,000 for a one-bedroom unit to S$2.79 million for a five-bedroom penthouse.
UOL said 23 of the 30 penthouse units have been sold.
Demand came mainly from Singaporean buyers, with majority from private homes in the nearby vicinity.
The five-storey development of 172 units, stretches across more than 130,000 square feet near the Bukit Timah Nature Reserve.
The development is expected to be ready by April 2014.
Source: Channel News Asia, 15 Jul 2010
This is almost 80 per cent of the 130 units released at a private preview which started on July 8.
UOL will be releasing the remaining 42 units for the official launch on Friday.
The 999-year leasehold condominium is a 50-50 joint venture between UOL and La Salle Asia Investment Management.
The apartments are priced at an average of S$1,250 per square foot for a typical unit.
They range from S$719,000 for a one-bedroom unit to S$2.79 million for a five-bedroom penthouse.
UOL said 23 of the 30 penthouse units have been sold.
Demand came mainly from Singaporean buyers, with majority from private homes in the nearby vicinity.
The five-storey development of 172 units, stretches across more than 130,000 square feet near the Bukit Timah Nature Reserve.
The development is expected to be ready by April 2014.
Source: Channel News Asia, 15 Jul 2010
Monday, July 12, 2010
Demand for new CityDev, UOL condos
(SINGAPORE) UOL Group and City Developments Ltd (CDL) continued to sell units over the weekend at their new condos released last week.
UOL and LaSalle Investment Management sold a further 46 units over the weekend (as of 7 pm yesterday) at The Terrene at Bukit Timah, in addition to the 50 that they had sold as of 10 pm last Friday.
Thus far, 130 of the condo's total 172 units have been put on the market. While the initial 85 units released by Friday were priced at about $1,250 per square foot on average, the further 45 apartments offered on Saturday and Sunday were at marginally higher prices. The five-storey, 999-year leasehold condo is in the Toh Tuck/Jalan Jurong Kechil vicinity.
'We're keeping the balance 42 units for our official launch later this week, which will be tied with the start of our ad campaign. What we're most pleased about is that our penthouses and big units are still selling well. More than half of the 30 penthouses in the project have been taken up,' UOL's chief operating officer Liam Wee Sin told BT yesterday evening.
'We've combined a bit of luxury with a rustic feel,' he added. Prices of penthouses in the condo range from $1.7 million to $2.9 million.
Singaporeans form the majority of buyers, buying mainly for owner occupation, according to Peter Ow, managing director (residential services) at Knight Frank, one of the project's two marketing agents.
'Demand is still there; it's only a matter of pricing. People who are walking out of the showflat without making a purchase are doing so because the price is beyond their budget,' he added.
CDL sold another 32 units at its 368 Thomson up to 6 pm yesterday, taking total sales to 128 units. Last Friday, the group said, it had sold 96 of the 120 units released initially in the 157-unit freehold condo, which will be 36 storeys high.
Yesterday, a CDL spokeswoman said that the group released the remaining 37 units progressively over the weekend at a marginal price increase of 2-3 per cent from the initial average selling price of $1,350 per square foot.
'The majority of the 32 units we sold over the weekend were one-plus-study units. We also sold three and four bedders,' she added.
Singaporeans made up 75 per cent of the 128 units sold at the District 11 condo.
The next project CDL plans to release is likely to be a 642-unit, joint venture condo in Pasir Ris located next to the fully-sold Livia. 'It is planned for release in phases in Q3 2010,' she added.
Source: Business Times, 12 Jul 2010
UOL and LaSalle Investment Management sold a further 46 units over the weekend (as of 7 pm yesterday) at The Terrene at Bukit Timah, in addition to the 50 that they had sold as of 10 pm last Friday.
Thus far, 130 of the condo's total 172 units have been put on the market. While the initial 85 units released by Friday were priced at about $1,250 per square foot on average, the further 45 apartments offered on Saturday and Sunday were at marginally higher prices. The five-storey, 999-year leasehold condo is in the Toh Tuck/Jalan Jurong Kechil vicinity.
'We're keeping the balance 42 units for our official launch later this week, which will be tied with the start of our ad campaign. What we're most pleased about is that our penthouses and big units are still selling well. More than half of the 30 penthouses in the project have been taken up,' UOL's chief operating officer Liam Wee Sin told BT yesterday evening.
'We've combined a bit of luxury with a rustic feel,' he added. Prices of penthouses in the condo range from $1.7 million to $2.9 million.
Singaporeans form the majority of buyers, buying mainly for owner occupation, according to Peter Ow, managing director (residential services) at Knight Frank, one of the project's two marketing agents.
'Demand is still there; it's only a matter of pricing. People who are walking out of the showflat without making a purchase are doing so because the price is beyond their budget,' he added.
CDL sold another 32 units at its 368 Thomson up to 6 pm yesterday, taking total sales to 128 units. Last Friday, the group said, it had sold 96 of the 120 units released initially in the 157-unit freehold condo, which will be 36 storeys high.
Yesterday, a CDL spokeswoman said that the group released the remaining 37 units progressively over the weekend at a marginal price increase of 2-3 per cent from the initial average selling price of $1,350 per square foot.
'The majority of the 32 units we sold over the weekend were one-plus-study units. We also sold three and four bedders,' she added.
Singaporeans made up 75 per cent of the 128 units sold at the District 11 condo.
The next project CDL plans to release is likely to be a 642-unit, joint venture condo in Pasir Ris located next to the fully-sold Livia. 'It is planned for release in phases in Q3 2010,' she added.
Source: Business Times, 12 Jul 2010
Saturday, July 10, 2010
New Thomson condo units selling well
BUYERS have snapped up 96 of the 120 units launched at the 368 Thomson condominium since previews began on Thursday.
The District 11 development was priced at an average of $1,350 per sq ft (psf).
Sale prices ranged from $918,000 for a 689 sq ft one-plus-study flat to $4.4 million for the 3,391 sq ft five-bedroom penthouses.
The 36-storey tower, which will be built on the former Concorde Residences site in Thomson Road, will have 157 units. They comprise 31 one-plus-study flats, 62 two-bedroom units, 31 three-bedders, 31 four-bedroom units and two penthouses.
City Developments (CDL) said it will release more units to cater to demand.
The private preview - for former owners of Concorde Residences, Balestier Court and Bright Building, as well as CDL directors and staff - started on Thursday. The public were admitted yesterday.
Most of the buyers were Singaporeans, with permanent residents and foreigners - mainly from Malaysia, Indonesia, China and Hong Kong - making up 25 per cent, CDL said.
Its general manager, Mr Chia Ngiang Hong, said the strong demand for the project is testament to the popularity of the prime District 11 vicinity.
Buyers will also benefit from the growth cluster in the area, he said.
The developer launched Cube 8, a 36-storey condo comprising 177 units, in January in Thomson Road, on the site of the former The Albany and Thomson Mansion.
The Cube 8 project is next to CDL's The Arte in Thomson, which it began selling in March last year at an average price of $880 psf.
The 368 Thomson estate is expected to be completed in 2015.
Terrene at Bukit Timah has also sold well. More than 50 out of the 85 units launched at the preview sale for developers UOL and La Salle's business associates and staff were taken.
The average selling price for the 999-year leasehold condominium was $1,250 psf.
The project offers over 140 one- to four-bedroom apartments, and 30 three- to five-bedroom penthouses, all with rooftop jacuzzis.
Sizes vary from 506 sq ft for a one-bedder to 3,025 sq ft for a five-bedroom penthouse. The development is expected to be ready by April 2014.
Source: Straits Times, 10 Jul 2010
The District 11 development was priced at an average of $1,350 per sq ft (psf).
Sale prices ranged from $918,000 for a 689 sq ft one-plus-study flat to $4.4 million for the 3,391 sq ft five-bedroom penthouses.
The 36-storey tower, which will be built on the former Concorde Residences site in Thomson Road, will have 157 units. They comprise 31 one-plus-study flats, 62 two-bedroom units, 31 three-bedders, 31 four-bedroom units and two penthouses.
City Developments (CDL) said it will release more units to cater to demand.
The private preview - for former owners of Concorde Residences, Balestier Court and Bright Building, as well as CDL directors and staff - started on Thursday. The public were admitted yesterday.
Most of the buyers were Singaporeans, with permanent residents and foreigners - mainly from Malaysia, Indonesia, China and Hong Kong - making up 25 per cent, CDL said.
Its general manager, Mr Chia Ngiang Hong, said the strong demand for the project is testament to the popularity of the prime District 11 vicinity.
Buyers will also benefit from the growth cluster in the area, he said.
The developer launched Cube 8, a 36-storey condo comprising 177 units, in January in Thomson Road, on the site of the former The Albany and Thomson Mansion.
The Cube 8 project is next to CDL's The Arte in Thomson, which it began selling in March last year at an average price of $880 psf.
The 368 Thomson estate is expected to be completed in 2015.
Terrene at Bukit Timah has also sold well. More than 50 out of the 85 units launched at the preview sale for developers UOL and La Salle's business associates and staff were taken.
The average selling price for the 999-year leasehold condominium was $1,250 psf.
The project offers over 140 one- to four-bedroom apartments, and 30 three- to five-bedroom penthouses, all with rooftop jacuzzis.
Sizes vary from 506 sq ft for a one-bedder to 3,025 sq ft for a five-bedroom penthouse. The development is expected to be ready by April 2014.
Source: Straits Times, 10 Jul 2010
Good response to new condos 368 Thomson, The Terrene
CITY Developments Ltd (CDL) and UOL Group seem to have struck a chord with home buyers with their latest condo previews.
CDL has sold 96 of the 120 units released in the first phase of its 368 Thomson condo, as at 5pm yesterday. The average price is $1,350 per square foot for the 36-storey freehold condo in District 11. The project comprises 157 units. CDL said it is releasing more units progressively to cater to demand.
Over in the Toh Tuck/Jalan Jurong Kechil area, UOL released 85 units at The Terrene on the former Rainbow Gardens site and as at 10pm yesterday, had sold about 50 units. The average selling price for the five-storey, 999-year leasehold condo is about $1,250 psf. The project comprises 172 units. UOL is developing the condo jointly with LaSalle Investment Management.
Developers of both projects began sales to their respective staff/directors and former owners of the sites on Thursday, followed by previews to other buyers yesterday.
CDL said prices of 368 Thomson range, in absolute dollar quantum, from $918,000 for the 689 sq ft one-plus-study units to $4.4 million for the 3,391 sq ft, five-bedroom penthouses.
The 96 units sold include all 62 two-bedders in the development and about 12-15 one-bedders as well as one of the condo's two penthouses.
DMG & Partners analyst Brandon Lee described CDL's pricing as 'reasonable and in line with current prices in the area', given that newish projects in the area are fetching between $1,250 and $1,450 psf.
Agreeing, a seasoned property consultant noted that prices of new condos in the Newton area, which is closer to Orchard, are hovering around the $1,700-2,000 psf range.
A back-of-the-envelope calculation shows CDL stands to book pre-tax profit of about $70 million from 368 Thomson. This is the third condo the group is developing in the location. Its first, The Arte at Thomson, was previewed in March last year at an average price of $880 psf, followed by Cube 8 in January this year at $1,250 psf on average.
CDL said that about 75 per cent of buyers at 368 Thomson were Singaporeans, with the rest comprising permanent residents and other foreigners - mainly from Malaysia, Indonesia, China and Hong Kong.
'With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential,' said CDL's group general manager Chia Ngiang Hong.
UOL and La Salle Investment Management on the other hand are targeting primarily owner-occupiers for The Terrene.
'The majority of units sold are two-bedroom apartments, followed by three bedders. Seven penthouses have also been sold,' said Knight Frank managing director (residential services) Peter Ow. Buyers mostly have addresses in the surrounding area - districts 21 (such as Upper Bukit Timah) and 23 (which includes Bukit Batok and Toh Tuck) and comprise a mix of HDB flat dwellers and private home dwellers.
'Most of the buyers are locals,' he added. The 85 units released are priced between $920 psf and $1,480 psf. Knight Frank is marketing Terrene jointly with Jones Lang LaSalle.
The project's 172 units range from one bedders (starting from 506 sq ft) to five-bedroom penthouses (up to 3,025 sq ft).
Source: Business Times, 10 Jul 2010
CDL has sold 96 of the 120 units released in the first phase of its 368 Thomson condo, as at 5pm yesterday. The average price is $1,350 per square foot for the 36-storey freehold condo in District 11. The project comprises 157 units. CDL said it is releasing more units progressively to cater to demand.
Over in the Toh Tuck/Jalan Jurong Kechil area, UOL released 85 units at The Terrene on the former Rainbow Gardens site and as at 10pm yesterday, had sold about 50 units. The average selling price for the five-storey, 999-year leasehold condo is about $1,250 psf. The project comprises 172 units. UOL is developing the condo jointly with LaSalle Investment Management.
Developers of both projects began sales to their respective staff/directors and former owners of the sites on Thursday, followed by previews to other buyers yesterday.
CDL said prices of 368 Thomson range, in absolute dollar quantum, from $918,000 for the 689 sq ft one-plus-study units to $4.4 million for the 3,391 sq ft, five-bedroom penthouses.
The 96 units sold include all 62 two-bedders in the development and about 12-15 one-bedders as well as one of the condo's two penthouses.
DMG & Partners analyst Brandon Lee described CDL's pricing as 'reasonable and in line with current prices in the area', given that newish projects in the area are fetching between $1,250 and $1,450 psf.
Agreeing, a seasoned property consultant noted that prices of new condos in the Newton area, which is closer to Orchard, are hovering around the $1,700-2,000 psf range.
A back-of-the-envelope calculation shows CDL stands to book pre-tax profit of about $70 million from 368 Thomson. This is the third condo the group is developing in the location. Its first, The Arte at Thomson, was previewed in March last year at an average price of $880 psf, followed by Cube 8 in January this year at $1,250 psf on average.
CDL said that about 75 per cent of buyers at 368 Thomson were Singaporeans, with the rest comprising permanent residents and other foreigners - mainly from Malaysia, Indonesia, China and Hong Kong.
'With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential,' said CDL's group general manager Chia Ngiang Hong.
UOL and La Salle Investment Management on the other hand are targeting primarily owner-occupiers for The Terrene.
'The majority of units sold are two-bedroom apartments, followed by three bedders. Seven penthouses have also been sold,' said Knight Frank managing director (residential services) Peter Ow. Buyers mostly have addresses in the surrounding area - districts 21 (such as Upper Bukit Timah) and 23 (which includes Bukit Batok and Toh Tuck) and comprise a mix of HDB flat dwellers and private home dwellers.
'Most of the buyers are locals,' he added. The 85 units released are priced between $920 psf and $1,480 psf. Knight Frank is marketing Terrene jointly with Jones Lang LaSalle.
The project's 172 units range from one bedders (starting from 506 sq ft) to five-bedroom penthouses (up to 3,025 sq ft).
Source: Business Times, 10 Jul 2010
Friday, July 9, 2010
80% of units launched at 368 Thomson snapped up
City Developments Limited (CDL) has sold about 80 per cent of the launched units at 368 Thomson, its latest freehold residential development at the former Concorde Mansions site along Thomson Road.
Private previews for former owners of Concorde Residences, Balestier Court, Bright Building, and directors and staff of CDL, started on Thursday, while the public preview began on Friday.
CDL said 120 units of the 36-storey freehold development comprising 157 units were released in Phase 1.
Going at an average price of S$1,350 per square foot, the apartments range from S$918,000 for the 689 square foot one+study units to S$4.4 million for the 3,391 square foot 5-bedroom penthouses.
Singaporeans made up the majority of buyers, with Permanent Residents and foreigners mainly from Malaysia, Indonesia, China and Hong Kong accounting for 25 per cent.
“With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential,” said CDL’s group general manager, Mr Chia Ngiang Hong.
368 Thomson has a sky terrace on Level 3, with therm jet pools, a 25-metre main pool and a gymnasium. It also has a Club House, family barbeque and Children’s Aqua Treat areas.
CDL said it will release more units progressively to cater to the demand.
Source: Channel News Asia, 9 Jul 2010
Private previews for former owners of Concorde Residences, Balestier Court, Bright Building, and directors and staff of CDL, started on Thursday, while the public preview began on Friday.
CDL said 120 units of the 36-storey freehold development comprising 157 units were released in Phase 1.
Going at an average price of S$1,350 per square foot, the apartments range from S$918,000 for the 689 square foot one+study units to S$4.4 million for the 3,391 square foot 5-bedroom penthouses.
Singaporeans made up the majority of buyers, with Permanent Residents and foreigners mainly from Malaysia, Indonesia, China and Hong Kong accounting for 25 per cent.
“With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential,” said CDL’s group general manager, Mr Chia Ngiang Hong.
368 Thomson has a sky terrace on Level 3, with therm jet pools, a 25-metre main pool and a gymnasium. It also has a Club House, family barbeque and Children’s Aqua Treat areas.
CDL said it will release more units progressively to cater to the demand.
Source: Channel News Asia, 9 Jul 2010
Wednesday, July 7, 2010
UOL, CDL to release condos for preview this week
AT least two new condos are expected to be released this week - 368 Thomson and The Terrene @ Bukit Timah.
UOL Group and LaSalle Investment Management are jointly developing The Terrene on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area.
The 999-year leasehold, 5-storey project will have 172 units, ranging from one bedders (starting from 506 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft). It will be close to two green lungs - Bukit Timah Nature Reserve and Bukit Batok Nature Park - and about half a kilometre from the Beauty World MRT Station, which is being built.
Prices of typical units are expected to be in the $1,200-1,400 psf range. However, one bedders could touch around $1,500 psf. Ground floor apartments with private enclosed areas could be priced closer to the $1,000 psf mark, BT understands.
In October last year, UOL announced it had taken a half-share in the Rainbow Gardens site, which had been bought by the LaSalle Asia Opportunity II fund in a collective sale a few years earlier.
Terrene is being marketed by Knight Frank and Jones Lang LaSalle.
For UOL, the preview of The Terrene follows the virtual sell-out of its Waterbank at Dakota, a 616-unit condo fronting Geylang River and next to Dakota MRT Station. The 99-year leasehold condo's launch in April was timed with the opening of the station.
Over in the Balestier/Thomson Road area, City Developments Ltd is getting ready to preview 368 Thomson later this week on the former Concorde Residence site.
Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses, with unit sizes of 689 sq ft to 3,391 sq ft. The project is being marketed by Huttons.
Meanwhile, over in the Bedok Reservoir location, Frasers Centrepoint and Far East Organization have sold 93 of the 150 units released since June 25 at the Waterfront Gold condo. The average price for the 99-year leasehold project is $950 psf. Waterfront Gold comprises 361 units and will be the first condo in Singapore to feature a skypark. This will be on the roof of the 15-storey project.
Property consultants say home sales are still slow, with many potential buyers still glued to the World Cup, which ends in the wee hours of Monday next week. More developers are then expected to begin releasing projects again.
'Buyers will do their homework and evaluation, but the good thing is that the Singapore stock market has still fared relatively better than some overseas markets,' notes DTZ executive director (consulting) Ong Choon Fah.
'The underlying desire to buy a private residential property here is still there among owner occupiers and local investors, as there's still a lot of liquidity. And our market is quite unique, with a large part of our population living in public housing, which provides a natural feed to the private housing market,' she added.
Source: Business Times, 7 Jul 2010
UOL Group and LaSalle Investment Management are jointly developing The Terrene on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area.
The 999-year leasehold, 5-storey project will have 172 units, ranging from one bedders (starting from 506 sq ft) to five-bedroom penthouses (of up to 3,025 sq ft). It will be close to two green lungs - Bukit Timah Nature Reserve and Bukit Batok Nature Park - and about half a kilometre from the Beauty World MRT Station, which is being built.
Prices of typical units are expected to be in the $1,200-1,400 psf range. However, one bedders could touch around $1,500 psf. Ground floor apartments with private enclosed areas could be priced closer to the $1,000 psf mark, BT understands.
In October last year, UOL announced it had taken a half-share in the Rainbow Gardens site, which had been bought by the LaSalle Asia Opportunity II fund in a collective sale a few years earlier.
Terrene is being marketed by Knight Frank and Jones Lang LaSalle.
For UOL, the preview of The Terrene follows the virtual sell-out of its Waterbank at Dakota, a 616-unit condo fronting Geylang River and next to Dakota MRT Station. The 99-year leasehold condo's launch in April was timed with the opening of the station.
Over in the Balestier/Thomson Road area, City Developments Ltd is getting ready to preview 368 Thomson later this week on the former Concorde Residence site.
Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses, with unit sizes of 689 sq ft to 3,391 sq ft. The project is being marketed by Huttons.
Meanwhile, over in the Bedok Reservoir location, Frasers Centrepoint and Far East Organization have sold 93 of the 150 units released since June 25 at the Waterfront Gold condo. The average price for the 99-year leasehold project is $950 psf. Waterfront Gold comprises 361 units and will be the first condo in Singapore to feature a skypark. This will be on the roof of the 15-storey project.
Property consultants say home sales are still slow, with many potential buyers still glued to the World Cup, which ends in the wee hours of Monday next week. More developers are then expected to begin releasing projects again.
'Buyers will do their homework and evaluation, but the good thing is that the Singapore stock market has still fared relatively better than some overseas markets,' notes DTZ executive director (consulting) Ong Choon Fah.
'The underlying desire to buy a private residential property here is still there among owner occupiers and local investors, as there's still a lot of liquidity. And our market is quite unique, with a large part of our population living in public housing, which provides a natural feed to the private housing market,' she added.
Source: Business Times, 7 Jul 2010
Monday, June 28, 2010
68 units sold at Waterfront Gold
Two of 5 blocks, or 150 units, of Bedok Reservoir condo released last Friday
FRASERS Centrepoint and Far East Organization have sold 68 of the 150 units for sale at the Waterfront Gold condo fronting Bedok Reservoir as of yesterday.
These were units released by the developers last Friday.
The 99-year leasehold condo, which has a total 361 units, is priced at $950 psf on average.
Over 70 per cent of units sold were smallish apartments - one bedders, one bedroom with study units and two bedders.
Buyers were predominantly Singaporeans and there was a roughly equal split between those with HDB and private addresses. In absolute price terms, the cheapest unit sold was about $555,000, for a 581 square foot, one-bedder on the second level. Both penthouses released (about 2,000 sq ft each) were sold at an average price of about $1,025 psf or $2.1 million each.
While Waterfront Gold's sales seem tepid compared with launches earlier this year, Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong said the outcome was 'within our expectation and quite remarkable given today's market sentiment'.
'We are testing the upper end of prices in the upgraders' market and because of the location and facilities, we are positioning Waterfront Gold as an upper-mid market condo rather than a mass-market product.
'For instance, we have a sky park with a dedicated express bubble lift and toilets in the development will have marble floors,' he added.
Mr Cheang also said the developers are offering two of the project's five blocks, or 150 units, as part of 'a deliberate attempt not to sell out the project'.
'We wish to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced.'
Market watchers recall that during March/April, when home buying sentiment was stronger, developers used to achieve sales of about 300 units in the first weekend of a project's release.
Knight Frank managing director (residential services) Peter Ow attributed Waterfront Gold's sales result to a 'combination of challenging pricing and a slower market'.
Waterfront Gold is the third in a series of four condos that Frasers Centrepoint and Far East are developing on the former Waterfront View site.
Waterfront Waves was first released in January 2008 at an average price of about $750 psf, followed by the launch of Waterfront Key in July last year at $735 psf on average.
The developers have been raising prices in these two projects.
Waterfront Waves is now fully sold and the remaining 100-odd apartments at Waterfront Key are now selling at average prices of $850 psf for poolview units and $950 psf for reservoir-facing units.
Source: Business Times, 28 Jun 2010
FRASERS Centrepoint and Far East Organization have sold 68 of the 150 units for sale at the Waterfront Gold condo fronting Bedok Reservoir as of yesterday.
These were units released by the developers last Friday.
The 99-year leasehold condo, which has a total 361 units, is priced at $950 psf on average.
Over 70 per cent of units sold were smallish apartments - one bedders, one bedroom with study units and two bedders.
Buyers were predominantly Singaporeans and there was a roughly equal split between those with HDB and private addresses. In absolute price terms, the cheapest unit sold was about $555,000, for a 581 square foot, one-bedder on the second level. Both penthouses released (about 2,000 sq ft each) were sold at an average price of about $1,025 psf or $2.1 million each.
While Waterfront Gold's sales seem tepid compared with launches earlier this year, Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong said the outcome was 'within our expectation and quite remarkable given today's market sentiment'.
'We are testing the upper end of prices in the upgraders' market and because of the location and facilities, we are positioning Waterfront Gold as an upper-mid market condo rather than a mass-market product.
'For instance, we have a sky park with a dedicated express bubble lift and toilets in the development will have marble floors,' he added.
Mr Cheang also said the developers are offering two of the project's five blocks, or 150 units, as part of 'a deliberate attempt not to sell out the project'.
'We wish to sell progressively and keep the remaining three blocks until the location of the Bedok Reservoir Station on Downtown Line 3 is announced.'
Market watchers recall that during March/April, when home buying sentiment was stronger, developers used to achieve sales of about 300 units in the first weekend of a project's release.
Knight Frank managing director (residential services) Peter Ow attributed Waterfront Gold's sales result to a 'combination of challenging pricing and a slower market'.
Waterfront Gold is the third in a series of four condos that Frasers Centrepoint and Far East are developing on the former Waterfront View site.
Waterfront Waves was first released in January 2008 at an average price of about $750 psf, followed by the launch of Waterfront Key in July last year at $735 psf on average.
The developers have been raising prices in these two projects.
Waterfront Waves is now fully sold and the remaining 100-odd apartments at Waterfront Key are now selling at average prices of $850 psf for poolview units and $950 psf for reservoir-facing units.
Source: Business Times, 28 Jun 2010
Friday, June 25, 2010
More property launches in coming weeks
WITH many families returning from holidays as the June school vacation comes to a close, developers are starting to crank up their launch machinery again. Frasers Centrepoint and Far East Organization begin to preview today their 99-year leasehold Waterfront Gold condo along Bedok Reservoir at an average price of about $950 per sq ft (psf).
And within a few weeks, City Developments is expected to soft-launch 368 Thomson on the former Concorde Residence site. Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses.
Over at the Changi/Still roads junction, Fragrance Group is offering freehold apartments, office and shop units for sale in a five-storey project.
Its residential component, Suites @ Changi, comprises 44 apartments - studios, one-bedders and two-bedroom penthouses. Unit sizes range from 409 to 1,152 sq ft. Prices of one bedders start from $576,000.
Office units in the project's commercial component, Icon @ Changi, begin at $492,000. These units range from 334 to 527 sq ft. Shop units are mostly 570-958 sq ft, although there is an 11,765 sq ft supermarket unit.
Over at Bedok Reservoir, about 150 units or two blocks will be released for this week's preview of Waterfront Gold. The entire development comprises 361 units in five blocks.
Waterfront Gold will be the first condo in Singapore to feature a skypark, according to the developers. The 8,000 sq ft park, on the roof of the 15-storey project, will serve as an observation and exercise deck offering views of the reservoir.
Waterfont Gold is the third in a series of four projects that Far East and Frasers Centrepoint are developing on the former Waterfront View site.
Prior to the latest condo, they released the 405-unit Waterfront Waves, which is fully sold, and Waterfront Key, a 437-unit condo of which 309 units were sold as at end-May.
The final project, which may be released next year, is expected to have about 500 units.
The entire series, dubbed the Bedok Waterfront collection, has been master-planned to maximise views and access to the reservoir, Frasers Centrepoint said yesterday. 'The masterplan ensures that all units have excellent views, either of the reservoir, pools or the landscape,' said Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong.
In March, Sim Lian picked up a 99-year leasehold condo site on the other side of Bedok Reservoir, next to The Tropica, for about $421 psf of potential gross floor area.
Later this year, the government will make available for application through the reserve list a choice land parcel on the same side of the reservoir as the Waterfront collection.
Waterfront Gold comprises one-bedders to four-bedroom apartments and penthouses. The cheapest one-bedder of 581 sq ft will cost $560,000. Two-bedders will be priced from $800,000 for an 893 sq ft apartment. The minimum price for a three-bedroom apartment of 1,012 sq ft is $900,000.
Four-bedders cost from $1.17 million upwards (for a 1,378 sq ft apartment). All starting prices refer to second-floor units.
Source: Business Times, 25 Jun 2010
And within a few weeks, City Developments is expected to soft-launch 368 Thomson on the former Concorde Residence site. Prices in the 36-storey freehold development are expected to range from $1,300-1,500 psf. The condo's 157 units range from one-bedders to penthouses.
Over at the Changi/Still roads junction, Fragrance Group is offering freehold apartments, office and shop units for sale in a five-storey project.
Its residential component, Suites @ Changi, comprises 44 apartments - studios, one-bedders and two-bedroom penthouses. Unit sizes range from 409 to 1,152 sq ft. Prices of one bedders start from $576,000.
Office units in the project's commercial component, Icon @ Changi, begin at $492,000. These units range from 334 to 527 sq ft. Shop units are mostly 570-958 sq ft, although there is an 11,765 sq ft supermarket unit.
Over at Bedok Reservoir, about 150 units or two blocks will be released for this week's preview of Waterfront Gold. The entire development comprises 361 units in five blocks.
Waterfront Gold will be the first condo in Singapore to feature a skypark, according to the developers. The 8,000 sq ft park, on the roof of the 15-storey project, will serve as an observation and exercise deck offering views of the reservoir.
Waterfont Gold is the third in a series of four projects that Far East and Frasers Centrepoint are developing on the former Waterfront View site.
Prior to the latest condo, they released the 405-unit Waterfront Waves, which is fully sold, and Waterfront Key, a 437-unit condo of which 309 units were sold as at end-May.
The final project, which may be released next year, is expected to have about 500 units.
The entire series, dubbed the Bedok Waterfront collection, has been master-planned to maximise views and access to the reservoir, Frasers Centrepoint said yesterday. 'The masterplan ensures that all units have excellent views, either of the reservoir, pools or the landscape,' said Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong.
In March, Sim Lian picked up a 99-year leasehold condo site on the other side of Bedok Reservoir, next to The Tropica, for about $421 psf of potential gross floor area.
Later this year, the government will make available for application through the reserve list a choice land parcel on the same side of the reservoir as the Waterfront collection.
Waterfront Gold comprises one-bedders to four-bedroom apartments and penthouses. The cheapest one-bedder of 581 sq ft will cost $560,000. Two-bedders will be priced from $800,000 for an 893 sq ft apartment. The minimum price for a three-bedroom apartment of 1,012 sq ft is $900,000.
Four-bedders cost from $1.17 million upwards (for a 1,378 sq ft apartment). All starting prices refer to second-floor units.
Source: Business Times, 25 Jun 2010
Wednesday, June 16, 2010
Developers and buyers headed for a stalemate
Big drop in May sales could signal the start of a slowdown, with neither side in any hurry to transact
(SINGAPORE) Developers sold just 1,078 private homes in May - about half the 2,208 units they transacted in April. This could mark the start of a period of slower sales as developers weigh their options and buyers bide their time.
The two parties could have a standoff for a little while, predicts DTZ executive director (consulting) Ong Choon Fah. 'There's no great push factor to launch projects in June when you weigh the pros and cons. Potential buyers may also hold back purchases as they may not sense a great urgency to buy.'
Agreeing, Knight Frank chairman Tan Tiong Cheng said: 'Developers will try their best to maintain prices; so what if they delay launches for a couple of months? After all, most of them have strong balance sheets and the Singapore economy seems to be continuing to perform well.'
Market watchers were not alarmed by the steep drop in May developer sales. For one, the 1,533-unit average monthly sales figure for the first five months of 2010 is above the 1,224 unit average monthly sales volume for the whole of 2009, which was a boom year, observes CB Richard Ellis executive director (residential) Joseph Tan.
Jones Lang LaSalle's South-east Asia and Singapore research head Chua Yang Liang also points out that 'compared with the collapse of Lehman Brothers in Q3 2008, the impact of the eurozone debt crisis on the Singapore residential market has been less destabilising thus far.'
During the dark days between September 2008 and January 2009, developers sold only between 108 and 376 units per month.
Some property consultants are predicting this month's sales will be under 1,000 units. Including the latest May number, developers have sold 7,666 units in the first five months of 2010.
Even assuming slower sales in June and the second half, consultants predict developers will end 2010 with total sales of 12,000-15,000 units. Primary market sales for the whole of 2009 totalled 14,688 private homes.
Developers launched 1,134 private homes in May, down from 2,085 units in April.
A confluence of factors - the June school holidays, the World Cup, the brewing economic crisis in Europe, and the onset of the Hungry Ghosts Month in August - may cause developers to go a bit slower on property launches in the near future, some property consultants suggest.
Also, potential buyers may not see great urgency to commit as the bumper Government Land Sales Programme for the second half of this year means they will have a greater choice of projects to consider in the near future.
'Over the next couple of months, sales could be around 900-1,300 units per month until more positive signs appear to entice buyers back into the market. It also depends on the projects that will be launched and their pricing levels. Already, there's resistance to high prices, particularly in the suburban areas,' says DTZ South-east Asia research head Chua Chor Hoon.
Colliers International analysis also showed buyers' resistance towards higher-priced units continuing in May. The proportion of units priced above $1,000 psf has fallen from 69.2 per cent of developers' sales in March to 66.1 per cent in April and 55.5 per cent in May.
The firm's director Tay Huey Ying also noted that the most expensive transaction in May at $3,641 psf for a unit at Orchard View is significantly lower than the most expensive primary market transaction in April at $4,207 psf for a unit at The Orchard Residences.
For May, the Rest of the Central Region made up the bulk or 41.8 per cent of homes sold by developers. This was contributed by projects such as the newly-launched Casa Aerata at Lorong 26 Geylang, The Cascadia in Bukit Timah Road as well as continued sales in projects released earlier such as Waterbank at Dakota (52 units) and The Interlace (44 units).
Last month's top seller was Kheng Leong's The Minton in Hougang with 204 units sold at a median price of $849 psf, followed by Casa Aerata with all 78 units sold in the project, comprising mostly one- and two-bedroom units, at a median price of $939 psf, observed CB Richard Ellis executive director Joseph Tan. The Cascadia saw 72 units transacted in the primary market at $1,464 psf median price.
Waterbank at Dakota and Tree House in Chestnut Avenue, which were launched in April, saw sales of 52 units each at median prices of $1,092 psf and $831 psf respectively.
BT's count showed that a total of over 50 units were returned to developers in May.
DTZ's Mrs Ong says that even as developers hold off launches in June, they will watch the market very carefully especially bids at upcoming state land tenders.
'If winning bids ease, developers will have pricing flexibility for their end unit prices. If land prices remain buoyant or even surge further, developers may think they have some respite from pressure to moderate their prices,' she added.
Source: Business Times, 16 Jun 2010
(SINGAPORE) Developers sold just 1,078 private homes in May - about half the 2,208 units they transacted in April. This could mark the start of a period of slower sales as developers weigh their options and buyers bide their time.
The two parties could have a standoff for a little while, predicts DTZ executive director (consulting) Ong Choon Fah. 'There's no great push factor to launch projects in June when you weigh the pros and cons. Potential buyers may also hold back purchases as they may not sense a great urgency to buy.'
Agreeing, Knight Frank chairman Tan Tiong Cheng said: 'Developers will try their best to maintain prices; so what if they delay launches for a couple of months? After all, most of them have strong balance sheets and the Singapore economy seems to be continuing to perform well.'
Market watchers were not alarmed by the steep drop in May developer sales. For one, the 1,533-unit average monthly sales figure for the first five months of 2010 is above the 1,224 unit average monthly sales volume for the whole of 2009, which was a boom year, observes CB Richard Ellis executive director (residential) Joseph Tan.
Jones Lang LaSalle's South-east Asia and Singapore research head Chua Yang Liang also points out that 'compared with the collapse of Lehman Brothers in Q3 2008, the impact of the eurozone debt crisis on the Singapore residential market has been less destabilising thus far.'
During the dark days between September 2008 and January 2009, developers sold only between 108 and 376 units per month.
Some property consultants are predicting this month's sales will be under 1,000 units. Including the latest May number, developers have sold 7,666 units in the first five months of 2010.
Even assuming slower sales in June and the second half, consultants predict developers will end 2010 with total sales of 12,000-15,000 units. Primary market sales for the whole of 2009 totalled 14,688 private homes.
Developers launched 1,134 private homes in May, down from 2,085 units in April.
A confluence of factors - the June school holidays, the World Cup, the brewing economic crisis in Europe, and the onset of the Hungry Ghosts Month in August - may cause developers to go a bit slower on property launches in the near future, some property consultants suggest.
Also, potential buyers may not see great urgency to commit as the bumper Government Land Sales Programme for the second half of this year means they will have a greater choice of projects to consider in the near future.
'Over the next couple of months, sales could be around 900-1,300 units per month until more positive signs appear to entice buyers back into the market. It also depends on the projects that will be launched and their pricing levels. Already, there's resistance to high prices, particularly in the suburban areas,' says DTZ South-east Asia research head Chua Chor Hoon.
Colliers International analysis also showed buyers' resistance towards higher-priced units continuing in May. The proportion of units priced above $1,000 psf has fallen from 69.2 per cent of developers' sales in March to 66.1 per cent in April and 55.5 per cent in May.
The firm's director Tay Huey Ying also noted that the most expensive transaction in May at $3,641 psf for a unit at Orchard View is significantly lower than the most expensive primary market transaction in April at $4,207 psf for a unit at The Orchard Residences.
For May, the Rest of the Central Region made up the bulk or 41.8 per cent of homes sold by developers. This was contributed by projects such as the newly-launched Casa Aerata at Lorong 26 Geylang, The Cascadia in Bukit Timah Road as well as continued sales in projects released earlier such as Waterbank at Dakota (52 units) and The Interlace (44 units).
Last month's top seller was Kheng Leong's The Minton in Hougang with 204 units sold at a median price of $849 psf, followed by Casa Aerata with all 78 units sold in the project, comprising mostly one- and two-bedroom units, at a median price of $939 psf, observed CB Richard Ellis executive director Joseph Tan. The Cascadia saw 72 units transacted in the primary market at $1,464 psf median price.
Waterbank at Dakota and Tree House in Chestnut Avenue, which were launched in April, saw sales of 52 units each at median prices of $1,092 psf and $831 psf respectively.
BT's count showed that a total of over 50 units were returned to developers in May.
DTZ's Mrs Ong says that even as developers hold off launches in June, they will watch the market very carefully especially bids at upcoming state land tenders.
'If winning bids ease, developers will have pricing flexibility for their end unit prices. If land prices remain buoyant or even surge further, developers may think they have some respite from pressure to moderate their prices,' she added.
Source: Business Times, 16 Jun 2010
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