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24-01-14, 18:45
http://www.businesstimes.com.sg/archive/monday/premium/top-stories/wheelock-sells-half-units-panoramas-first-release-20140120
Published January 20, 2014
Wheelock sells half of units in Panorama's first release
Buyers picked up about sixty apartments priced at $650k-$2.4m
By Nisha Ramchandani
HALF of the 120 units released for sale at The Panorama condominium were booked yesterday, developer Wheelock Properties said.
Located at Ang Mo Kio Avenue 2, The Panorama is Wheelock's first 99-year suburban condo project here in nearly two decades. Prices of the units sold ranged from $650,000 for the one bedroom units to nearly $2.4 million for the five bedroom units. Majority of the units sold were two and three bedroom types, with sizes ranging from 678 square feet (sq ft) to 1,130 sq ft.
The developer said that most buyers were owner-occupiers with young families, with the ages of buyers spanning from thirties to fifties. While buyers came from across Singapore, most are residing in District 20 comprising Ang Mo Kio, Thomson and Bishan.
While Wheelock did not release the average price per square foot (psf), prices quoted by a Knight Frank agent ahead of the launch ranged from $1,265-$1,320 psf for the two bedroom units and $1,293-$1,307 for the three bedroom units.
Wheelock submitted the winning bid of about $550 million for the site at a state tender in January last year. At the time, analysts calculated breakeven prices of between $1,180 and $1,300 psf.
"We are encouraged by the market response," said Tan Bee Kim, senior executive director of Wheelock Properties. Its wholly-owned subsidiary Pinehill Investments is the developer.
"Although the dampening effects on the Singapore property market brought about by the government's cooling measures are still being felt, the recent World Bank economic forecasts augur well for Singapore. Hopefully we may be looking at a more upbeat market sentiment and sustainable recovery," she added.
The World Bank raised its forecast for global growth to 3.2 per cent for this year and 3.4 per cent next year, up from 2.4 per cent last year.
Noting that The Panorama comes hot on the heels of the release of the 281-unit retirement resort The Hillford in Bukit Timah, Chesterton International's managing director Donald Han said: "It's a good start for the property market entering into 2014...with two major projects (starting) the ball rolling."
The take-up indicates that the market is still fairly active with genuine buyers looking to upgrade, he added.
Highlighting that the condominium is adjacent to St Nicholas Girls' School, executive director of SLP International Nicholas Mak pointed out that it would definitely attract young families.
The absolute price of the family-sized units would likely determine how quickly The Panorama sells, he added.
"Buyers are very price sensitive," he said, pointing to The Hillford which sold out on its first day. Units at The Hillford were sold at an average of $1,100 psf.
Other 99-year projects comparable to The Panorama include Thomson Three on Bright Hill Drive, at an average price of about $1,350 psf, as well as Sky Vue at Bishan Central - both launched in September last year. In its launch month, 433 units of Sky Vue were sold at a median price of $1,401 psf.
Slated for completion in 2019, The Panorama is near the upcoming Mayflower station of the Thomson Line which is expected to be operational in 2020.
The Panorama has a total of 698 units across six blocks, with two 20-storey blocks and four 17-storey blocks. There are 95 one bedroom units, 196 two bedroom units, 314 three bedroom units, 68 four bedroom units, 19 five bedroom units and six penthouses.
Published January 20, 2014
Wheelock sells half of units in Panorama's first release
Buyers picked up about sixty apartments priced at $650k-$2.4m
By Nisha Ramchandani
HALF of the 120 units released for sale at The Panorama condominium were booked yesterday, developer Wheelock Properties said.
Located at Ang Mo Kio Avenue 2, The Panorama is Wheelock's first 99-year suburban condo project here in nearly two decades. Prices of the units sold ranged from $650,000 for the one bedroom units to nearly $2.4 million for the five bedroom units. Majority of the units sold were two and three bedroom types, with sizes ranging from 678 square feet (sq ft) to 1,130 sq ft.
The developer said that most buyers were owner-occupiers with young families, with the ages of buyers spanning from thirties to fifties. While buyers came from across Singapore, most are residing in District 20 comprising Ang Mo Kio, Thomson and Bishan.
While Wheelock did not release the average price per square foot (psf), prices quoted by a Knight Frank agent ahead of the launch ranged from $1,265-$1,320 psf for the two bedroom units and $1,293-$1,307 for the three bedroom units.
Wheelock submitted the winning bid of about $550 million for the site at a state tender in January last year. At the time, analysts calculated breakeven prices of between $1,180 and $1,300 psf.
"We are encouraged by the market response," said Tan Bee Kim, senior executive director of Wheelock Properties. Its wholly-owned subsidiary Pinehill Investments is the developer.
"Although the dampening effects on the Singapore property market brought about by the government's cooling measures are still being felt, the recent World Bank economic forecasts augur well for Singapore. Hopefully we may be looking at a more upbeat market sentiment and sustainable recovery," she added.
The World Bank raised its forecast for global growth to 3.2 per cent for this year and 3.4 per cent next year, up from 2.4 per cent last year.
Noting that The Panorama comes hot on the heels of the release of the 281-unit retirement resort The Hillford in Bukit Timah, Chesterton International's managing director Donald Han said: "It's a good start for the property market entering into 2014...with two major projects (starting) the ball rolling."
The take-up indicates that the market is still fairly active with genuine buyers looking to upgrade, he added.
Highlighting that the condominium is adjacent to St Nicholas Girls' School, executive director of SLP International Nicholas Mak pointed out that it would definitely attract young families.
The absolute price of the family-sized units would likely determine how quickly The Panorama sells, he added.
"Buyers are very price sensitive," he said, pointing to The Hillford which sold out on its first day. Units at The Hillford were sold at an average of $1,100 psf.
Other 99-year projects comparable to The Panorama include Thomson Three on Bright Hill Drive, at an average price of about $1,350 psf, as well as Sky Vue at Bishan Central - both launched in September last year. In its launch month, 433 units of Sky Vue were sold at a median price of $1,401 psf.
Slated for completion in 2019, The Panorama is near the upcoming Mayflower station of the Thomson Line which is expected to be operational in 2020.
The Panorama has a total of 698 units across six blocks, with two 20-storey blocks and four 17-storey blocks. There are 95 one bedroom units, 196 two bedroom units, 314 three bedroom units, 68 four bedroom units, 19 five bedroom units and six penthouses.