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08-01-07, 12:22
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Published January 6, 2007
Leng Beng stays bullish as One Shenton snapped up
Entire floors of the two towers bought for $1,500 to over $2,000 psf
By ARTHUR SIM
(SINGAPORE) City Developments Ltd (CDL) executive chairman Kwek Leng Beng remains bullish about the high-end property market and expects prices to rise 10-20 per cent this year.
http://img405.imageshack.us/img405/8426/bt541938705012007ek3.jpg
Big draw: Guests waiting for the lift after arriving to see the One Shenton showflat on Shenton Way yesterday and (next) a model of One Shenton, which will have a 50-storey tower and a 43-storey tower joined by a podium block with 11 retail units
http://img405.imageshack.us/img405/1339/bt541940205012007pe5.jpg
Mr Kwek was speaking at the soft launch of CDL's latest residential development - One Shenton - where at least 70 per cent of the 341 apartments were snapped up at a preview last night, mainly by investors who purchased entire floors, sources said.
Units were sold for '$1,500 to over $2,000 psf'. The rest will no doubt move fast as long queues were seen outside the development's showflat even late into the night.
Mr Kwek also said that he does not believe the projected slowdown in the economy this year will clip property prices.
Believing market sentiment will 'filter through' to all segments, Mr Kwek also said that he expects mass-market prices to increase 6-10 per cent in 2007.
It is this confidence that perhaps prompted him to turn down offers from institutional investors to buy One Shenton en bloc.
Two institutional investors whom he described only as 'Western' approached CDL, with the highest offer close to $1,700 per square foot, he said. This would have made the sale price in excess of $714 million, based on the development's 420,000 sq ft of sellable floor area.
Instead, Mr Kwek said that he would rather sell the two-tower development to individuals for between '$1,500 to over $2,000 psf' because 'they have been queuing up and knocking on our doors . . it wouldn't be nice'.
He revealed that up to 30 per cent of CDL's customers are repeat buyers and it would also be a matter of 'goodwill'. CDL also expects between 60 and 70 per cent of the buyers to be Singaporean.
The 99-year leasehold development will have 142 one-bedroom units, with or without study. There will be 113 two-bedroom units, 54 three-bedroom units, 21 four-bedroom units and 11 Sky Suites and Sky Villas.
The development will consist of a 50-storey tower and a 43-storey tower joined by a podium block with 11 retail units. CDL has no plans to sell the retail units.
One Shenton is being launched in a price slightly lower than that of Marina Bay Residences, which were launched last month at $1,550-$2,150 psf, with the highest priced unit going for a record $3,400 psf.
One Shenton cannot command the same views as Marina Bay Residences so records may not be broken this time. Still, Mr Kwek revealed that he has ambitious plans to buy the whole urban block that One Shenton sits on, which includes Shenton House and UIC Building.
He is interested in the Government Land Sales white site to be launched in the first half of this year next to One Shenton.
Published January 6, 2007
Leng Beng stays bullish as One Shenton snapped up
Entire floors of the two towers bought for $1,500 to over $2,000 psf
By ARTHUR SIM
(SINGAPORE) City Developments Ltd (CDL) executive chairman Kwek Leng Beng remains bullish about the high-end property market and expects prices to rise 10-20 per cent this year.
http://img405.imageshack.us/img405/8426/bt541938705012007ek3.jpg
Big draw: Guests waiting for the lift after arriving to see the One Shenton showflat on Shenton Way yesterday and (next) a model of One Shenton, which will have a 50-storey tower and a 43-storey tower joined by a podium block with 11 retail units
http://img405.imageshack.us/img405/1339/bt541940205012007pe5.jpg
Mr Kwek was speaking at the soft launch of CDL's latest residential development - One Shenton - where at least 70 per cent of the 341 apartments were snapped up at a preview last night, mainly by investors who purchased entire floors, sources said.
Units were sold for '$1,500 to over $2,000 psf'. The rest will no doubt move fast as long queues were seen outside the development's showflat even late into the night.
Mr Kwek also said that he does not believe the projected slowdown in the economy this year will clip property prices.
Believing market sentiment will 'filter through' to all segments, Mr Kwek also said that he expects mass-market prices to increase 6-10 per cent in 2007.
It is this confidence that perhaps prompted him to turn down offers from institutional investors to buy One Shenton en bloc.
Two institutional investors whom he described only as 'Western' approached CDL, with the highest offer close to $1,700 per square foot, he said. This would have made the sale price in excess of $714 million, based on the development's 420,000 sq ft of sellable floor area.
Instead, Mr Kwek said that he would rather sell the two-tower development to individuals for between '$1,500 to over $2,000 psf' because 'they have been queuing up and knocking on our doors . . it wouldn't be nice'.
He revealed that up to 30 per cent of CDL's customers are repeat buyers and it would also be a matter of 'goodwill'. CDL also expects between 60 and 70 per cent of the buyers to be Singaporean.
The 99-year leasehold development will have 142 one-bedroom units, with or without study. There will be 113 two-bedroom units, 54 three-bedroom units, 21 four-bedroom units and 11 Sky Suites and Sky Villas.
The development will consist of a 50-storey tower and a 43-storey tower joined by a podium block with 11 retail units. CDL has no plans to sell the retail units.
One Shenton is being launched in a price slightly lower than that of Marina Bay Residences, which were launched last month at $1,550-$2,150 psf, with the highest priced unit going for a record $3,400 psf.
One Shenton cannot command the same views as Marina Bay Residences so records may not be broken this time. Still, Mr Kwek revealed that he has ambitious plans to buy the whole urban block that One Shenton sits on, which includes Shenton House and UIC Building.
He is interested in the Government Land Sales white site to be launched in the first half of this year next to One Shenton.