Alexis at Alexandra pulls in the punters

[mr funny]

http://www.businesstimes.com.sg/sub/news/story/0,4574,318902,00.html?

Published February 13, 2009

Alexis at Alexandra pulls in the punters

By LIEW AIQING


PREVIEW sales of the 293-unit Alexis at Alexandra Road started yesterday and developer Fission Group said that at least 50 per cent of the development has been sold at prices ranging from $850 per square foot (psf) to $1,100 psf.

http://www.businesstimes.com.sg/mnt/media/image/launched/2009-02-13/BT_IMAGES_AQALEXIS13.jpg
Keen interest: A seasoned property consultant said that interest in Alexis is likely because most of the units are small and prices range from $450,000 to $650,000

The company was coy on the exact number of units sold but it may have been a tad too modest. Some buyers BT spoke with at the crowded show flat said that they were told by marketing agents that up to 85 per cent of the units had been sold by 7.30 pm.

'The prices are competitive compared with other condominiums, but its proximity to the MRT and CBD makes the Alexis a good investment,' said Steven Kwok, a potential buyer who had been quoted a price of $1,050-$1,100 psf.

Another buyer said that compared to the recently launched Caspian ($580 psf), Alexis is not cheap but he hopes to resell the property for a profit. He also said that compared to what was quoted in an invitation he had received earlier, prices quoted at the showflat were 10 per cent higher.

According to official data, three units at The Anchorage next door sold at $848-$929 psf in the fourth quarter while a unit at Queens on Stirling Road sold for $894 psf this month.

Fission Group has tied up with United Overseas Bank to offer an interest absorption scheme, which, like the now-scrapped deferred payment scheme, allows buyers to defer any payments beyond an initial downpayment until the project receives Temporary Occupation Permit (TOP).

Alexis is being built on the former Alexandra Centre which was put up for collective sale in 2007 for around $300 per square per plot ratio. It is not known how much Fission Group paid for the site.

A seasoned property consultant said that interest in Alexis is likely because most of the units are small. At between 400 sq ft for a one-bedroom unit and 650 sq ft for a two-bedder, prices range from $450,000 to $650,000.

He also said that there was 'still liquidity in the market' and investors with a two-year investment horizon would still find property attractive. 'There is no point putting money in a bank,' he added.

Over on the east coast, City Developments Ltd (CDL) will launch a new phase for its Livia condominium in Pasir Ris at an average price of $620 psf, or about $30 psf less than the launch price of the first phase. A total of 30 units in two stacks will be offered in the second phase.

Chia Ngiang Hong, group general manager of CDL said: 'The company senses a renewal of market interest and improvement in buyer sentiment. More people have been visiting our showrooms, and many have made offers for units that have yet to be launched.'

[WolleyDragon]

looking at the picture, most of the people thronging the showroom are aunties and uncles (potential speculators waiting to get burnt). :doh:

Macham like buying vegetables in the market...

[i12buyhouse]

No need to rush... Chances is u may get a unit cheaper, 6-9 mths down the road....




looking at the picture, most of the people thronging the showroom are aunties and uncles (potential speculators waiting to get burnt). :doh:

Macham like buying vegetables in the market...

[isaaclim]

looking at the picture, most of the people thronging the showroom are aunties and uncles (potential speculators waiting to get burnt). :doh:

Macham like buying vegetables in the market...

This is a project at an old HDB town. If not uncle and aunties, what else do you expect?

[propertyguru]

No need to rush... Chances is u may get a unit cheaper, 6-9 mths down the road....

How so? Since we are already in the middle of a recession, and the development is not being sold on DPS, one would assume all the buyers are solvent and can afford to pay for these units. Unless the economy tanks further in the next 6-9 months, I see no reason why these folks would sell at a loss a few months down the road. They would likely hold on to these units and rent them out when the development is completed. Granted they may not experience any asset appreciation, since I still believe that 1000psf is overpriced for this area, but there's also no reason to panic sell, in which case they will not suffer any asset depreciation either. In other words, how to find cheap units 6-9 months down the road?

[yoonheng]

Do u thing we r at middle of recession...? We are behind US and Europe economic recovery. I don;t see any sign that Western countries is bottom up right now. I have all reason to believe worse is yet to come , the show has just begun.



How so? Since we are already in the middle of a recession,

[SL]

Do u thing we r at middle of recession...? We are behind US and Europe economic recovery. I don;t see any sign that Western countries is bottom up right now. I have all reason to believe worse is yet to come , the show has just begun.

I agree.. I speak to many locals everyday and what constantly amazes me is that a big majority have not understood how deep this recession will be.. I have priviledged to see some Americans companies (based here) data.. I always broke out in cold sweat :scared-5:

I cant help but thinking people still think this is 'just another recession and we will be out of the hole soon'.. I really hope they are right.

[mr funny]

http://www.straitstimes.com/Money/Story/STIStory_338076.html

February 14, 2009 Saturday

90% of Alexandra Road condo sold

By Joyce Teo


YET another new project - this time the Alexis @ Alexandra - has defied the downturn by attracting overwhelming interest at its preview.

The Straits Times understands that about 90 per cent of the 293-unit project at the corner of Alexandra Road and Commonwealth Avenue has been sold. The sales on Thursday and yesterday were done at prices between $850 and $1,100 per sq ft (psf). Most of the buyers were Singaporeans.

This compares with average prices of around $820 psf for the 99-year leasehold The Metropolitan, next to Redhill MRT station, in the fourth quarter of last year.

Industry sources said it was the affordable absolute price at the freehold project that guaranteed its success.

The near sell-out preview follows similar success at the 712-unit Jurong condo Caspian last week. The first 250 units - priced at $580 psf on average - had sold out by Sunday afternoon. So far, 350 units have been sold.

Alexis is being developed by Yi Kai Development and Fission Group, which bought the site in late 2007.

At least 80 per cent are one- to two-bedders. The developers had adjusted the mix to include more affordable units because of the weak market.

Prices started from about $450,000 for the one-bedroom units, which are about 400 sq ft, and went up to about $650,000 for the two-bedroom units. These are around 630 sq ft.

About a third of the 50 penthouses are still available at prices starting from $1 million.

A DBS group research note yesterday said the strong take-ups at Alexis and Caspian do not signify a recovery.

The market, it said, now seems to favour developments where the absolute pricing is below $800,000, or 'a price that does not break the bank'.

There is some degree of pent-up demand but, with the HDB resale market slowing, this may not be sustained without an economic recovery and greater job security, it said.