Condo Launches in the News
Published January 12, 2006
Centrepoint's mass-market launch of Raintree tomorrow
It will release more properties this year, with 1,500 units up for sale
By ALEXANDRA HO
CENTREPOINT Properties is kicking off the year with a mass-market project launch tomorrow of the Raintree, near the Bukit Timah Nature Reserve.
Centrepoint is looking to release most of the unsold units from its soft launch in mid-November. Of the total of 315 units, 75 were previously released, with about 70 per cent, or 51 units, snapped up.
Centrepoint's chief executive officer Lim Ee Seng said the price for the 99-year leasehold project will remain at $470 per square foot for the weekend and could be raised, depending on the response it receives.
The prices for its wildly popular The Azure at Sentosa Cove last year started at around $950 psf, before eventually rising about 10 per cent to hit $1,020 psf. The project is fully sold.
Centrepoint will release more properties this year - pegged at different market segments - with about 1,500 units available for sale.
Last year, it moved 1,200 units, making it the No. 2 player in the local private residential property market in terms of volume, behind City Developments Ltd's 2,300 units, Mr Lim said.
He hopes to exceed last year's sales figures this year. Over the longer term, he expects Centrepoint to sell an average of 1,200 units a year, capturing around 20 per cent of market share for private residential properties.
For the first half of the year, Centrepoint will launch the freehold 18-storey, 194-unit project at Woodsville, called One Leicester, at the price range of about $600 psf.
Another project planned for H1 at a similar price range is a 315-unit freehold condominium at Faber Hills.
In the second half of the year, Centrepoint is rolling out the higher-end Jervois Road project. The freehold, 275-unit project is targeted at those seeking to invest, as well as to live there.
Another luxurious property going on the market is at St Thomas Walk, near Killiney Road.
The condominium is slated to have 160-170 large units, with the smallest one starting at nearly 1,800 sf.
Japanese architect Miyake Masaki, an associate of the late Kenzo Tange, has been roped in to design the place that is targeted at both local and foreign buyers.
Mr Lim, however, declined to indicate the prices for the two higher-end projects.
Two other more modest projects in the $500-$600 psf price range to be launched in H2 are further north in Singapore - one at Ulu Sembawang and the other at the junction of St Michael's and Serangoon Roads, with the former being a 73-unit freehold project, while the latter is to comprise 140 freehold units.
Centrepoint is not adopting a specific land banking strategy, according to Mr Lim, as 'the Singapore market is so small; we cannot afford to be too choosy because we're focusing both on the high-end as well as the middle (market). So whatever is available, we will take'.
While reserving judgment on growth predictions for the high-end market, Mr Lim is expecting a growth of up to 10 per cent in the middle-tier residential market.
'I'd rather see a more gradual increase rather than a sudden increase, because it's the bread and butter, it's for the masses, not for speculators,' he said. 'For such a market, we are in it for the long term.'
Centrepoint has cast its eyes overseas and will be launching a Thai property here - its first - next month. Situated on the banks of Bangkok's Chao Praya river, The Pano is touted as the tallest condo development by the river with all units facing it.
The project is a 50/50 joint venture between Centrepoint's overseas arm, Frasers Property Group, and Thai developer Krungthep Land.
About 60 out of Phase 1's 397 units were sold in a recent soft launch, at a price of 87,000 Thai baht (S$3,570) per suare metre.
The target is to grow the development income from overseas projects to half of its total income by 2010, from last year's 20 per cent.
Source: Business Times
Draycott condo prices upped to $1,800 psf
Draycott condo prices upped to $1,800 psf
9 Mar 06
The Arc sees strong foreign interest; Yishun houses also launched this week
BS Capital's The Arc at Draycott luxury apartment project and Allgreen Properties' The Shaughnessy cluster housing development in Yishun are being officially launched this weekend, marking the start of ad campaigns, following earlier previews.
BS Capital has sold 39 of the total 58 units at its freehold project, The Arc at Draycott, for about $1,700 per sq ft on average since November/December last year when it first marketed the project in Hong Kong and Jakarta.
It is now raising the average price for the remaining 19 units to about $1,800 psf.
Foreigners are understood to have bought about 60 per cent of the units sold so far in the 36-storey development.
The 4,144 sq ft duplex penthouse was sold for $7.25 million to a Pakistani investor, who also bought another apartment in the development. A Hong Kong family bought five units.
The project has also seen strong interest from British, French, German, New Zealand and Indonesian buyers.
'We have received a very encouraging response from buyers around the globe during our soft preview,' BS Capital's CEO Chin Teck Chuan said in a statement yesterday. CB Richard Ellis and Savills are jointly marketing The Arc.
The remaining 19 apartments in the project are mostly two or three-bedroom units with prices ranging from $1.9 million to $2.5 million.
BS Capital is developing The Arc at Draycott on the former Falcon Crest site which it bought in 2004 for $40 million through a collective sale.
That price worked out to $671 psf of potential gross floor area inclusive of an estimated development charge of $11.25 million. The breakeven cost was reported at about $1,000 to $1,100 psf at the time.
Over in the Yishun area, Allgreen is also raising the average price of The Shaughnessy, a 99-year leasehold strata terrace housing project, from $245 psf during the preview in October last year to $250 psf for this weekend's official launch.
It is releasing another 28 units now after selling all 50 units which it had earlier released during the preview.
The project comprises a total of 254 units of three-storey strata terrace houses which come with a roof garden plus a basement.
The strata areas of the units range from 3,250 sq ft to 4,300 sq ft, says marketing agent DTZ Debenham Tie Leung. Prices range from $790,000 to $890,000 per unit. The developer is offering buyers a deferred payment scheme.
BS Capital is also expected to release later this year a 43-storey development in the Shenton Way area called The Lumiere.
The CBD apartments will offer a 'home-office living concept'. BS Capital will develop the project on the site currently occupied by the HMC Building at Mistri Road.
By KALPANA RASHIWALA
Meyer, Pasir Panjang condos to be launched soon
Property
Published March 16, 2006
Meyer, Pasir Panjang condos to be launched soon
By ALEXANDRA HO
PRIVATELY held developer Sing Holdings is launching its freehold residential project at Meyer Place this weekend.
The project, Meyer Residence, a 19-storey development with 68 units, is located opposite Katong Park. Sing Holdings has set prices between $707 and $823 per sq ft, with prices starting from $667,152 for two and three-bedroom units from 904 to 1,152 sq ft.
The developer declined to reveal if any units had been sold before the coming public launch.
Meyer Residence is a tad more affordable than condos in the same vicinity. Nearby, Keppel Land's Belvedere condo, is priced between $750 and $850 psf.
Sing Holdings managing director Lee Sze Hao believes both local and foreign buyers will be interested in the development. He also anticipates a good mix of people buying the apartments to live there and for investment purposes.
Last May, Sing Holdings subsidiary Sing Development paid $26.9 million for the 34,470 sq ft site that used to house Mulan Court. The price worked out to $390 psf of potential gross floor area, including a $1.3 million development charge. Sing Development had said then that it would break even at around $635 psf. The group's last major residential project was 38 Draycott Drive, with 30 freehold apartments.
Meanwhile, on the other end of the island, at Pasir Panjang, the Novelty Group is publicly launching its freehold project, the Murano. This project has 50 units, with one-bedrooms starting from 635 sq ft and four-bedroom penthouses going up to 2,034 sq ft.
Novelty is asking for an average of $550 psf and the response has been 'very encouraging', said Margaret Thean, executive director of DTZ Debenham Tie Leung, which is the marketing agent.
Ms Thean explained that the developer's reputation for high-quality furnishings is a selling point, adding that quite a few units, mostly the larger three and four-bedders, have already been sold.
Most buyers are also likely to be owner-occupiers, Ms Thean said.
MCL launching Mera Spring
Property
Published March 30, 2006
MCL launching Mera Spring
LISTED MCL Land is officially launching its Mera Spring condominium project in Carlisle Road this weekend starting from $620 per sq ft.
The group said in a press statement yesterday that the 129-unit freehold development is expected to attract young professionals who want to live close to the Central Business District.
MCL Land began its preview of Mera Spring in the fourth quarter of 2005 at an average $700 psf, and by early January about 35 units were sold.
Marketed by HSR International Realtors, the project is within walking distance of the Novena MRT station. In the vicinity are shopping centres and education facilities for young children.
Mera Spring offers two, three and four-bedroom apartments with unit sizes ranging from 1,044 sq ft to 1,550 sq ft each. Facilities include a main pool and a children's pool, a jacuzzi with pavilion, pavilions with barbeque stations and a jogging track.
Kellie Liew, HSR International's project director, expects good take-up for Mera Spring citing quality finishes and design.
Weekend launch for UOL condo
Property
Published June 22, 2006
Weekend launch for UOL condo
UOL Group will launch its 257-unit Southbank near Lavender MRT station this weekend. The leasehold development comprises a 197-unit block of one, two and three-bedroom units and penthouses that will go for an average price of $600 psf.
A second block of 60 single-level and duplex-level small-office-home-office (Soho) units will go on sale for about $750 psf.
UOL's chief operating officer Liam Wee Sin believes the trend for inner-city living by the water will ensure sales of Southbank. 'With the complete sell-out of Regency Suites' Soho units within a week of launch, UOL is confident of the take up for Southbank's Soho units,' he said. Soho units at the Regency Suites in Tiong Bahru were launched last year at $650-$970 psf. The project's 84 residential units were priced at $700-$750 psf on average.
In 2004, CapitaLand launched Citylights, also near Lavender MRT station at an average price of $590 psf, followed by RiverEdge condominium at Tanjong Rhu in November 2005 at an average price of $590 psf.
65-unit condo in Upp Serangoon Rd to go on sale
Property
Published September 21, 2006
65-unit condo in Upp Serangoon Rd to go on sale
ANOTHER residential development goes on sale in the Upper Serangoon Road area this weekend. The Acacias - in Braddell Park, off Upper Serangoon Road - will be launched at an average price of about $645 per square foot (psf).
The 65-unit freehold condominium by The Heritage Group will comprise 35 three-bedroom apartments, 12 penthouses, 12 two-bedroom units and six one-bedroom units.
David Neubronner, executive director of Savills Residential, marketing agent for project, said: 'Expatriates are gradually moving out of the traditional Districts 9, 10, and 11 - not only to be near schools but also to enjoy better living without compromising on quality and style.'
The Australian International School along Lorong Chuan and the French International School in Ang Mo Kio Avenue 3 are nearby. Mr Neubronner said the projected rental rate for condominiums in the area is $2.50-$3 psf. This could deliver a return of up to 5 per cent. The Acacias is being built on a redevelopment site that cost about $15.3 million in August 2005.
Further up Upper Serangoon Road, in Palm Grove Avenue, a redevelopment site measuring 29,014 sq ft is being put on the market for about $9.9 million. Originally comprising two neighbouring detached house plots, the 999-year leasehold site has gross plot ratio of 1.4.
Grace Ng, executive director and auctioneer of Colliers International, which is the marketing agent, says an apartment block with 30 units of about 1,200 sq ft each can be built. Another option, she says, is to build 20 cluster houses.
Closer to the city, off Upper Serangoon Road and near the Macpherson Road-Genting Lane junction, a freehold industrial building is for sale - the asking price is $11 million-$12 million. Zoned for 'Business 1', the 37,039-sq-ft freehold site has a gross plot ratio of 2.5. Marketing agent Colliers says such freehold sites in Singapore are rare.
Re: Newsworthy Condo Launches
Property
Published September 28, 2006
More than 50% of Ardmore II units sold
WHEELOCK Properties, which conducted a soft launch of its latest luxury condominium, Ardmore II, on Tuesday, said yesterday that more than half of the units were snapped up on the very first day.
Ardmore II offers four-bedroom luxury apartments at prices between $4.2 million and close to $5.5 million. At a standard 2,023 sq ft a unit, the average price of the units works out to $2,300 per square foot.
About 52 per cent of the 118 units at Ardmore II, located in the prime Ardmore Park area, were sold, said the company.
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Ardmore II offers four-bedroom luxury apartments at prices between $4.2 million and close to $5.5 million. At a standard 2,023 square feet a unit, the average price of the units works out to $2,300 psf.
Even before the soft launch, interest in the development was high, said Tan Bee Kim, general manager for marketing at Wheelock Properties. Tuesday's launch was via appointment only, and all appointment slots were fully booked. Wheelock offered five appointments for each half hour period.
Ms Tan said the project saw especially strong interest from buyers of Wheelock's previous developments such as The Cosmopolitan and Grange Residences. 'We are delighted and encouraged that our development has attracted such enthusiastic response and definitive endorsement from our past purchasers,' she said.
'For the soft launch, we are giving a discount of about 10 per cent, but depending on the response, we will review the pricing.'
For Ardmore II, most of the buyers (80 per cent) were locals, said Wheelock.
Ms Tan said Wheelock's past projects usually had a good mix of Singaporean and foreign buyers. For The Cosmopolitan, Singaporeans account for about half of purchases; for Grange Residences, locals make up 60 per cent of buyers.
Designed by Architects 61, Ardmore II's two 36-storey towers sit on 90,000 sq ft of land across from the Shangri-La Hotel. The development is targeted for completion at end-2009.