The Seafront 37% sold

Published April 10, 2007

The Seafront 37% sold

By ARTHUR SIM

CAPITALAND'S The Seafront @ Meyer, launched last Friday, is already 37 per cent sold at an average price of $1,400-$1,800 psf. So far, 120 apartments in the 327-unit project have been sold - with one penthouse fetching just under $9 million.

Barely four months ago, the 121-unit Grand Duchess in St Patrick's Road sold out within two days at prices around $740 psf.

CapitaLand Residential Singapore CEO Patricia Chia said: 'District 15 has traditionally been a very popular residential area. In the old days, you had to be someone to live in Katong. I would say it will continue to be a prime district to locals and foreigners.'

The prices for The Seafront verge on those fetched in the traditional prime districts of Districts 9, 10 and 11. But as Ms Chia noted: 'If you compare the price to what is being transacted in the Orchard Road area today, (The Seafront) will appear cheap. Everything is relative.'

Of the 120 buyers so far, 40 per cent are foreigners - mostly investors from Indonesia and Malaysia.

Ms Chia said that of the local buyers, based on addresses registered, more than half appear to already live on the East Coast while about 20 per cent live in Districts 9, 10 or 11. She could not say whether any had been been displaced by recent collective sales.

The Seafront is being launched in phases, with 184 units released under phase one. Phase two, expected soon, is being marketed by ERA Singapore.

Commenting on the queues that formed before the launch on Friday, ERA president Jack Chua said most of those who queued ended up buying a unit.

On potential rental returns, Mr Chua said developments nearby are fetching between $4-$5 psf and rents in the area increased about 20 per cent last year.

Keppel Land, which launched its 1,129-unit Reflections at Keppel Bay recently, says more than 80 per cent of the 350 units launched have been sold at an average price of $1,900 psf. The highest price achieved was $2,520 psf.

Foreigners account for 40 per cent of the buyers, Keppel Land said. Its director (Singapore Residential) Augustine Tan added: 'Our initial plan was to only launch one pair of the tower blocks. However, we have released another high-rise block because of the demand. This is the final tower block that we will be releasing for sale to the public as of now.'

Foreign investors are interested in buying entire blocks, Mr Tan said.

Reflections comprises three pairs of tower blocks and 11 villa blocks.