End of Ghost Month sees spate of new launches

Property
Published September 28, 2006

End of Ghost Month sees spate of new launches

Residential projects around the island making their way to the market

By UMA SHANKARI

DEVELOPERS are revving up the pace of their property launches, now that the Hungry Ghost Festival has ended.

First up is The Centris at Jurong West, which will be previewing this weekend. The 99-year leasehold project has 610 units and is being developed by Prime Point Realty Development.

The Centris is located next to Boon Lay MRT station and Jurong Point shopping mall. When completed, the 16-storey development will have a bus interchange on the first level, while the second to fourth floors will be given over to retail, allowing for an extension to the often crowded Jurong Point mall.

Residential units, which are expected to go for between $500 and $550 per square foot (psf), will start from the fifth floor onwards. This weekend's preview will be limited mostly to business associates of the developer, BT understands.

The Centris preview comes hot on the heels of Wheelock Properties' soft launch of the prime Ardmore II on Tuesday. And Frasers Centrepoint's freehold One St Michael's on Serangoon Road also started selling last weekend.

Wheelock, which priced the 118 units at Ardmore II at an average of $2,300 psf, saw more than half the units snapped up on Tuesday itself. The 131-unit One St Michael's is going for about $600 psf.

Other recent previews include Tiong Aik Group's 120-unit The Inspira at Arnasalam Chetty Road and Hong Leong Holdings' 49-unit Buckley 18 at Buckley Road.

The new launches come towards the end of this year's double Hungry Ghost month, which ended on Sept 21. Traditionally, property launches slow down during the period.

But now, agents and developers are stepping up the pace of their launches. Apart from the projects mentioned, at least another seven residential developments with a total of close to 3,000 units could make their way to the market by the end of this year, BT understands.

Among them is the 472-unit Ferraria Park at Flora Drive, which plans a mid-October launch with prices at about $500-$550 psf.

In the prime district, buyers can look forward to two 99-year leasehold condominiums - a 400-unit condo at the Business and Financial Centre site and a 351-apartment project on Shenton Way by City Developments.

Other projects include a 380-unit condo at Alexandra Road/Tiong Bahru Road by CapitaLand and Lippo Group; The Pharos, a 175-unit freehold project by CityDev in Jiak Kim Street; and United Overseas Land's 161-unit condo at Chay Yan Street. Ho Bee is also expected to launch its 256-unit Sentosa Cove condo soon.