All units in phase1 of The Vision sold out

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Published March 11, 2010

Cheung Kong has a grand Vision for the West Coast

By EMILYN YAP


CHEUNG Kong has set its sights on building the tallest - and perhaps priciest - condominium project in the West Coast area.

The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf).

The Vision comprises 281 apartments and 14 strata terrace units. The apartments will be housed in two towers - one with 33 levels and the other with 32. The project will be the tallest residential development in the area, said Cheung Kong sales manager Cannas Ho yesterday.

It will have two-, three- and four-bedroom units ranging from 818-1,604 sq ft. There will also be two penthouses. Going by the average asking price cited, a four-bedder could cost about $1.9 million.

The target psf price tag for units at The Vision looks high compared with those at developments nearby. Just next door is the 99-year leasehold Blue Horizon, which was launched around 2001. Units there went for $764-$808 psf last month, as caveats lodged show.

Homes at ClementiWoods Condominium in the vicinity changed hands at $836-$957 psf last month. It has a 99-year lease and entered the market in 2007.

But Cheung Kong is marketing The Vision as a high-end project in the West Coast area - and that probably shows in the asking prices.

According to the developer, the construction cost is 'high due to the quality finishes and high-end fittings used'.

For instance, Cheung Kong says it will cost about three times more to build a bathroom in The Vision than in a typical condominium.

The developer says it is confident there will be demand because of several factors. For one thing, the site is across the road from West Coast Park, and about 70 per cent of units will enjoy unblocked sea views.

The area is also popular with expatriates. And this is a group which The Vision is targeting, besides Singaporeans.

Ms Ho expects owner-occupiers to make up the majority of buyers, and says there have been plenty of enquiries. BT understands agents have collected cheques from potential buyers.

Chesterton Suntec International research and consultancy director Colin Tan reckons The Vision's target pricing could be 'a bit strong' for owner-occupiers. Investors would not mind paying, if they believe property prices will continue rising, but they tend to be more interested in one- bedroom units, he said.

'If the launch is successful, it will set the benchmark' for developments in the West Coast area, he said.

Elsewhere, more property launches are on their way. Agents are gathering interest for Ho Bee's Seascape and City Developments' The Residences at W, both at Sentosa Cove.

Sources say Seascape could be launched towards the end of the month, at asking prices of $2,700-$3,000 psf.

Agents are also advertising for Hong Leong Group's 76 Shenton Way, said to comprise mostly one and two-bedders. BT understands it could be previewed at month-end, and agents are quoting prices above $2,000 psf.

http://www.businesstimes.com.sg/sub/...10340,00.html?

Published March 13, 2010

All units in phase1 of The Vision sold out

Buyers pay $1,332 psf for two penthouses

By EMILYN YAP


HONG Kong developer Cheung Kong has set record selling prices for residential projects in the West Coast area.

It managed to sell all 100 units released in the first phase of sale for the 99-year-leasehold The Vision yesterday. Of these, two penthouses went for $3.6 million each, which works out to around $1,332 per square foot (psf).

Buyers paid around $1,000-$1,200 psf for two, three and four-bedroom units, which start from 818 sq ft in size. Cheung Kong also sold several strata terrace units, and the highest price fetched was $3.2 million.

According to the developer's sales manager Cannas Ho, upgraders made up more than 60 per cent of the buyers, and investors accounted for the remainder.

The Vision will have 281 apartments and 14 strata terrace units altogether. In view of the strong demand, the developer will release another 20 units of two to four-bedders for sale this weekend. Cheung Kong had planned to start the second phase of sale by Q4 this year. Whether it brings the release forward will depend on market response to the project, Ms Ho said.

Take-up so far surprised some market watchers, given that The Vision's asking prices are higher than those of other developments nearby.

One of the newer launches in the area, City Developments' Hundred Trees, achieved prices of above $1,100 psf in recent months. But those transactions involved mainly smaller units measuring 484 sq ft, and the project has a 956-year lease.

The robust take-up of units at The Vision 'shows the strong underlying demand for mass-market homes', said Colliers International research and advisory director Tay Huey Ying. The prices achieved could raise the value of homes in the vicinity, and provide a guide for future launches, she added.

Cheung Kong's Ms Ho attributed The Vision's attractiveness to 'good location and first-class amenities'. The site is across the road from West Coast Park and the sea.

Another developer felt that prices at The Vision are not that staggering, considering the attributes of the site, and that West Coast is home to several private housing estates. The market should not see the prices as signs of a bubble forming, he said.

Nevertheless, observers will be keeping watch on prices of upcoming launches nearby. Far East Organization's Horizon Residences, a freehold 72-unit project in the Pasir Panjang area, could be previewed in the next few weeks.

Elsewhere, the buzz is starting for property agents promoting 76 Shenton Way. Some will be presenting information on the 99-year-leasehold 202-unit project to potential buyers today. Asking prices are said to range from $1,600 psf to above $2,000 psf, depending on the level of the units.

Agents are also gathering interest for Fragrance Group's 161-unit Parc Elegance in Telok Kurau and Novelty Group's Primo Residences near Kovan MRT station.

http://www.straitstimes.com/Money/St...ry_500611.html

Mar 11, 2010

Record prices eyed for West Coast condo

The Vision units to be priced mostly at $1,000-$1,200 psf during preview

By Joyce Teo


ONE of Hong Kong's biggest developers, Cheung Kong, has made its intentions clear for a sleepy mass market corner of the West Coast.

It is asking what would be - if achieved - record prices for the area at a preview for The Vision, on West Coast Crescent.

The preview, starting tomorrow, involves the release of up to 100 units mostly priced at $1,000 to $1,200 per sq ft (psf). This puts the starting price for an 818 sq ft two-bedder at nearly $900,000.

Cheung Kong's vision is to develop a high-end project to be the area's most luxurious building, said sales manager Cannas Ho at a media briefing yesterday: 'We're not building a mass product, we're building a high-quality product.'

That may explain the relatively high pricing for a project in something of a backwater. A property expert noted there is no particular MRT advantage there.

Experts said if the units sell at the asking prices, it would be a record for the West Coast area.

Next door, Blue Horizon registered seven deals this year at $764 to $841 psf.

Last year, Far East Organization made the news when it launched the 329-unit Centro Residences in Ang Mo Kio at over $1,100 psf - a suburban record.

Ms Ho said it is targeting upgraders, families and expatriates, and has fielded more than 1,000 inquiries in the past fortnight.

A second phase will be offered by year-end. Pricing depends on the market then, 'but we must adjust it upwards', she said.

She said The Vision, to boast 281 apartments and 14 strata terrace units, is near the science and lifestyle hub one-north, and educational institutions.

The apartments are mostly between 818 sq ft and 1,604 sq ft, with two four-bedroom penthouses at 2,702 sq ft each. The two-bedder is the smallest unit.

Cheung Kong is packing The Vision with stylish fittings and branded appliances designed to give the 99-year leasehold project a luxurious vibe.

For instance, the kitchen comes with a Smeg induction cooker and electric oven and the bathroom has a Hansa rainforest shower with body jet.

A clubhouse, Sky Paragon, is on the top floor of the 33-storey building, with a gym, spa, bar and function room.

At the preview, Cheung Kong will release up to half of the 14 strata terrace units, each with a built-up area of about 5,000 sq ft. Interested parties will have to submit offers, said Ms Ho.

Cheung Kong clinched the site in a state tender in March 2008 with a bid of $305 psf per plot ratio (ppr). Last year, the developer paid a much higher than expected sum of about $533 psf ppr for an Upper Thomson Road plot.

Meanwhile, Sing Holdings will hold a preview of its 229-unit The Laurels at Cairnhill Road this weekend, concurrently in Singapore and Jakarta, while Tiong Aik will preview Coralis near Marine Parade tomorrow.

About 100 The Laurels units will be released with typical units priced at $2,600 to $3,050 psf.

Over 80 units have been sold since the first special sale to ex-owners, staff and business associates was held late last month at $2,500 to $2,900 psf.

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http://www.straitstimes.com/Money/St...ry_501576.html

Mar 13, 2010

Rush for condo units despite record prices

100 units of The Vision, a mass market project, sold out upon release

By Joyce Teo


BUYERS have snapped up units at a West Coast condominium despite the developer setting record prices for a mass market project.

Cheung Kong (Holdings) has sold all 100 units of The Vision released for its Phase 1 sale at prices 'from $1,000 to $1,200 per sq ft (psf)' for the two- to four-bedroom units, according to sales manager Cannas Ho yesterday.

However, market talk suggests that around 130 units or more have been booked. Sales apparently started on Thursday, when buyers handed over their cheques to confirm sales of 80 or so units without even viewing the showflat.

'The response is unexpected. However, it proves that there is strong demand for mass market homes,' said Colliers International's director for research and advisory, Ms Tay Huey Ying.

The Hong Kong-based developer said the 100 units sold included two penthouses and 'nearly half of the 14 strata terrace units'.

The Vision, a 99-year leasehold condo across the road from West Coast Park, has 281 apartments and 14 strata terrace units.

It is next to Blue Horizon, where units in the resale market have gone for $764 to $841 psf this year.

Ms Ho told a media briefing on Wednesday that The Vision will be the most luxurious building in the area.

She said then that the plan was to offer a second phase for sale by the end of the year.

The highest price done - for a strata terrace unit - was $3.2 million, she added yesterday.

About 70 per cent of the buyers are locals. The rest are from Malaysia, China and the United States.

More than 60 per cent are upgraders, while the rest are long-term investors in the leasing market, Ms Ho said.

Yesterday, Cheung Kong would say only that it had sold 100 units and that it would release another 20 units over the weekend.

A property expert said some buyers are clearly motivated by low interest rates and the fear of prices rising further, given the high land bids seen in recent tenders.

Colliers' Ms Tay said: 'There's a possibility that these record prices can help to raise the negotiation power of home owners in the vicinity in asking for higher prices.

'It is also likely to have the effect of raising the value of mass market homes in Singapore.'

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