Far East sells 97 units of Mi Casa over past week

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Published March 31, 2009

Far East sells 97 units of Mi Casa over past week

By KALPANA RASHIWALA


(SINGAPORE) Here's yet more evidence that there's still demand for attractively priced condos in the mass-market segment. Property tycoon Ng Teng Fong's Far East Organization has sold 97 units at its Mi Casa condo near Choa Chu Kang MRT Station since it began sales last week.

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Mi Casa: Located near Choa Chu Kang MRT Station, the 457-unit 99-year leasehold condo has an average price of $625 psf. Buyers who wish to opt for an interest absorption scheme will have to pay 3% more

The 99-year leasehold condo has an average price of $625 per square foot. Buyers who wish to opt for an interest absorption scheme will have to pay 3 per cent more.

The 457-unit condo is being developed on a plot along Choa Chu Kang Drive which is diagonally opposite Lot One mall.

In a news release last night, Far East said Mi Casa is the first new private condo project in the Choa Chu Kang town centre in eight years and offers an 'attractive value proposition' to HDB upgraders and private home owners in the area.

Upgraders accounted for 80 per cent of Mi Casa's buyers. A number of buyers also own landed homes in the area and bought units at Mi Casa for investment and for their children, according to Far East. Mi Casa also drew some foreign buyers (such as China nationals and Malaysians).

Far East Organization unit Tian Hock Properties bought the Mi Casa site at a state tender in May last year for $116.01 million or $203 per square foot per plot ratio.

Over at the Balestier Road area, City Developments is understood to have sold another 30 units between Friday and Sunday at The Arte at Thomson freehold condo.

This brings total sales in the project to nearly 90 units. The 336-unit project, which will comprise two 36-storey blocks, is being offered at an average sellling price of about $880-890 psf.

At Somerville Road, boutique developer HLH Group has sold eight of the total 25 units at its D'Almira condo since it began previews three weeks ago.

The average price of the five-storey freehold apartment development is about $750 psf, says ERA divisional director Andrew Soh, who is marketing the project.

HLH is not offering any interest absorption scheme; buyers will have to make normal progress payments on their units when they are billed by the developer, in accordance with the stage of construction.

In the River Valley area, Fortune group sold another five units last week at The Mercury in Shanghai Road. The average price for the freehold project is '$1,200 psf plus', according to Fortune Development general manager Victor Soh.

Interest absorption scheme is available to buyers in exchange for a 3 per cent premium. To date, 64 of the total 67 units in the project have been sold.

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March 31, 2009 Tuesday

Upgraders snap up Mi Casa condo units

By Yang Huiwen


BUYERS snapped up 97 units during a private preview at a Choa Chu Kang condominium, yet another sign that suburban projects are selling well with upgraders.

These sales at Mi Casa, Far East Organization's new development in the Choa Chu Kang town centre, comprise almost 80 per cent of the 123 units released.

Mi Casa has a total of 457 units in the estate.

Prices started at $580 per sq ft (psf). The average price achieved was $625 psf.

Two-bedroom units, with sizes that start at 990 sq ft, and three-bedders, sized from 1,259 sq ft, were sold.

Some also have an extra study unit. That brings the two bedders up to 1,119 sq ft and the three-bedroom flats to 1,281 sq ft.

The four-bedroom units have yet to be launched.

Buyers at the preview were mostly entrepreneurs and professionals, including teachers and engineers, said the private developer in a statement last night.

About 80 per cent of the buyers were 'upgraders' living in the surrounding vicinity and nearby areas such as Yew Tee, Bukit Batok and Teck Whye.

Foreign buyers, including Chinese and Malaysian nationals, accounted for about 12 per cent of sales.

Mi Casa - Spanish for 'my home' - is the first new private condo project built in the town centre in eight years since The Warren condo, which was launched in 2001.

The site for Mi Casa was acquired by Far East in May last year.

It is within walking distance of the train station, bus interchange, community library and the Lot 1 Shoppers' Mall.

Far East's chief operating officer for property sales, Mr Chia Boon Kuah, sees a healthy demand for new condos in that area.

'We are delighted with the preview sales so far,' he said in a statement yesterday.

'Currently, there are no new sites available in the Choa Chu Kang town centre in the government land sales programme.'

This makes Mi Casa 'an attractive value proposition to HDB upgraders and private-residence owners in the neighbourhood', he added.

Buyers enjoy an early bird discount until the condo's official launch on April 10.

The suburban market showed some real signs of life last month when more than 300 units at Frasers Centrepoint's Caspian condo in Jurong were snapped up within three days.

More than 70 per cent of its 712 units have been sold since.