Upcoming condo launches to look out for

Feb 18, 2007

Upcoming condo launches to look out for

Keppel's Reflections and CapitaLand's Orchard Residences could set benchmark prices

By Joyce Teo, Property Correspondent

WITH the positive property market outlook, developers are set to line up a slew of condominium launches in the coming months, particularly soon after Chinese New Year.

The launches, likely to hit the market in the next two months, range from the mid-range to the luxury end.

Two high-profile launches are Keppel Land's Reflections at Keppel Bay and CapitaLand's The Orchard Residences at the prime Orchard Turn site.

The 1,160-unit Reflections is designed by renowned architect Daniel Libeskind, who designed Berlin's famous Jewish Museum.

Both are highly anticipated as they are regarded as unique projects, in hip or upcoming locations. Market watchers say they could set benchmark prices for their areas.

But some are concerned that the growth in prices of new Orchard Road properties may be limited somewhat by the increasing high-end supply in the area. Numerous collective sales were done in the Orchard Road area last year at relatively high prices.

Next month, home buyers can look forward to the first two residential projects at one-north, the $15 billion 200-ha research hub, which can accommodate about 20,000 residential units.

The 405-unit One North Residences by a joint venture between UOL Group and privately-held Kheng Leong could be pushed out in mid-March.

The other is United Engineers' 368-unit One Rochester, which is part of a mixed development that includes a hotel, service apartment block and a retail complex. It has units ranging from 770 sq ft to 2,900 sq ft, though most are 1,500 sq ft three-bedders.

Both projects could cost about $800 to $850 per sq ft (psf) or more, said market watchers.

One North appears suitable for families and long-term living while One Rochester could attract more short-term lessees, they say.

UOL is likely to release its 180-unit Pavillion 11 at Minbu Road soon. This project could be priced about $1,000 psf on average, market sources said.

CapitaLand may also release its 350-unit Meyer Road project at prices ranging from $1,300 to $1,500 psf.

Home buyers with more money can look to Kim Seng Road, where the Lippo group could soon launch its 252-unit The Trillium at up to $1,800 psf, market sources say. Nearby, the 175-unit Tribeca was released last November at $1,420 psf.

In Grange Road, Chyau Fwu Group aims to launch its 35-unit Parkview Eclat next month, largely at $3,000 psf on average.

Mr Ku Swee Yong, property consultancy Savills Singapore's director of marketing and business development, said potential speculators have to consider carefully their choices.

'You have to choose a project in a locality that has hype and consider whether the hype will continue into the future.'

The project should also be of a certain size - with 100 units or more - to generate enough interest and buzz, he said.

PropNex's senior division director Eric Cheng said he has been seeing more and more property hunters hoping to make a quick profit, rather than buying for their own use or investment.

And some of them have just enough money for the down payment, which is very risky should they fail to find a buyer within a short time. 'Buyers should exercise prudence,' he warned.

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