The Beverly (D21, Freehold, Hiap Hoe)

http://www.businesstimes.com.sg/sub/...20953,00.html?

Published February 26, 2009

More mass market projects to launch

By UMA SHANKARI


(SINGAPORE) Developers are planning to launch more mass market projects this weekend to take advantage of a recent surge in buying interest.

Hiap Hoe Group, a niche developer, will officially launch its 118-unit The Beverly, located at Toh Tuck Road, this Saturday. The starting selling price is $648 per square foot (psf), which Hiap Hoe says is an 'attractive starting selling price'.

'We have designed The Beverly for those looking for affordable, high-quality residential developments in a good location,' said Teo Ho Beng, the company's managing director.

The Beverly's two, three and four-bedroom apartments range from 1,120 sq ft to 4,187 sq ft, while its double-storey penthouses range from 2,099 sq ft to 3,757 sq ft and are each outfitted with a private roof garden and pool.

On the other side of the island at Pasir Ris, Sustained Land Pte Ltd will also officially launch Coastal Breeze Residences come this weekend. Two and three-bedroom units at the 63-unit development will sell for $610-$660 psf.

Sustained Land has sold 13 units in Coastal Breeze Residences since the start of 2008 in a soft launch. The units, which were mostly prime apartments on higher floors, went at an average price of $690 psf.

The remaining units are mostly three-bedders between 1159 sq ft and 1356 sq ft in size and there are also duplex penthouses. In terms of absolute value, for example, the price for a three-room 1159 sq ft unit starts at $712,000.

Meanwhile, the UOL Group is expected to launch its 646-unit Double Bay Residences in Simei sometime next week. Market talk has it that the project could be launched at $650-680 psf.

The three projects are coming hot on the heels of two successful launches earlier this month. Units at Frasers Centrepoint's Caspian condominium near Jurong Lake and Alexis @ Alexandra, a project by joint venture partners Yi Kai Group and Fission Group, sold quickly upon the projects' launches.

One market insider said that developers are taking pricing cues from each other, and making sure their newly launched projects are priced to sell. 'There is a sense that people will only be willing to buy projects in the $600-plus psf range, and also only units that don't cost too much in total. People don't really want to pay more than $600,000 or $700,000-plus in these times,' he said.

Developers are also throwing in more upmarket features into their mass market offerings to entice buyers. Each of The Beverly's 118 apartments is served by private lifts that open into the lobby of its interior. UOL's Double Bay Residences will also offer extras such as full-length windows in the kitchen, the company has said.

http://www.todayonline.com/articles/304282.asp

Thursday, February 26, 2009

Hiap Hoe launches The Beverly


Niche residential property developer Hiap Hoe Group is to launch its latest residential development this Saturday with a starting selling price of $648 per square foot.

The Beverly is a low density development comprising 118 apartments and double-storey penthouses, with the larger units each outfitted with a private roof garden and pool.

Mr Teo Ho Beng, Hiap Hoe’s managing director, said: “We have designed The Beverly for those looking for affordable, high quality residential developments in a good location.”

The project is targeted for completion in 2013. Its show flat is in Toh Tuck Road.

Toh Tuck quite a nice area, but definitely nowhere near mrt as claimed, lol :D

http://www.hiaphoe.com/home.html#beverly_main

lol i like the way the design the map - http://www.hiaphoe.com/map_beverly.html to make it look close to the upcoming MRT

i used to stay across the road at signature park. i love this place, very quiet, serene, and got bus plus :)

a nice atas neighbourhood within cycling distance to boon tong kee and such

posh project previously priced at $1200psf. i laughed at their face then.

lol its quite atas since i also stay round the corner and its my usual jogging route.. i was told the $648 psf is still nego... will probably drop by 2moro to check out the pricing and layout. Did this development even sell any units in their previous launch? Could not find any info on this though

Hi.. I've been looking for a property for my own stay for a while - and personally I like The Beverly when I went to their 'empty' showflat two months back. :)
I heard from the agent that the land + construction costs is abot $500+ psf.. so I guess the developer is only looking at small profit margin with this new re-launch price.
Too bad their apartment size are too big for a single person, otherwise, I'll negotiate a bit more and buy it.

Quote:

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Originally Posted by dtrax

http://www.hiaphoe.com/home.html#beverly_main

lol i like the way the design the map - http://www.hiaphoe.com/map_beverly.html to make it look close to the upcoming MRT

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The map damn misleading. Dunearn Road nd BKT Rd looked so short.

Anyhow, is Toh Tuck area any good? I hardly see the prices of the Condos going up much.

mind sharing what was the price quoted two months back when you were there in terms of psf and the size of the room ? (i presume u looked at 2-br since u are single owner)

Quote:

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Originally Posted by magdalene

Hi.. I've been looking for a property for my own stay for a while - and personally I like The Beverly when I went to their 'empty' showflat two months back. :)
I heard from the agent that the land + construction costs is abot $500+ psf.. so I guess the developer is only looking at small profit margin with this new re-launch price.
Too bad their apartment size are too big for a single person, otherwise, I'll negotiate a bit more and buy it.

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$1000+ psf.. although the agent said I could try no lower than $700+ psf..

wow... from 1000psf (lion mouth) to >700psf ("can try") ... that's a very huge gap :scared-4:

1000 psf can buy alot of other better units at better locations loh....

if this is to sell, i expect the launch to be ard 700psf....and my gut feel is this is expensive...

Quote:

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Originally Posted by xtink

wow... from 1000psf (lion mouth) to >700psf ("can try") ... that's a very huge gap :scared-4:

1000 psf can buy alot of other better units at better locations loh....

if this is to sell, i expect the launch to be ard 700psf....and my gut feel is this is expensive...

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A bit confused here....The launch price for this unit is around S$648psf as highlighted by the TS...

I think magdalene was referring to his/her previous enquiry.

not 700psf lah, already reported they re-launching at $648psf ~

I had a friend who went down last weekend and was quoted 1000 psf. She thought it was absurd, and now the relaunched prices reflect that. Frankly, I don't understand how the agents who attended to my friend could have in good conscience quoted her the 1000 psf price. Unbelievable. I think property agents have overtaken lawyers as the real sharks. Haha.

Quote:

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Originally Posted by propertyguru

I had a friend who went down last weekend and was quoted 1000 psf. She thought it was absurd, and now the relaunched prices reflect that. Frankly, I don't understand how the agents who attended to my friend could have in good conscience quoted her the 1000 psf price. Unbelievable. I think property agents have overtaken lawyers as the real sharks. Haha.

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I think they are just following what nearby Hillvista and Park Natura had been doing, quoting around 1000psf as recent as 2009 ie their 2007 peak prices. Now that prices have adjusted to a more normal 648psf, anyone finding this attractive?

In terms of location Toh Tuck is superior to hillview right? I wonder if there will be a drastic drop in Park Natura and Hillvista prices...hmm...but those are estabished big developers who may not bother.

it's stated from 648psf....those are usually the very big units, prob the penthouse etc... for a normal 2/3br... i easily expect min $700psf...

Quote:

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Originally Posted by propertyguru

I had a friend who went down last weekend and was quoted 1000 psf. She thought it was absurd, and now the relaunched prices reflect that. Frankly, I don't understand how the agents who attended to my friend could have in good conscience quoted her the 1000 psf price. Unbelievable. I think property agents have overtaken lawyers as the real sharks. Haha.

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Well.. the Beverly had 1-2 small advertisement back in Nov08 (I think).. my guess is no buyers since I couldn't find the caveat lodged in URA site. So now.. the developer has to lower the price. :)

Average 648psf and starting 648psf is easily a 100psf different.....

Heard $648psf is ground floor unit........Normal unit starts fr $750psf....:banghead:

if indeed ard 750psf... would be interesting to see if there can be another success frontpage story on the papers.... and developers would have reason to test 'higher low' in coming projects....

to pay >$750k for a 2-br is expensive in this case for such a location, abeit you have pvt lift to your doorstep.

I was there this afternoon, almost like ghost town lol.. price is way too high imo. 2rms are at mid $7XXpsf and the penthse is from $648psf.
Nowhere near mrt or any shopping malls and amenities nearby, for 700 plus psf seems to be quite a rip off price at this current market.

it is priced at S$840psf for blk 5 & 9 mid floor, pool view. Would there be any buyer?

I thought at 648psf average can at least move some units. From 648psf and going up to 800+psf? These prices are too high. Hiap Hoe is still dreaming. Their signature Lewis launched last year already fell flat with zero sales, now still advertise at gimmick price of 648psf. What a letdown.

yes, i went to the showflat to take a look....nice... but the pricing didnt attract me...

they indeed have one unit from $648 psf.. and i was right ==> for the big unit, one the ground floor with a huge patio ... and the unit cost >$2mil...

2 bedders easily cost >900k... thou too huge for a 2-bedders anyway in terms of floor area.

one asked abt the response, and the agent was frank with me... no unit sold yet thou there had been cheques seen (???) wonder what it means

friend went, said showroom completely crowded ~

it's a joke. Most of the space is taken up by bay windows and a huge balcony. If you buy a unit with 1800 plus square feet, the actual living space is about only 1300 square feet.

And they ask for 700-840 psf, equivalent to 1,000 psf for available living space.

Who will buy? not me. No one has bought actually. the developer is too greedy.

so how was the public response over the wkend?

Each private lift serves 2 units. So it's not really private... you need nice opposite neighbours.

And I think it was a mistake to put the showflat within the old condo...my partner didn't have a good impression of the site as he couldn't shake off the awful feeling of being among abandoned buildings.

http://www.straitstimes.com/Invest/S...ry_344386.html

March 1, 2009

property

Property market starting to stir

Success of two new launches encourages a few developers to release their projects

By Joyce Teo, Property Correspondent

http://www.straitstimes.com/STI/STIM...T_JTLAUNCH.jpg
Over the weekend, 30 units of the 102-unit St Patrick's Residences in St Patrick's Road in the East were launched. The 646-unit Double Bay Residences in Simei should go on sale soon, with prices set at around $650 psf to $680 psf. -- PHOTO: TG DEVELOPMENT PHOTO: UOL GROUP

View more photos

Thanks to the mini-buzz created by two new successful launches - Caspian in Jurong and Alexis @ Alexandra - a few developers have decided to release their projects for sale.

It is an improvement, even if it is just a slight one, from the very sombre mood a month ago, when market watchers were expecting the lull in the market to continue.

Over the weekend, TG Development launched 30 units of the freehold, 102-unit St Patrick's Residences in St Patrick's Road in the East.

On average, prices start at around $675 per sq ft (psf) for a two-bedroom unit and rise to about $900 psf for a four-bedroom penthouse.

Unit sizes range from 1,152 sq ft for the two-bedroom units to 3,423sqft for the four-bedroom penthouses. Some three-bedroom units can cost just under $1 million.

The interest absorption scheme, which allows buyers - if they take a loan from the start - to defer making any payments beyond the initial down payment until the project is completed, is offered at a 3 per cent premium.

Marketing agent Savills said the condominium offers quality furnishings and fittings usually associated with prime projects, and that a few units have been sold since the preview a week ago.

Near Upper Bukit Timah, Hiap Hoe has launched The Beverly, its 118-unit condo in Toh Tuck Road.

Each unit is served by a private lift. Prices start at $648 psf; the average price is $750 psf. This means that the total price per unit should start from just below $1 million.

Unit sizes range from 1,120 sq ft for the two-bedders to 4,187 sq ft for the four-bedders. There are also double-storey penthouses from 2,099 sq ft to 3,757 sq ft. Hiap Hoe is not offering the interest absorption scheme.

Other projects expected this month include Double Bay Residences in Simei, The Arte in Thomson, Domus in Irrawaddy Road and an 18-storey project in River Valley.

These are in the mass- to mid-market categories that, unlike the high-end segment, are still attracting buyers.

New home sales in January had plunged to a new low as developers and buyers kept to the sidelines.

The two new projects that sold very well about two to three weeks ago - Caspian and Alexis - helped revive the market mood to a certain extent.

The Caspian showflat was packed during the preview, when 300 out of 712 units were sold at average prices starting from $580 psf. So far, more than 500 units have been sold.

The 293 Alexis units were all sold at $950 psf to $1,250 psf, but the absolute prices were reasonable, given that most units are small.

At a results briefing last Thursday, City Developments' Kwek Leng Joo cited the good take-up at the two projects as proof that there is still demand.

'The good response to recent launches is true,' he said.

Still, the stock market and buying sentiment remain weak.

Ms Phylicia Ang, director of Savills Residential, said: 'The affordability threshold is key at this point. In the current market, it is important to price projects at an attractive level to attract buyers.'

The UOL group should start selling the 646-unit Double Bay Residences near the Simei MRT station soon. It declined to give pricing details of the 99-year leasehold condo until the launch, but there is talk that prices will be around $650 psf to $680 psf.

The one-bedders start at 538 sq ft, the two-bedroom units from 915sq ft, while the big units can go up to 3,703 sq ft.

Along Thomson Road, The Arte is expected to be released for preview sale by the middle of the month.

Property agents have advertised the preview of the 336-unit, freehold condo at prices starting at more than $950 psf.

About half of the project, or 164 units, are three-bedroom units from 1,399 sq ft to 1,625 sq ft. Another 100 units are 1,873 sq ft four-bedders.

There are also advertisements for the preview of the 18-storey, 67-unit project in River Valley, which offers the interest absorption scheme. It has mostly small units - 32 are 635 sq ft apartments and 30 are 1,044 sq ft units.

A Chinese developer, Lakeview Developments, may also push out its 104-unit Domus this month.

High-end launches will likely be few and far between this year, as current demand is coming only from owner-occupiers or very small investors, according to a developer.

There should be more mass- to mid-market projects coming up in the next few months. These could include projects like the 99-year leasehold Ascentia Sky next to the Redhill MRT station. It offers two- to four-bedroom units from approximately 1,000 sq ft to 1,800 sq ft.

[email protected]

I was at the pre-launch last friday, a day before the official launch, and the price for a 3 bedder ( not the 3 bedder penthouse with pool ) is 740 psf at best. Developer refused to lower the price. Was told that they en-bloc the place at 480 psf thereabouts, and factoring in construction cost of bet 200-300 psf, no wonder they can't sell lower.
There were cheques submitted but rejected by the developer.
The agent kept asking me to try giving her a cheque for the unit i wanted, citing a 1% discount may be possible .. no way, 1% off is still over 700 psf.