The Metropolitan Condominium (D3, 99 years LH, Capitaland-Lippo JV)

Singapore Companies
Published November 3, 2006

CapitaLand, Lippo set to launch Redhill condo

By KALPANA RASHIWALA

CAPITALAND and Lippo begin previewing their 45-storey The Metropolitan Condominium next to Redhill MRT Station this weekend. Sources say the price has yet to be finalised but is expected to average between $750 per square foot and $800 psf.

The developers are building the 99-year leasehold project on a site that they clinched at a state tender which closed in November last year. Their nearly $180 million top bid worked out to $350 psf of potential gross floor area. Analysts estimate The Metropolitan Condo's break-even cost at about $550-580 psf.

The development will comprise two blocks which will be linked at at the sky gardens level. Units on upper levels are expected to boast scenic views of the Tanglin/Jervois Good Class Bungalow area.

The project will comprise 382 units in total. The bulk of the units are two- or three-bedroom apartments.

Property industry observers are keenly watching the final price CapitaLand and Lippo decide on for the latest indication on the health of the 99-year leasehold suburban condominium market.

UOL and United Industrial Corporation are currently said to be achieving an average price of $850 psf for their 35-storey The Regency at Tiong Bahru freehold condominium at the former Bo Bo Tan Gardens site near Tiong Bahru MRT Station (one station away from Redhill MRT).

yes, received SMS from agent about this.

TOP 2009

2/3/4 bedroom

45 storey

Average $750 per sq foot :scared-1:

I eagerly await your report on the buyer response of The Metropolitan :D

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Originally Posted by Makelele

I eagerly await your report on the buyer response of The Metropolitan :D

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ST reported today 100 buyers queue from 3am 4 nov to book a unit at The Metropolitan next to Redhill MRT. 99 years selling at $780 psf average.

Preview on 4 Nov, today already over 200 units sold(4days), not official launch yet! Out of 382 available. Ave px. done @780psf.

Nearby The Regency by UOL/UIC all sold except 8 units left! Ave px. done @ 850psf. Total 158 units; preview 6 wks ago.

CapitaLand sells 188 units of new condo in 2-day preview

By Fiona Chan
Nov 07, 2006
The Straits Times

DEMAND for a new condominium in Alexandra Road was so strong that a queue of more than 100 home-buyers started forming at 3am on Saturday.
Developers CapitaLand and Lippo Group saw 188 units at The Metropolitan snapped up during the weekend preview - more than the 180 units they had originally intended to release at this stage.

This makes the 99-year leasehold condominium one of the best-selling in a single weekend this year, beating The Centris in Jurong, which saw about 150 units sold in its three-day preview weekend in September.

Although it still ranks behind The Sail @ Marina Bay, which sold 250 units in a single day last year, the intense interest in The Metropolitan is seen as the latest sign that property fever is mounting in Singapore.

The high level of demand led CapitaLand to open the condominium's sales office an hour early at 9am on Saturday.

It also means that almost half of The Metropolitan's 382 units have been snapped up, even before its official launch this weekend.

CapitaLand said the overwhelming response led it to offer a second batch of 70 units on Sunday on top of the original 180 units slated for preview sale.

Prices at the project range from $511,000 for a 778 sq ft two-bedder on the fifth floor to $1.45 million for a 1,700 sq ft, four-bedroom unit on the 42nd floor.

This works out to an average of $780 per sq ft (psf), compared with about $750 psf for nearby Tanglin View, a 99-year leasehold condominium by Far East Organization that was launched in 1997 and still has 30 of its 384 units unsold.

But The Metropolitan's 11 penthouses, which have not yet been released for sale, are likely to have higher prices on a psf basis.

They will range from 2,454 sq ft to 3,412 sq ft and their prices will start at $2.5 million, CapitaLand said.

This confirms a trend noted by The Straits Times last Friday of bigger apartments fetching higher psf prices than smaller ones, as tight supply and strong demand from foreigners and large families push up the prices of such units.

About 30 per cent of The Metropolitan buyers were foreigners, mostly from China and Australia, said Ms Patricia Chia, CapitaLand Residential's chief executive.

The development caters specifically to large families, offering buyers options such as subdividing a three- or four-bedroom apartment or combining two two-bedroom units.

As well, its city-fringe location next to Redhill MRT Station, satisfies 'pent-up demand' in the market, added Ms Chia.

'In the last few years we haven't seen a project of this scale that is so near to the city,' she said.

Part of The Metropolitan's appeal may lie in an unusual discount that its developers are offering to buyers looking to upgrade from more remote suburban areas to the city-fringe.

Buyers who are currently living in districts such as Woodlands, Punggol and Pasir Ris get a 1 per cent 'moving closer' discount if they buy a unit. About 30 per cent of The Metropolitan buyers have taken advantage of the discount so far.

The Metropolitan is the latest in a series of condominiums drawing keen interest even before they are officially launched. As home prices climb and buyers try to get in on the action early, several condominiums across the board have seen successful pre-launch previews this year.

They range from high-end developments like Tate Residences in Claymore Road to entry-level projects such as The Centris.

Home prices in Singapore rose 6 per cent in the first nine months of this year. CapitaLand's Ms Chia expects this figure to reach close to 10 per cent by year-end and prices to climb by 10 per cent to 15 per cent next year.

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i think the people who paid $780 psf for M are very silly. M is 99 year lease hold and next to above ground MRT and surrounded by HDB flats.

i know of people who bought newton suites for only $800 plus psf. near MRT, cold storage, near orchard, now newton one and residence at evelyn are selling for $1,400psf.

I also know people who bought cliften for $800 psf. Cliften this one lagi best, freehold, near town, also near 33 Robin which is selling for $1,600 psf above.

I dunno why silliporeans so stupid to buy M at that price!

My wife & I were there at M's soft launch as well. People are crazy, buying units even before looking. Maybe they have done enough homework with their agent before the launch??

We are very curious, why not buy a property from Taglin View across the road which has a bigger footprint? If my intel is correct, there are left over units still in Tanglin View. Also, it is not next to the MRT but near enough.

The Metropolitan will not sub-sell well. There is going to be a shitload of sub-sale advertisements for the Metropolitan with few takers.

The heat is on over in the CBD/Marina Bay. Not here. If you want to flip or speculate, that is the area to be. NOT HERE. At least not in the near future.

I do agree with you. The prices had been driven up by people whom had "missed" the Twin Regency, Regency, etc that are 1 MRT stop away. Seems like speculators that need to flip soon may be burnt.

http://www.themetropolitancondo.com.sg/main.swf

Any update on this project? e.g. percentage of units sold.

Someone posted at www.skyscrapercity.com that The Metropolitan has just been fully sold out.

1. Orchard residences 99yrs selling at $3600-4000 psf.:eek:
2. Draycott 8 99yrs selling at $ 2350 psf.
3. Mbfc 99yrs selling at $2500-3000 psf.:eek:
4. Sail 99yrs at $2000 psf.


5. Metro selling at only $850-$950 next to MRT :D OF COURSE SOLD OUT.

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Originally Posted by beavis

1. Orchard residences 99yrs selling at $3600-4000 psf.:eek:
2. Draycott 8 99yrs selling at $ 2350 psf.
3. Mbfc 99yrs selling at $2500-3000 psf.:eek:
4. Sail 99yrs at $2000 psf.


5. Metro selling at only $850-$950 next to MRT :D OF COURSE SOLD OUT.

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Following beavis' logic, then it could be very fast that Casa Merah (99-year leasehold, next to Tanah Merah MRT, and even cheaper than Metropolitan) will sell out very soon.

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Originally Posted by metro-red

Following beavis' logic, then it could be very fast that Casa Merah (99-year leasehold, next to Tanah Merah MRT, and even cheaper than Metropolitan) will sell out very soon.

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Beavis is talking about centrally located condos. Tanah Merah is far from that.

The government announced its "Government Land Sales for Second Half of 2007." One of the residential sites on the reserve list is located next to The Metropolitan.

Quote:

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Originally Posted by metro

The government announced its "Government Land Sales for Second Half of 2007." One of the residential sites on the reserve list is located next to The Metropolitan.

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I heard from an agent that there a lot of subsales done for metropolitan condo.

Quote:

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Originally Posted by Unregistered

I heard from an agent that there a lot of subsales done for metropolitan condo.

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Maybe the upcoming release of the adjacent plot of land is creating some excitement for Metropolitan.

The URA website shows a 1356 sq ft unit was recently sold in June for $1,356,000, that is for $1000 psf.

Any forummer here with access to URA's Realis database to help find out which floor this unit is located on?

Quote:

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Originally Posted by metro

Maybe the upcoming release of the adjacent plot of land is creating some excitement for Metropolitan.

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You mean people get excited and worried that their views will be blocked?

District Project Name Location Unit # Type Flr SqFt Flr $PSF Cont Date Transacted Tenure
D03 THE METROPOLITAN 221 ALEXANDRA RD 35-01 APT 786 $1,050 30/05/2008 $825,300 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 26-09 APT 1,367 $942 26/05/2008 $1,288,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 18-02 APT 1,033 $682 23/04/2008 $704,880 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 37-10 APT 1,755 $1,187 01/04/2008 $2,083,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 28-06 APT 1,399 $766 01/04/2008 $1,071,900 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 12-07 APT 1,399 $786 31/03/2008 $1,100,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 44-05 APT 1,076 $998 05/03/2008 $1,074,600 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 13-08 APT 1,733 $742 28/02/2008 $1,285,160 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 18-02 APT 1,033 $880 27/02/2008 $909,040 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 02-03 APT 1,787 $723 18/02/2008 $1,291,390 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 02-03 APT 1,787 $723 18/02/2008 $1,291,390 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 28-06 APT 1,399 $1,020 05/02/2008 $1,426,980 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 21-03 APT 1,066 $1,150 21/01/2008 $1,225,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 43-01 APT 786 $971 28/12/2007 $763,200 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 29-04 APT 732 $1,154 19/12/2007 $845,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 09-05 APT 1,432 $949 18/12/2007 $1,358,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 41-02 APT 1,033 $1,080 14/12/2007 $1,115,640 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 03-10 APT 1,744 $935 07/12/2007 $1,630,640 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 29-07 APT 1,399 $735 26/11/2007 $1,028,840 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 11-07 APT 1,399 $935 23/11/2007 $1,308,065 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 28-02 APT 1,033 $760 23/11/2007 $785,700 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 21-03 APT 1,066 $1,096 19/11/2007 $1,168,000 99 YRS FR 17/02/2006
Page 1 of 3

We have 8 houses. All in the south.

am I seeing it right ? It appears to be there are quite a number of transactions in Metropolitan that is below 1000psf level!!
I thought that place will fetch more than that?

Quote:

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Originally Posted by DW

am I seeing it right ? It appears to be there are quite a number of transactions in Metropolitan that is below 1000psf level!!
I thought that place will fetch more than that?

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What is the buy date? 2006? Of course original price lah.

Quote:

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Originally Posted by Curious

What is the buy date? 2006? Of course original price lah.

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not 2006, the transactions are mostly recent 2008s. You saw the 2006 is the lease from 2006.

looks like my prediction is right. Prices in D9,D10,D11 are set to fall while D5 and other districts will be rising.

Quote:

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Originally Posted by blackjack21trader

looks like my prediction is right. Prices in D9,D10,D11 are set to fall while D5 and other districts will be rising.

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This a D3 project, haha

2 years ago I told You,
High end going up and up,
Missed the potty a year ago.
2 months ago I told You,
Mid end going up and up,
Now you goin to miss it all once again....

Quote:

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Originally Posted by blackjack21trader

2 years ago I told You,
High end going up and up,
Missed the potty a year ago.
2 months ago I told You,
Mid end going up and up,
Now you goin to miss it all once again....

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U are quite arrogant, let's see how long this stand off (between sellers & buyers) can last, perhaps a clearer picture by end of this year...btw, mass market is not going up & up like what you say yet, perhaps it may but u never know.......

Quote:

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Originally Posted by 737

District Project Name Location Unit # Type Flr SqFt Flr $PSF Cont Date Transacted Tenure
D03 THE METROPOLITAN 221 ALEXANDRA RD 35-01 APT 786 $1,050 30/05/2008 $825,300 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 26-09 APT 1,367 $942 26/05/2008 $1,288,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 18-02 APT 1,033 $682 23/04/2008 $704,880 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 37-10 APT 1,755 $1,187 01/04/2008 $2,083,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 28-06 APT 1,399 $766 01/04/2008 $1,071,900 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 12-07 APT 1,399 $786 31/03/2008 $1,100,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 44-05 APT 1,076 $998 05/03/2008 $1,074,600 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 13-08 APT 1,733 $742 28/02/2008 $1,285,160 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 18-02 APT 1,033 $880 27/02/2008 $909,040 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 02-03 APT 1,787 $723 18/02/2008 $1,291,390 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 02-03 APT 1,787 $723 18/02/2008 $1,291,390 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 28-06 APT 1,399 $1,020 05/02/2008 $1,426,980 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 21-03 APT 1,066 $1,150 21/01/2008 $1,225,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 43-01 APT 786 $971 28/12/2007 $763,200 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 29-04 APT 732 $1,154 19/12/2007 $845,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 09-05 APT 1,432 $949 18/12/2007 $1,358,000 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 41-02 APT 1,033 $1,080 14/12/2007 $1,115,640 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 03-10 APT 1,744 $935 07/12/2007 $1,630,640 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 29-07 APT 1,399 $735 26/11/2007 $1,028,840 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 223 ALEXANDRA RD 11-07 APT 1,399 $935 23/11/2007 $1,308,065 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 28-02 APT 1,033 $760 23/11/2007 $785,700 99 YRS FR 17/02/2006
D03 THE METROPOLITAN 221 ALEXANDRA RD 21-03 APT 1,066 $1,096 19/11/2007 $1,168,000 99 YRS FR 17/02/2006
Page 1 of 3

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No sure about the other units. But can confirm that one of the unit the stated transaction date is correct, however the stated transaction price is the original price from developer, and not the subsales price. The subsales price at the stated transaction date is way much higher.

Do read it with a pinch of salt on the accuracy of the information.