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Published September 12, 2008
High-end home market going off the boil
Developers are testing the market to see if their projects will sell
By UMA SHANKARI
MOST developers are still holding off launching luxury condominiums, but a few projects are slowly being put on the market.
Frasers Centrepoint has launched and sold about 30 units at its 302-unit Martin Place Residences, with apartments going for about $1,800 per square foot (psf) on average.
Martin Place Residences is in the River Valley neighbourhood in District 9.
And nearby, SC Global Developments said last week it had released and sold 30 apartments in its Martin No 38, which has 91 units in total.
The average price fetched was $2,130 psf, with sales coming at $1,881-$2,494 psf.
Developers are pushing out luxury condo projects cautiously, with most releasing them in small phases.
Many are also trying to test the market to see if their high-end homes will sell and gauge how much buyers will be willing to pay.
Yesterday, the en-bloc purchasers of Lincoln Lodge said they will be launching the new development on the site - Lincoln Suites - by early next year.
But the developers - Koh Brothers, Heeton Holdings, KSH Holdings and Lian Beng Group, which each have an equal stake in the project - will only release some of the project's 175 units in the first phase.
And current residents of Lincoln Lodge will probably be allowed to stay in their homes well into next year.
'We are not going to launch all the units at one go,' said Francis Koh, chief executive of Koh Brothers. 'The price will be determined by buyers' willingness to buy.'
Prices will be similar to or 'even lower than' comparable projects nearby, Mr Koh said.
Units in the newly-built nearby development, Park Infinia at Wee Nam, are going for $1,300-$1,600, property consultants said.
The consortium bought Lincoln Lodge for $243 million, or $1,449 psf per plot ratio, including an estimated development charge of $413,000, in June last year at the height of the en bloc frenzy.
They then decided to hold off tearing down the existing project, and have instead allowed occupants to keep renting apartments for at least six months from the sale completion date in July this year.
Now, the showflat for Lincoln Suites will be built with Lincoln Lodge still standing.
Depending on the market response, the leases of the tenants could be extended past January next year.
Project Name-MARTIN PLACE RESIDENCES
Developer-FCL Land Pte Ltd
Property Type-Condominium
Tenure - Freehold
Total Units - 302
Completion Date - Uncompleted
District - 9
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Heard this project gona relaunch again .
Indicative price will be like 1450psf
does anyone has any updates?
This project will die c0ck standing in the current market. Till better times then!
was there last week, basically foundation and some pillar are done
I was told the showflat is ready but not open to public as yet.
Dunno wat game are they playing..... mayb waiting game
bad new just out yest on Pte property and more to come
I dun deny though that this project has the best layout and facing.
It face total north whereas others are not
They had preview launch before. Finishing not bad... But asking around 1.7k-1.8k psf. Not sure are they going to reduce anythings for 1.4k psf.Quote:
Originally Posted by Acer
Quote:
Originally Posted by isaaclim
That was last yr 2008 Jan right?
I do think they want to reduce to 1.4k ,if not they would have done tat now lor
Even at 1.4k , not many enquires
I heard that Fraser gona launch this project in May with indicative price of 1500 psf.
I find it reali hi...
Its progressive payment somemore.
Heard that cos of illumeria was sold out , thinking the same for them .
Mayb tat y they increase to 1500
does anyone has 1st hand informations on this project ??
psf?
date to launch?
If the Indons start buying this, won't be 1500 psf liao. Face it lah, this area is not meant for us s'porns one. only for FT and foreign richies.
how u know orange...
In the first place, this area condos like Trillium, Cosmo, Martin Pl, etc not marketed to locals. Last time Valley Park, Aspen, etc also marketed to foreigners first. That's why the price. When foreigners don't buy then they market to locals. Have some pride
Estimated $1.4k psf, May 25Quote:
Originally Posted by Acer
I was to the soft launch months back
That time they were very keen to offload some less interesting facing at 1200psf only
The reason I did not consider is cos of the proximity of the temple
And the surge in better location along River Valley
I think its not worth it, as also the layout takes out space as the planter area is quite big :scared-1:
Quote:
Originally Posted by NoodyGirl
I tot smaller units do not have any balcony????
I tot the 1200 psf was a history n didnt materialise cos fraser swallow back????
I heard of 1200psf things.I heard was 1200 psf for all level except 27 floor onward..
I offered cheques but they swallow back
Quote:
Originally Posted by Acer
it was months ago lah
I dont recall that it was anything above 20Flr
anyway I dun plan to live near the Buddhist Lodge when the whole River Valley is on sale
does any agent has any updated information??
Many thanks
went to the preview today. place was very crowded. price was 1300psf upwards. heard selling quite well. uob offering interest absorbtion.
i think i will continue waiting till some of this pent up demand is absorbed.
Typical Singaporeans. Everyone is now rushing to buy properties in prime districts, this fear of missing the boat is intensifying, judging by the shoe-counts in property launches.
Lai ah Lai ah! Dan kuku dan buay boh ah!
Let's see how high they are prepared to chase up the prices. Wonder whether most pple are buying for own stay or investment.
My instincts as an investor tell me I should stay away.
imho mkt still overpriced ... good that ppl are buying, it will suck up the pent up demand
At the entrance leading up to Martin Place Residence, one long queue of BMWs, Mercedes-Benzs and Porsches. Only a few Japanese cars. Crazy, man! Looks like the wealthy are coming out in full force.Quote:
Originally Posted by riverfish
i saw maserati and a bentley in in wharf res showroom too !!
these 2 projects are quite stoopid leh.. kena blocked in by surrounding.. concrete jungle!
then the whole RV projects are stoopid liao lor. Which RV project not blocked? Then Sentosa is the best ?Quote:
Originally Posted by orange
the higher floor of rivergate is not blocked ...Quote:
Originally Posted by kal
regency park is not blocked ..
its true that most RV condos are blocked in many directions ...
i see Wharf can be really bad ... blocked in almost all directions
ok lah, in front shop houses not exactly blocked, but not exactly good view either. the last block is also taller than Robertson Edge, maybe that's why they 4 bedrooms Capitaland refuse to let go at cheap prices.
Agree that higher floor of Rivergate and Regency Park are not blocked. In fact for RG, some of the units Lippo are releasing has some of the best views but asking above 1400psf I heard.
Quote:
Originally Posted by proud owner
http://www.channelnewsasia.com/stori...430095/1/.html
80% of Martin Place Residences units launched sold over weekend
By Ng Baoying, Channel NewsAsia | Posted: 18 May 2009 1924 hrs
SINGAPORE: Eighty per cent of the high-end Martin Place Residences condominums launched were sold over the weekend.
A third of the 302 units available have been launched.
The freehold Martin Place Residences is just a few minutes from the heart of Singapore's prime Orchard Road shopping belt.
Developer Frasers Centrepoint said the units were transacted at between S$1,260 and S$1,700 per square foot.
Six in 10 buyers were from Singapore, while the rest were foreigners from countries like Malaysia and Indonesia.
Frasers Centrepoint attributed the strong response to its pricing.
The initial 28 units that were sold last year were priced between S$1,700 and S$2,000 per square foot.
- CNA/yt