Homebuyers, get ready for more property launches
http://www.straitstimes.com/Money/St...ry_254779.html
July 5, 2008
Homebuyers, get ready for more property launches
Developers will release projects to capitalise on recent healthy home sales
By Joyce Teo, Property Correspondent
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ON SALE: D'Pavilion, a freehold 50-unit project in Upper Serangoon Road, is priced at an average of $895 psf for this weekend's preview. It has two- to four-bedroom apartments and six penthouses. -- PHOTO: MCL LAND
A STRING of new private residential projects is hitting the market as developers move quickly to capitalise on encouraging recent home sales.
In the Kovan area alone, two new projects - Kovan Residences and D'Pavilion - are holding previews this weekend.
The 99-year leasehold Kovan Residences, which has 521 apartments ranging in size from 883 sq ft to about 1,700 sq ft, is next to Kovan MRT station. Prices range from just below $800 per sq ft (psf) to more than $900 psf.
More than 50 units have already been sold, said Mr Tony Bin, the chief executive of Centurion Properties, known until recently as Duchess Development.
Centurion is largely owned by well-known UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh. The rest is held by private investors and Lian Beng Group.
Not far from Kovan Residences is another new project, D'Pavilion, priced at an average of $895 psf for the preview. This freehold 50-unit project in Upper Serangoon Road is within walking distance of Kovan MRT station. It has two- to four-bedroom apartments and six penthouses.
Over in Pasir Ris, the preview for 724-unit Livia has already started. It is priced at $650 psf on average, or from $597,000 to $636,000 for the two-bedroom units and $793,000 to $835,000 for the three-bedroom units. Some have been sold, sources said.
These launches come in the wake of healthy sales at the 348-unit Dakota Residences in Dakota Road. The developers, Ho Bee and ChoiceHomes, have sold about 150 units of the 99-year leasehold property for between $940,000 and about $3.38 million since they went on sale a fortnight ago.
The Sim Lian Group has also sold more than 200 units of the 308 launched units of Clover by the Park since its preview late last month. Transacted prices ranged from $582 psf to $877 psf. It has just launched for sale the remaining units at the 616-unit 99-year leasehold project in Bishan.
United Engineers is also ready to launch its condo-like Housing Board project in Ang Mo Kio Street 52, but it has yet to commit to a date.
Called Park Central, the project will have more than 550 units and comes under the HDB's Design, Build and Sell Scheme (DBSS).
A market watcher said the firm will have to launch it below the prices of the previous DBSS project in Boon Keng.
'They will have to learn from the Boon Keng project, which still has leftover units. When it was launched, many people came but not all later bought,' he said.
The 714-unit City View@Boon Keng, which was launched in January, had 474 five-room flats priced from $536,000 to $727,000, a range that some considered too high.
Launches will not be confined to mass- and mid-tier properties for long.
Next Tuesday, Hayden Properties will launch The Hamilton Scotts, its luxurious Scotts Road project with 54 apartments and two penthouses, which all come with private car porches.
Still, this new project and a few others such as the freehold 100-unit Newton Road project L'VIV, were already expected.
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On the market
# Kovan Residences
Units: 521 apartments
Prices: From below $800 psf to more than $900 psf
# Livia
Units: 724
Prices: $650 psf on average
# Clover by the Park
Units: 616 units, of which 308 were launched earlier
Prices: Transacted prices for launched units ranged from $582 psf to $877 psf
