Napier, UE put 2 new projects on market

Published July 17, 2007

Napier, UE put 2 new projects on market

By KALPANA RASHIWALA


TWO new projects have been put on the market - 8napier on the former Eng Lok Mansion site near Botanic Gardens, and The Rochester in the one-north precinct.

http://www.businesstimes.com.sg/mnt/...KRLAUNCH17.jpg
Top notch: 8napier (above) will come loaded with top-of-the-line fittings while The Rochester is part of a mixed development which has a mall and hotel

Prices at the 46-unit 8napier range from $4,000 to $4,500 per sq ft for apartments, and for now, the plan is to limit sales to just 10 to 12 apartments in the freehold development.

'We may sell another dozen or so apartments when our showflat is ready on site in a few months' time. But we plan to keep the rest of the project, including the six penthouses, for sale after the project is completed, which will probably be around end-2009,' Mark Wee, director of Napier Properties, said when contacted by BT yesterday.

The company, controlled by Mr Wee and former Parkway boss Tony Tan, is currently previewing the project at its office on the 21st floor of Ngee Ann City Tower A.

The 10-storey 8napier has 40 apartments (either three- or four-bedder units) and six penthouses.

All the penthouses are duplex units, ranging in size from more than 4,000 sq ft to nearly 6,000 sq ft. They are expected to be sold by auction.

The smallest three-bedder apartment in the project is just over 2,000 sq ft and is priced at about $8 million. 'All the units come fully loaded with top-notch lighting, sound system and kitchen equipment, bathroom fittings and the like, so that our buyers do not have to do any renovations as we are fitting the units to the highest standard currently available in the Singapore market. This should minimise the hassle of moving in,' Mr Wee said.

He declined to say how many units have been sold so far but buyers are understood to be a mix of foreigners and Singaporeans.

Over at one-north, United Engineers is believed to have priced The Rochester apartments in the $1,000 to $1,200 per sq ft range. UE could not provide the average price yesterday when contacted by BT. The 99-year leasehold project is opposite One North Residences, which was sold earlier this year at an average price of around $900-950 per sq ft, market watchers said.

The Rochester has a total of 368 residential units, including eight penthouses, in a 36-storey block. The project is part of a mixed development that also includes a 100,000 sq ft mall and hotel.

The entire project is slated for completion around 2009-10. The residential component comprises one, two, and three-bedroom apartments and penthouses. Some of the one-bedders are duplexes. UE began selling the units yesterday, according to its spokesman.