Keppel Bay condo leads string of launches near Chinese New Year

Property
Published February 1, 2007

Keppel Bay condo leads string of launches near Chinese New Year

By ARTHUR SIM


THE run-up to Chinese New Year should see plenty of property launches, with developers drumming up interest in advance.


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Reflections at Keppel Bay: An indicative price for the development will be $1,500 to $1,900 psf


The biggest launch will probably be Keppel Land's 1,129-unit Reflections at Keppel Bay, which, according to Keppel Land director (Singapore residential) Augustine Tan, has already attracted 'more than 600 parties registering their interest'.

Willy Shee, chairman of Reflections' marketing agent CB Richard Ellis (Asia), says that even though prices in the Core Central Region have risen 24 per cent in the past two years, compared to other gateway cities, 'they certainly have more room to grow'.

Edmund Tie, executive chairman of DTZ Debenham Tie Leung (South-east Asia), which is also marketing Reflections, says: 'Based on the response so far, we are confident that Reflections by Libeskind will achieve a sell-out performance.'

An indicative price for Reflections would be $1,500 to $1,900 per square foot - the going prices for projects at Marina Bay and Sentosa Cove.

Orange Grove Residences by Ho Bee Group, which will be launched this weekend, was already soft launched earlier and 60 per cent of the units have been sold. Of these, about 40 per cent were bought by foreigners, says marketing consultant DTZ Debenham Tie Leung's executive director Margaret Thean.

The 60-unit freehold development is expected to be completed by 2010 and launch prices this weekend are from $1,900 to $2,200 psf.

Prices for Botanika by Tuan Sing Group will not be available, because the units on sale will only be available through auction by Colliers International and Christie's Great Estates exclusive affiliate Ken Jacobs.

Grace Ng, deputy managing director (agency and business services) and auctioneer at Colliers International, says that this is probably the first time a new non-landed residential development has been sold by auction.

Colliers was also behind the recent auction of bungalow plots at Sentosa Cove, and Ms Ng notes that prices climbed steadily after opening bids. Indeed, she says that for Sentosa Cove, closing bids were almost double opening bids, shooting up from about $500 psf to end at $800-$900 psf.

So far, 18 units of the 34-unit Botanika near the Singapore Botanic Gardens have been sold through private previews, with the highest transacted price about $2,000 psf.

The auction of 12 units will be held on March 31 at Goodwood Park Hotel and international bids through the Christie's network are expected.

Mr Jacobs says: 'As an exclusive affiliate of Christie's Great Estates, I look forward to presenting Botanika to our international client base.'

An indicative price for the units is $1,700-$2,400 psf.

Hoi Hup Realty has also already sold 40 per cent of its Waterford Residences at Kim Yam Road after having 'presented' the project last weekend at a special preview.

The average price for the 118-unit, 999-year-leasehold development is $1,350 psf.

Kellie Liew, executive vice-president (projects) of HSR International, says prices of condo units in the vicinity are about $1,500 psf.

1129 units:scared-1: :scared-1: :scared-1:

Each unit costs at least $2 mil.

So another $2+ billion dollars to be spent buying properties.:scared-1:

Quote:

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Originally Posted by Madeira

1129 units:scared-1: :scared-1: :scared-1:

Each unit costs at least $2 mil.

So another $2+ billion dollars to be spent buying properties.:scared-1:

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and that's only keppel bay, not yet including the properties to be launched in orchard. we have all hoped that this isn't a bubble but it is fast looking to transform into a bubble with no solid fundamentals, ie: investors buying to 'flip'. :(

I suppose some Orchard properties will also launch around the CNY period, to take advantage of the current bullish sentiment.

CURB the deferred payment then we see the true property market , if not it is only speculation market . The gambling has started before the casinos are up . Singapore is becoming MACAU NO 2!!!!!