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Thread: CapitaLand to launch 1,700 mostly upmarket homes

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    Default CapitaLand to launch 1,700 mostly upmarket homes

    http://www.businesstimes.com.sg/sub/...20969,00.html?

    Published January 10, 2011

    CapitaLand to launch 1,700 mostly upmarket homes

    It expects prices of high-end units to rise 10-15% this yr

    By UMA SHANKARI


    (SINGAPORE) Property group CapitaLand will launch around 1,700 new homes in Singapore this year as it plans to ride on an expected 10-15 per cent growth in high-end home prices.

    'We remain bullish about (the prospects of) the residential market in Singapore, particularly for the segment our products are in,' said Wong Heang Fine, chief executive of CapitaLand's Singapore residential arm. He was speaking to reporters on Friday at a briefing on the unit's prospects.

    CapitaLand expects private home prices to rise by a further 5-10 per cent in 2011 after they climbed 17.6 per cent in 2010. But for the high-end segment, the outlook is even brighter; the group's view is that prices in that segment could climb by 10-15 per cent this year.

    This should benefit the developer, which plans to roll out another 1,700 mostly upmarket units in five different projects - The Nassim, Urban Resort Condominium, The Interlace, d'Leedon and the residential component of a new development at Bedok Town Centre - in 2011.

    With the exception of the Bedok Town Centre development, the remaining four projects will all be high-end or luxury offerings.

    CapitaLand has already started marketing The Nassim and Urban Resort Condominium, but will officially launch both projects in Q1 2011.

    At the freehold Urban Resort Condominium, 14 out of the 64 units available have been sold as at end-November 2010, data from the Urban Redevelopment Authority (URA) shows. CapitaLand expects to sell the remaining units for upwards of $3,000 per square foot (psf) each.

    Sales at The Nassim, a 55-unit project at Nassim Hill on the former ANA Hotel site, have yet to start. CapitaLand declined to provide the expected pricing for the project, but said that units in other developments in the area are selling for $3,500 psf and more.

    The group will also roll out more units in two developments it launched in 2009 and 2010 - The Interlace and d'Leedon - in Q1 2011. This will be followed by units in a mixed-use project at Bedok Town Centre on the site CapitaLand bought in a government tender in 2010. That project could be launched in the second or third quarter of 2011.

    CapitaLand is also looking to replenish its land bank, said the group's chief executive Liew Mun Leong. He said that the group was interested in sites made available by the H1 2011 government land sales programme as well as collective sale sites.

    The property group is coming off a strong 2010. Last year, CapitaLand sold 800 homes in Singapore, 33 per cent more than the 600 homes sold in 2009. The total value of sales also rose 54 per cent year-on-year to $1.85 billion.

    CapitaLand shares lost 2 cents to close at $3.88 on Friday.

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    Default No shoebox flats for CapitaLand

    http://www.straitstimes.com/Money/St...ry_622392.html

    Jan 10, 2011

    No shoebox flats for CapitaLand

    It aims to build homes people are comfortable in, says group chief

    By Cheryl Lim


    PROPERTY developer CapitaLand says it has no plans to build so-called shoebox flats - those occupying less than 500 sq ft.

    Group president and chief executive Liew Mun Leong said at a briefing last Friday that building such small apartments would be akin to 'spoiling the land'.

    These micro homes - derisively called Mickey Mouse or shoebox flats - usually have a high per sq ft (psf) value. However, their tiny size results in a lower absolute price, so they are popular with home buyers, who find them more affordable.

    Mr Liew said projects should not be designed with just a quick sale in mind: 'We want to build homes that people can use, can be comfortable in, can develop in.'

    At CapitaLand Residential Singapore, chief executive Wong Heang Fine noted that changing market dynamics would inevitably lead to smaller homes, but he stressed that the firm would not build flats under 500 sq ft.

    He said its focus for the year ahead would be on replenishing its land bank.

    It has 2,500 launch-ready homes that have yet to be released for sale. It will launch 1,700 units this year, with the majority entering the market over the next three months.

    At d'Leedon, more units will be released this year - 750 - with the first batch being rolled out this week.

    The remaining 390 units at The Interlace will be released soon after, followed by 55 luxury homes at The Nassim.

    Some of the 500 units set aside for the new development at the Bedok Town Centre site will also be launched this year, during the second or third quarter.

    In addition, the 64 homes from the Urban Resort project at Cairnhill Road will come on stream this year.

    Units at both Urban Resort and The Nassim will be sold through private appointments.

    Mr Liew indicated that CapitaLand had its eye on several collective-sale sites. He said it was also keen on residential sites - on both the confirmed and reserved lists - offered as part of the first half of this year's Government Land Sales programme.

    Sites at the city fringe or near MRT stations would be high on CapitaLand's wish list.

    Still, Mr Wong and Mr Liew agreed that even though CapitaLand's balance sheet was healthy enough to allow it to bid for all the sites it was interested in, it would do so with 'disciplined aggression'.

    CapitaLand predicts that home prices are likely to increase by 5 to 10 per cent this year, with those in the high-end segment rising by 10 to 15 per cent.

    Its optimism with regard to this segment has spurred it to market projects such as The Interlace in China and India.

    It does not believe government measures will be introduced to curb foreign interest in the high-end market.

    'Singapore is a very open economy. If we start to have such restrictions, it would destroy the image we have of being an open economy,' said Mr Liew.

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