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Published December 23, 2011

Two new projects attracting S'pore buyers

About 100 units at The Hillier and 50 units at The Nautical sold since their previews late last week

By KALPANA RASHIWALA


WHILE most residential developers mull over whether or not to release new projects following the introduction of the additional buyer's stamp duty on Dec 8, the developers of at least two new projects - The Hillier in the Hillview area and The Nautical in Sembawang - have gone ahead with previews. Both are 99-year leasehold projects.


Coming up: The Nautical (above), a five-storey condo in Sembawang, will have 435 apartments while The Hillier, near the upcoming Hillview MRT Station on the Downtown Line, will be a mixed-use development with 528 Soho apartments sitting on a two-storey retail and lifestyle podium, hillV2

Some 50-plus units have been sold at The Nautical at an average price of about $860 per square foot since its preview began last weekend.

Over at Hillview Avenue, Far East Organization is said to have collected more than 100 cheques for Soho-style apartments at The Hillier since it began previewing the project last Friday. The buyers are mostly Singaporeans.

The average price achieved is $1,150 psf, after absorption of the standard 3 per cent buyer's stamp duty and provision of a furniture voucher. The apartments, ranging from about 500 square feet to 800-plus sq ft, come with a flexible floor plan and a 3.4-metre ceiling height, in line with Far East's recently launched Soho brand offering 'strategic locale, excellent connectivity and flexible space'. The brand is inspired by New York City's trendy Soho neighbourhood.

BT understands that Far East collected cheques post-dated to Jan 1 (which is when options will be granted to buyers) - perhaps to ring in a nice start for business in the 2012 financial year.

The Hillier, near the upcoming Hillview MRT Station on the Downtown Line, will be a mixed-use development with 528 Soho apartments sitting on a two-storey retail and lifestyle podium, hillV2. Far East will retain the retail component, where well-known New York grocer Dean & DeLuca will have an outlet.

Over at Jalan Sendudok in Sembawang, Hao Yuan Investment, controlled by mainland China parties, is said to have issued options for about 50-plus units for The Nautical condo. The developer is understood to be deciding when to hold an official launch of the project, which will be accompanied by the start of an advertising campaign.

The average price of about $860 psf for the five-storey project, which will have 435 apartments, is after a 5 per cent early-bird discount.

Prices of a typical unit without private enclosed space or roof terrace will be in the $850-880 psf range on average.

The Nautical comprises one, two, three and four-bedroom units and penthouses (including 32 dual- key units). Absolute prices start from about $409,000 for a 420 sq ft one-bedder. The highest-priced unit, at slightly over $1.5 million, is a 1,916 sq ft penthouse.

Buyers of the 50-plus units are mostly HDB upgraders, comprising predominantly Singaporeans.

CBRE, GPS and PropNex are marketing agents for The Nautical.

The project's development is managed by MCC Land, a unit of Chinese state-owned enterprise Metallurgical Corporation of China or MCC Group. MCC Land is also the developer of Canberra Residences, which is next to The Nautical. The 320-unit Canberra Residences, which was released in January at an average price of around $830 psf, is about 90 per cent sold. Both condo projects are on 99-year sites and are five storeys high.

SLP International managing director Peter Ow described The Hillier's sales as 'good' given the current subdued buying mood following the introduction of the additional buyer's stamp duty (ABSD). 'The attractions are the project's commercial component as well as the proximity to Hillview MRT Station.'

The government rolled out the ABSD to moderate investment demand for private residential property to reduce the risks associated with property market volatility. It has set the duty at a higher rate for foreign buyers to temper the huge pool of external liquidity that had been making its way into the island's property sector and pushing up prices.

Foreigners and companies buying any private residential property now pay an ABSD of 10 per cent of the purchase price or market value, whichever is higher. A 3 per cent ABSD will apply to permanent residents buying their second and subsequent homes here and Singaporeans buying their third and subsequent residential property.