http://www.businesstimes.com.sg/spec...nches-20131010
Published October 10, 2013
Developers gearing up for residential launches
Sales booking at Nine Residences in Yishun starts tomorrow
By Kalpana Rashiwala [email protected]
Attractively priced: Most of the three bedders at Nine Residences (above) will be priced below $1 million. At The Inflora, prices start from $400,000-plus for a one-bedder. - PHOTO: NINE RESIDENCES
A STREAM of private residential projects is expected to make it to the market in the coming weeks with developers having little incentive to hold back launches.
First off is Nine Residences in Yishun, where sales booking begins tomorrow. In the Upper Changi area, Tripartite Developers will open the showflat from this weekend for The Inflora condo. Sales booking will start on Oct 25.
Sales are also scheduled to begin next month for Singapore Land's 40-storey condo Alex Residences near Redhill MRT Station; and Duo Residences, a 49-storey residential tower in the Bugis area with 660 apartments being developed by the Khazanah-Temasek joint venture M+S. Also expected to be launched next month is Chiu Teng group's five-storey freehold project in Toh Tuck Road named The Creek. The average price is likely to be around $1,600 psf.
In Yishun, Chip Eng Seng is expected to price the 99-year leasehold Nine Residences at about $1,070 per square foot on average. Absolute prices will start from around $600,000 for a one-bedder of 495 sq ft. Most of the three-bedders are priced below $1 million; these units range from 915-1,001 sq ft. The project's 186 residential units comprise one to five-bedroom apartments as well as six duplex strata units, each of which has a strata area of 1,905 sq ft inclusive of about 355 sq ft of void area due to a double-volume living room.
Nine Residences will be part of a 14-storey, mixed development with a strata retail component, Junction Nine, on the first two levels. The 146 strata retail units will be priced between $4,500 psf and $5,500 psf on the first level and $3,000-4,500 psf on the second level. Sizes will range from 118 sq ft to 10,527 sq ft for shop units, and 592-4,209 sq ft for F&B units.
The 10,527 sq ft unit is approved for supermarket or shop use and the 4,209 sq ft unit, for foodcourt or restaurant use. Junction Nine and Nine Residences are located on Yishun Avenue 9, about 750 metres from Yishun MRT Station.
Over at Flora Drive in the Upper Changi area, Tripartite Developers will be rolling out The Inflora, the latest project in its alphabetically-named series in the vicinity. The 396-unit condo is being developed on a 99-year leasehold site about 1.2 km from the future Tampines East MRT Station, which is slated to open in 2017.
Prices start from $400,000-plus for a one-bedder. Hong Leong Group declined to provide an indication of the eight-storey development's average per square foot price.
"Similar to our other projects (in this vicinity), we believe that The Inflora will attract HDB upgraders and Gen Y home buyers with its competitive prices," said Betsy Chng, head of sales and marketing at Hong Leong Holdings, one of the three shareholders of Tripartite Developers. The other two are mainboard-listed City Developments and TID Pte Ltd. TID is a joint venture between Japanese developer Mitsui Fudosan and Hong Leong Holdings.
Some market watchers reckon the developers may price the project in the $800-plus psf range if they want to move units. "They can afford to do so, given the low historical cost for the site," said an analyst.
CBRE executive director (residential) Joseph Tan said developers are likely to launch projects as soon as possible. "There's not much incentive for them to hold back launches, as prices are unlikely to go up. They will either stay flat or go downwards due to lower sales volumes."
"Amid the caution arising from an affordability crunch caused by the Total Debt Servicing Ratio framework, buyers will selectively go for projects that are deemed to be reasonably or fairly priced," he added.
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