Strong demand at Alex Residences preview

[reporter2]

http://www.straitstimes.com/premium/...eview-20131114

MARKETS

Strong demand at Alex Residences preview

Published on Nov 14, 2013

By Melissa Tan


BUYERS snapped up about 150 units in the space of an afternoon at the preview of Alex Residences near Redhill MRT station yesterday.

Homes at the 429-unit development went for an average of $1,650 per sq ft (psf). Singaporeans and permanent residents were prominent among the buyers, although a few Malaysian and Chinese buyers signed up as well.

Sales were evenly distributed between one-, two- and three- bedroom units, said Mr Michael Ng, group general manager of UIC, SingLand's parent company.

Mr Ng said SingLand originally put up 150 units for sale at the 99-year leasehold project but released 50 more, due to demand.

It was scheduled to launch on Saturday but will be released today instead.

The project was said to have received 550 cheques before preview sales began, according to a Business Times report yesterday.

Prices start at $760,000 for a 474 sq ft one-bedder and go up to slightly above $2 million for a 1,044 sq ft three-bedroom unit.

The development's average psf price is lower than that of its next-door neighbour Echelon, which was launched last December and is fully sold. Units there went for an average $1,795 psf, according to Urban Redevelopment Authority data.

Knight Frank's executive director of residential services, Mr Tan Tee Khoon, said "sensitive pricing" at new launches is important, citing restrictions on home loans imposed under a total debt servicing ratio framework in late June.

SingLand paid $970 psf per plot ratio (ppr) for the Redhill site last December, which translates to a breakeven price of about $1,450 psf ppr.

The land cost was much higher than the $754 psf ppr a City Developments consortium paid for the Echelon site in December 2011.

Alex Residences is expected to be completed in February 2019.

All eyes are now on Duo Residences in Bugis, developed by M+S, where sales begin today.

[email protected]

[reporter2]

http://www.businesstimes.com.sg/spec...ences-20131114

Published November 14, 2013

150 units sold at Alex Residences

By Kalpana Rashiwala [email protected]


Showroom activity: The condo project commanded an average price of $1,650 per square foot

SINGAPORE Land sold 150 units yesterday at the 99-year Alex Residences condominium near Redhill MRT Station, out of 200 units the group released in the 429-unit project.

The average price is $1,650 per square foot.

Said Michael Ng, group general manager of Singapore Land and its parent, United Industrial Corporation: "We've sold a good spread of one, two and three-bedroom units. The project has drawn owner-occupiers as well as potential investors, given the appeal of the location.

"Residents will enjoy the prestige of living a short distance from the Chatsworth Park Good Class Bungalow Area and yet enjoy the convenience of amenities in the Redhill area ranging from a wet market and food centre to restaurants and cafes."

The $1,650 psf average pricing for Alex Residences is a tad lower than the $1,700 psf early-bird average pricing for City Developments' launch of the next-door condo Echelon last December. However, the overall project-average achieved for Echelon was $1,795 psf.

Also, Singapore Land has not minted large units, with the project comprising entirely one, two and three-bedroom units - unlike Echelon which also has four-bedders and penthouses. Three-bedders in Echelon are also generally larger than those in Alex Residences.

This has allowed about 95 per cent of the 429 units in Alex Residences to be priced below $2 million.

"Yes, the TDSR (total debt servicing ratio) framework has restricted access to funding for some potential buyers. But for those who can get financing, they find a strong value proposition in our product, which is near the city," reasoned Mr Ng.

In early September, Keppel Land released The Glades next to Tanah Merah MRT Station at an average price of around $1,500 psf. In late June, on the same evening that the TDSR framework was rolled out, MCL Land sold its J Gateway condo near Jurong East MRT Station like hotcakes at $1,480 psf on average.

Mr Ng said that buyers of Alex Residences yesterday were predominantly Singaporeans and permanent residents although some foreigners, mostly mainland Chinese, were also spotted buying units.

[JR]

How was the weekend sale? Any updates

[hanafi_d2000]

Any christmas discounts?