Wheelock sells half of units in Panorama's first release

[reporter2]

http://www.businesstimes.com.sg/arch...lease-20140120

Published January 20, 2014

Wheelock sells half of units in Panorama's first release

Buyers picked up about sixty apartments priced at $650k-$2.4m

By Nisha Ramchandani


HALF of the 120 units released for sale at The Panorama condominium were booked yesterday, developer Wheelock Properties said.

Located at Ang Mo Kio Avenue 2, The Panorama is Wheelock's first 99-year suburban condo project here in nearly two decades. Prices of the units sold ranged from $650,000 for the one bedroom units to nearly $2.4 million for the five bedroom units. Majority of the units sold were two and three bedroom types, with sizes ranging from 678 square feet (sq ft) to 1,130 sq ft.

The developer said that most buyers were owner-occupiers with young families, with the ages of buyers spanning from thirties to fifties. While buyers came from across Singapore, most are residing in District 20 comprising Ang Mo Kio, Thomson and Bishan.

While Wheelock did not release the average price per square foot (psf), prices quoted by a Knight Frank agent ahead of the launch ranged from $1,265-$1,320 psf for the two bedroom units and $1,293-$1,307 for the three bedroom units.

Wheelock submitted the winning bid of about $550 million for the site at a state tender in January last year. At the time, analysts calculated breakeven prices of between $1,180 and $1,300 psf.

"We are encouraged by the market response," said Tan Bee Kim, senior executive director of Wheelock Properties. Its wholly-owned subsidiary Pinehill Investments is the developer.

"Although the dampening effects on the Singapore property market brought about by the government's cooling measures are still being felt, the recent World Bank economic forecasts augur well for Singapore. Hopefully we may be looking at a more upbeat market sentiment and sustainable recovery," she added.

The World Bank raised its forecast for global growth to 3.2 per cent for this year and 3.4 per cent next year, up from 2.4 per cent last year.

Noting that The Panorama comes hot on the heels of the release of the 281-unit retirement resort The Hillford in Bukit Timah, Chesterton International's managing director Donald Han said: "It's a good start for the property market entering into 2014...with two major projects (starting) the ball rolling."

The take-up indicates that the market is still fairly active with genuine buyers looking to upgrade, he added.

Highlighting that the condominium is adjacent to St Nicholas Girls' School, executive director of SLP International Nicholas Mak pointed out that it would definitely attract young families.

The absolute price of the family-sized units would likely determine how quickly The Panorama sells, he added.

"Buyers are very price sensitive," he said, pointing to The Hillford which sold out on its first day. Units at The Hillford were sold at an average of $1,100 psf.

Other 99-year projects comparable to The Panorama include Thomson Three on Bright Hill Drive, at an average price of about $1,350 psf, as well as Sky Vue at Bishan Central - both launched in September last year. In its launch month, 433 units of Sky Vue were sold at a median price of $1,401 psf.

Slated for completion in 2019, The Panorama is near the upcoming Mayflower station of the Thomson Line which is expected to be operational in 2020.

The Panorama has a total of 698 units across six blocks, with two 20-storey blocks and four 17-storey blocks. There are 95 one bedroom units, 196 two bedroom units, 314 three bedroom units, 68 four bedroom units, 19 five bedroom units and six penthouses.

[reporter2]

http://www.straitstimes.com/archive/...t-day-20140120

60 units at Panorama booked on first day

Buyers of Ang Mo Kio project mostly professionals with young families

Published on Jan 20, 2014

By Mok Fei Fei


DAYS after a housing project aimed at retirees sold out in a matter of hours, a more subdued response was seen at a mass market project in Ang Mo Kio.

Just half of the 120 units released for sale at The Panorama were booked yesterday, the first day of the official launch of the 698-unit, 99-year leasehold project developed by Wheelock Properties.

This was in contrast to the reception for The Hillford, a mixed development marketed as a "retirement resort", that saw all 281 units snapped up within hours last Friday.

Nonetheless, Wheelock Properties' senior executive director Tan Bee Kim said in a statement yesterday that she is "encouraged by the market response".

Ms Tan said the property market is still feeling the effects of a series of cooling measures. "Hopefully we may be looking at a more upbeat market sentiment and sustainable recovery," she said.

Prices of the units sold at The Panorama in Ang Mo Kio Avenue 2, ranged from $650,000 to almost $2.4 million. The average price per sq ft was not available last night.

Wheelock Properties said the buyers were mostly professionals with young families, with ages ranging from their 30s to 50s.

Location is a major attraction for the buyers, with the condominium's proximity to different amenities drawing the crowds.

Aviation executive Elton Ong, 36, who was the first to be picked during the balloting exercise, chose a three-bedroom unit at the development, which is adjacent to CHIJ St Nicholas Girls' School.

He and his wife plan to send their one-year-old daughter, Kristen, to the primary school. "It's a good school and she's a big investment, she's worth it," he said.

Housewife Catherine Ng, 43, who was at the showroom with her husband and two children, bought a three-bedroom unit primarily because it would be near a future MRT station.

"It's quite expensive to drive nowadays and we may not always have a car, so it's easier for the kids to commute if we live near the MRT station," Mrs Ng said.

The Panorama is five minutes away from Mayflower MRT station on the Thomson Line, which is expected to be in operation in 2020, a year after the condominium's completion.

Many buyers are also long- time Ang Mo Kio residents, looking to remain in the well-developed, mature estate and upgrade from their current HDB homes.

Civil servant Adeline Chua, 31, was concerned that her parents would not be able to adapt to a new estate after living in their four-room Ang Mo Kio HDB flat for over 30 years. She jumped at the chance to buy a two-bedroom unit after viewing pricier developments elsewhere. "Housing costs are really high and if I wait, it will keep on rising," she added.

A lack of major private home developments in Ang Mo Kio of late added to The Panorama's appeal, others said.

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