http://www.straitstimes.com/archive/...homes-20140502

Some demand for new private homes

Brisk sales at Commonwealth launch, crowds at Clementi project preview

Published on May 2, 2014 1:18 AM

By Melissa Tan


SALES were brisk at the launch of a 99-year leasehold condominium near Queenstown MRT station yesterday, while another project near Clementi which opened for preview also drew a crowd, signalling that there may still be some demand for new private homes.

The 845-unit Commonwealth Towers moved 175 homes as at 8pm yesterday, its developer Hong Leong Holdings said. It is jointly developing the project at Commonwealth Avenue with City Developments (CDL) and Hong Realty.

There were nearly 1,000 buyers at the project's showflat at Margaret Drive when The Straits Times visited in the early afternoon yesterday.

Most of the units sold were two-bedders and one-bedders.

Analysts said the sales at Commonwealth Towers were encouraging, and indicated that there was still underlying demand for private homes.

But the fact that most of the units moved were smaller ones also reflected that the total price most buyers can afford has dropped, noted CBRE research head Desmond Sim.

Prices at the project range from $721,000 for a one-bedroom unit to $2.2 million for a four-bedroom apartment.

Buyers told The Straits Times yesterday that they were drawn to the project for its prime location near Queenstown MRT station.

Ms Kim Ong, a 55-year-old Malaysian, said she flew in yesterday morning from Kuala Lumpur in hopes of snagging a unit.

"The location and the developer's branding caught my eye," she said, adding that she intended to rent it out. She said she paid about $969,300 for a 689 sq ft two-bedder, or about $1,407 per sq ft (psf).

Mr Alan Wong, 34, who works in finance, said: "The price was attractive for the location." He paid about $1,577 psf for a 753 sq ft two-bedder yesterday.

Dr Sam Chan, 29, also said the project's location was its main draw, adding that he and his wife plan to live there. He bought a two-bedder of 753 sq ft for about $1,567 psf.

These prices were after a 2 per cent early-bird discount, which will be applicable until Sunday.

Commonwealth Towers will receive its temporary occupation permit in December 2017.

Over in Clementi, a smaller project also drew a crowd when it opened for preview yesterday.

The showflat for the 210-unit Waterfront@Faber at Faber Walk was packed when The Straits Times visited the site in the late afternoon.

Average prices for the 99-year leasehold development by World Class Land are expected to hover in the region of more than $1,100 to around $1,250 psf, according to marketing agents.

Unit sizes were also said to start from 721 sq ft for a two-bedder and go up to 1,292 sq ft for a four-bedder. It has no one-bedroom units.

The project consists of 199 apartment units and 11 strata-landed homes, which have two storeys and a basement level. Each of the strata-landed homes also comes with a lift. The total price for the landed homes starts from $2.48 million.

After the launch of Commonwealth Towers, all eyes are now on CDL's Coco Palms project at Pasir Ris Grove, which is expected to open its doors for preview tomorrow.

The massive project near Pasir Ris MRT station will have 944 units, and prices are expected to begin from around $950 psf.

Other developments that could launch soon are the 469-unit The Crest at Prince Charles Crescent and the 109-unit Amber Skye at Amber Road.

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