http://www.businesstimes.com.sg/arch...er-13-20140903

Published September 03, 2014

Sales of Highline seen starting on September 13

Market watchers put net average price at around S$1,800-1,900 psf

By Kalpana Rashiwala

[email protected] @KalpanaBT


KEPPEL Land is expected to begin sales of its Highline Residences condo, diagonally opposite Tiong Bahru MRT Station and Tiong Bahru Plaza mall, on Sept 13.

Market watchers note this will be the same day the showflat for Marina One Residences is expected to open for viewing.

Keppel Land's spokeswoman could not confirm the date when sales will begin for Highline Residences but said: "We have given a market guide price of S$2,000 psf (on average) and response has been good."

The guide price is before an undisclosed "special preview discount" that will be given for purchases by registered prospects.

Prospective buyers were invited to a preview of the project last weekend. Another session will be held this weekend.

Market watchers guessed that after discounts, the average price could be around S$1,800-S$1,900 per square foot (psf).

They noted that sales at The Crest along Prince Charles Crescent have been sluggish. As at end-July, only 39 of the condo's 469 units had been sold, based on government data on developer sales. The project was released in June this year, with 35 units sold at a median price of S$1,682 psf in that month.

The Crest, being developed by a Wing Tai-led consortium, is a stone's throw from Jervois Road and the Chatsworth Park Good Class Bungalow Area. It is about 450 metres from Redhill MRT station and features spacious units.

Closer to Redhill station, Alex Residences was released last November, with 171 units sold at the S$1,706 psf median price in that month. As at end-July, 208 of the project's 429 units had been picked up.

Next to Queenstown MRT Station, Commonwealth Towers was released by the Hong Leong Group in May, with 275 units sold in that month at S$1,626 psf median price.

Location-wise, Highline Residences is deemed the most attractive of the four projects, given its proximity to Tiong Bahru MRT Station, which is closest to town. Redhill station is one stop away, and Queenstown station, two stops. The Tiong Bahru location also has more amenities, including a mall and eateries.

All four projects will be on 99-year leasehold sites sold at state tenders. The Crest site fetched S$960 psf per plot ratio (psf ppr) at a state tender that closed in September 2012. The Alex Residences site was transacted at S$970 psf ppr in December 2012, Commonwealth Towers site S$883 psf ppr in February 2013, and Highline Residences, S$1,163 psf ppr in April 2013.

Highline Residences will comprise 500 units housed in two 36-storey towers, a 22-storey tower and four low-rise blocks.

Unit sizes range from 506 sq ft for one-bedders to 1,227 sq ft for four-bedroom dual key units. Highline Residences will have six penthouses (2,174 sq ft to 2,260 sq ft).

The project is designed by Mok Wei Wei of W Architects. The development will feature a rooftop communal garden facility to encourage urban farming and healthy lifestyles.

Residents may tap concierge services such as limousines and housekeeping, in addition to enjoying complimentary golfing at Keppel Land's Ria Bintan Golf Club.

M+S, the developer of Marina One Residences, has indicated an asking price of S$2,600 psf on average. The development will have 1,042 residences.

A seasoned market watcher commented: "Generally affordability has been dented by TDSR (total debt servicing ratio framework). But even for those who can afford, they may not be motivated to purchase given the official indication that prices will have to come down further before any cooling measures are relaxed."