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Thread: CapitaLand to launch Victoria Park Villas in District 10

  1. #1
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    Default CapitaLand to launch Victoria Park Villas in District 10

    http://www.straitstimes.com/business...in-district-10

    CapitaLand to launch Victoria Park Villas in District 10


    The Victoria Park Villas landed housing project comprises 106 semi-detached houses and three bungalows on a 403,000 sq ft site.PHOTO: LIANHE ZAOBAO

    Sep 2, 2016

    Rennie Whang


    CapitaLand launches its Victoria Park Villas landed housing project in District 10 tomorrow.

    The project comprises 106 semi-detached houses and three bungalows on a 403,000 sq ft site at the junction of Coronation and Victoria Park roads.

    The 99-year leasehold estate is about a 10-minute walk from Farrer Road and Tan Kah Kee MRT stations, and is near several schools.

    The floor area of the 106 semi-detached houses ranges from 4,166 sq ft to 6,943 sq ft, with prices from $4.4 million to $7.6 million.

    The three bungalows range from 10,904 sq ft to 11,539 sq ft in floor area and are priced from $11 million to $12 million. Semi-detached houses have a land area of 2,153 sq ft to 3,835 sq ft while bungalows sit on 5,696 sq ft to 6,551 sq ft sites.

    This means land prices of about $2,000 per sq ft (psf) for the semi-detached houses, although they are lower for the bungalows.

    The homes seem slightly pricey but this could be due to the land cost, noted Mr Nicholas Mak, SLP International executive director.

    Semi-detached houses at Kingsville in King's Drive, and terrace houses at Hillcrest Villa in Hillcrest Road and at Greenwood Mews in Greenwood Avenue have sold for about $906 psf to $1,351 psf of land since January last year.

    CapitaLand won the Government Land Sales site with a bullish bid of $908 psf in June 2013, about 17 per cent higher than the next highest bidder. That said, "it is quite rare to have such a large landed housing project up for sale in Singapore", Mr Mak added.

    While Mr Wen Khai Meng, chief executive of CapitaLand Singapore, declined to say how close to cost it was pricing the project, he said the company is "practical, and prices are based on the market".

    In a better market, the houses could have been priced at $1 million more, he noted. CapitaLand has sold seven semi-detached houses in the project in the past month.

    Its recently introduced deferred payment scheme, or stay-then-pay programme, has also panned out well, Mr Wen said. There were 59 options exercised under the scheme at d'Leedon as at Aug 30 while 42 were exercised for The Interlace units. It has also issued about 50 options that have not been exercised, while some buyers have bought units without using the scheme.

    CapitaLand is working on a marketing scheme for Sky Habitat, while it will launch Marine Blue after it is completed in a few months.

    Correction Note: This story has been edited for clarity.

  2. #2
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    Default Victoria Park Villas semi-Ds priced at S$4.4m to S$7.6m

    http://www.businesstimes.com.sg/real...t-s44m-to-s76m

    Victoria Park Villas semi-Ds priced at S$4.4m to S$7.6m

    Project could have gone for a million dollars more each in better market conditions, says CapitaLand S'pore CEO

    By Lynette Khoo

    [email protected]

    @LynetteKhooBT

    Sep 2, 2016


    IN what is the only prime landed site to be awarded by the government since 1996, CapitaLand is launching 106 semi-detached houses for S$4.4 million to S$7.6 million each and three bungalows for S$11 million to S$12 million each in Victoria Park Villas this Saturday.

    These 99-year-leasehold units in the District 10 project "could have gone for a million dollars more" each in better market conditions, CapitaLand Singapore CEO Wen Khai Meng told reporters.

    Since the project's soft launch about a month ago, some seven semi-Ds have been sold to Singaporeans at an average S$4.5 million. Based on useable area, excluding car-park porch, the average pricing for the project is S$1,200 to S$1,400 per square foot (psf) - which is "Sengkang condominium price", Mr Wen quipped.

    Occupying 403,000-sq-ft of space at the junction of Coronation Road and Victoria Park Road, the site's proximity to reputable schools is another major selling point. All homes come with private lifts, bedrooms with ensuite bathrooms and smart home systems that can be remotely controlled via mobile apps. Each home also has an enclosed car porch for at least two cars.

    "We should not be one of those run-of-the-mill landed (projects), so we give a lot of attention to the features and the design," Mr Wen said, explaining why the group appointed one master-planner and three architects for the project. Acclaimed architect Mok Wei Wei drew up the master-plan while three boutique architectural firms specialising in landed home design - namely AR43, HYLA, and Studio Wills+Architects - designed the homes.

    Such development also appeals to buyers who prefer move-in-ready landed homes without having to bear the high costs and time needed to touch up an existing house or build a house from scratch, he added.

    Mr Wen said the project is priced after studying recent landed resale transactions around the area and factoring in an estimated S$1 million or S$2 million to be incurred for additions & alterations or reconstruction respectively.

    By doing so, the adjusted prices of 99-year-leasehold comparables in Kingsville would be in the region of S$4.5 million to S$6 million and that of freehold comparables in the vicinity will come up to S$5 million-S$7 million, which are comparable to the prices CapitaLand is setting for Victoria Park Villas, he added.

    Most of the semi-Ds at Victoria Park Villas are priced below S$5 million.

    "For many people with a budget of about S$5 million and wanting to stay in landed homes in the neighbourhood of Good Class Bungalows, this is their only chance," Mr Wen added.

    The quoted prices are currently inclusive of a 12 per cent early-bird discount; up to another 3 per cent discount is available for certain buyers.

    ERA Realty chief executive Jack Chua, whose agency is marketing the project, noted that activities in the market have picked up particularly for the high-end segment, which he hopes will have a spillover effect on the niche landed segment.

    The semi-Ds in Victoria Park Villas have a land area of 2,153-3,835 sq ft with a built-up area of 4,166-6,943 sq ft; the bungalows each cover a land area of 5,696-6,551 sq ft, with a built-up area of 10,904 sq ft to 11,539 sq ft. Only Singaporeans and approved permanent residents are eligible to buy landed homes in Singapore's mainland.

    Giving an update on CapitaLand's residential inventory, Mr Wen said that the stay-then-pay programme for D'Leedon and The Interlace since June 20 has been well-received, with 59 and 42 options being exercised respectively. This represents a respective conversion rate of 95 per cent and 100 per cent.

    There are another 20-30 outstanding options that are exercisable from now. Under the scheme, buyers get a 15 per cent price discount and move in once they have exercised the Option to Purchase (OTP). They then make a 10 per cent downpayment within eight weeks and can pay the remaining 90 per cent one year from exercising the OTP.

    There are another 13 units at D'Leedon and nine units at The Interlace sold whereby the buyers did not opt for the deferred payment scheme since June 20.

    Mr Wen noted that the stay-then-pay scheme has been attractive because it targets mainly upgraders, who may need the time to dispose of their existing properties to pare down their loans or to avoid the additional buyer's stamp duty.

    There has also been no impact from the clarification by the Monetary Authority of Singapore that buyers of private property taking up deferred payment schemes will not be able to borrow as much as they have thought, as the difference in loan quantum is insignificant, Mr Wen noted.

    CapitaLand is coming up with a marketing scheme for the 100-over unsold units at Sky Habitat, and is planning an official launch for freehold project Marine Blue, which will be completed in a few months' time. As at July, the group sold 35 units of the 124 units at Marine Blue.

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