Singapore Companies
Published November 3, 2006

CapitaLand, Lippo set to launch Redhill condo


CAPITALAND and Lippo begin previewing their 45-storey The Metropolitan Condominium next to Redhill MRT Station this weekend. Sources say the price has yet to be finalised but is expected to average between $750 per square foot and $800 psf.

The developers are building the 99-year leasehold project on a site that they clinched at a state tender which closed in November last year. Their nearly $180 million top bid worked out to $350 psf of potential gross floor area. Analysts estimate The Metropolitan Condo's break-even cost at about $550-580 psf.

The development will comprise two blocks which will be linked at at the sky gardens level. Units on upper levels are expected to boast scenic views of the Tanglin/Jervois Good Class Bungalow area.

The project will comprise 382 units in total. The bulk of the units are two- or three-bedroom apartments.

Property industry observers are keenly watching the final price CapitaLand and Lippo decide on for the latest indication on the health of the 99-year leasehold suburban condominium market.

UOL and United Industrial Corporation are currently said to be achieving an average price of $850 psf for their 35-storey The Regency at Tiong Bahru freehold condominium at the former Bo Bo Tan Gardens site near Tiong Bahru MRT Station (one station away from Redhill MRT).