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Thread: CityDev's Tribeca condo previews begin

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    Default CityDev's Tribeca condo previews begin

    Singapore Companies
    Published November 17, 2006

    CityDev's Tribeca condo previews begin


    CITY Developments has begun previews for its freehold Tribeca condo next to the Grand Copthorne Waterfront Hotel at an early-bird average price of $1,420 psf.


    Room with a view: The 30-storey Tribeca offers residents views of the city and the Singapore River

    It will be developed on the last of the group's sites in the Kim Seng Road/Jiak Kim Street area.

    Based on the initial pricing, analysts' estimates of CityDev's pretax profit from this project range from about $140 milion to $250 million.

    The wide spread reflects uncertainty among analysts on the project's breakeven cost as analysts are unsure of just how much to impute for land cost.

    CityDev is believed to have bought the site in the 1980s.

    A stone's throw away, Wheelock Properties (Singapore) is selling units at The Cosmopolitan at prices ranging from $1,250 psf to $1,500 psf.

    To date it has sold 85 per cent of the total 228 units in the 36-storey freehold development. Tribeca will be a 30-storey block with units starting from the fifth storey upwards to offer residents views of the city and the Singapore River.

    The development, formerly named 'The Pharos by the Waterfront', has been renamed Tribeca, inspired by the chic, residential district in downtown Manhattan, CityDev said in a release yesterday.

    The project is being marketed by CB Richard Ellis and Savills who estimate that units in the development will fetch monthly rentals ranging from $3,000 for a one-bedroom apartment to $10,000 for a four-bedroom apartment. These reflect net rental yields of 3 to 4 per cent.

    The $1,420 psf average price is for 'early birds', CityDev said, suggesting the developer's plans to raise prices as it sells more units. For a start, it has released 80 of the total 175 units in the development.

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    Default Re: CityDev's Tribeca condo previews begin

    Singapore Companies
    Published November 20, 2006

    CityDev's Tribeca preview off to a good start

    By KALPANA RASHIWALA

    CITY Developments has sold about 60 of the 86 units it has released so far at its Tribeca condo opposite Zouk at Jiak Kim Street, a spokeswoman for CityDev said yesterday evening.

    CityDev began previewing the freehold development since Thursday last week at an 'early bird' average price of $1,420 psf and for now, is still sticking to this price.

    About 35 per cent of units sold were bought by foreigners (including permanent residents) with the most predominant nationalities being Indonesians, Malaysians, Britons and Americans, in that order. Other foreign buyers were from other European countries, India and China.

    Buyers also included a wide spread - from the young and trendy set that look like they could be Zouk patrons to retirees.

    There was also a mix of investors eyeing potential rental returns and prospects of capital appreciation, as well as those looking to live there themselves, according to CityDev's spokeswoman.

    The 30-storey freehold residential development comprises 175 units in total. Prices start from about $705,000 for a 517 sq ft one-bedroom unit on the fifth floor to $3.2 million for a 1,905 sq ft four-bedder unit on the 25th floor. The seven penthouses at Tribeca cost upto $5.3 million.

    CityDev will develop Tribeca on the last of the group's sites in the Kim Seng Road/Jiak Kim Street area. The group's earlier projects in the location were Grand Copthorne Waterfront Hotel, King's Centre, Waterfront Plaza and Mirage Tower condo.

    Tribeca is designed such that units start from the fifth storey upwards to offer residents views of the city and the Singapore River. The condo is being marketed by CB Richard Ellis and Savills.

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