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Thread: Concourse Skyline (D7, 99 years leasehold, Hong Fok)

  1. #1
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    Default Concourse Skyline (D7, 99 years leasehold, Hong Fok),00.html?

    Published August 28, 2008

    Developers weigh odds for launches after Ghost Month

    Some may want to test market now rather than risk deterioration in sentiment


    (SINGAPORE) Some developers have been quietly oiling their launch machinery in the past few weeks as they get ready for previews and launches, especially with the Hungry Ghosts Month ending this Saturday.

    Boulevard Vue's facade will be designed by well-known Japanese interior designer Super Potato. The freehold project's 26 apartments (one per floor) are about 4,500 sq ft each, while the two duplex penthouses occupying the top four levels are 8,000-plus sq ft and 11,000-plus sq ft.

    With the property outlook expected to worsen before it gets better, there may just be an incentive for some to launch their projects sooner - or wait it out till late-2009/2010, a seasoned property consultant told BT.

    Another consultant, Knight Frank executive director Peter Ow, said: 'Whatever name you call it - preview, private invitation, etc, the aim is for developers to test the market. If the response is sufficient at the price they want, they'll begin sales. If the response isn't up to what they want, they won't sell. As a developer, you don't want to risk launching a project, selling a few units and getting stuck.'

    Projects that have begun to be previewed this month include Far East Organization's 85-unit freehold Miro at the corner of Lincoln and Keng Lee roads (at an average $1,600 per square foot) and a 54-unit cluster housing project at Greenwood Avenue. Units in the 103-year leasehold development range from 3,000 to 3,700 sq ft.

    Over at Nathan Road, Tat Aik Group has been inviting potential buyers to view Nathan Residences, a 91-unit freehold project priced at around $2,000 psf on average.

    Keppel Land is also expected to release this weekend in Hong Kong and Singapore about 30-40 units under the next phase of Reflections at Keppel Bay.

    The average price is expected to be similar to the earlier phase launched around April last year, at about $1,800 to $2,000 psf. Deferred payment is expected to continue to be offered.

    Hong Fok Corporation's 360-unit Concourse Skyline apartments at Beach Road, KepLand's 56-unit freehold Madision Residence near the junction of Bukit Timah and Keng Chin roads, and City Developments Ltd's The Arte at Thomson are understood to be other projects that could hit the market soon.

    In the high-end segment - where sentiment is weakest - Far East Organization, which has already sold two units at its 28-unit luxury development Boulevard Vue at Cuscaden Road, opened its showflat for the project recently and is expected to step up marketing activity.

    The project's 26 apartments (one per floor) are about 4,500 sq ft each, while the two duplex penthouses occupying the top four levels are 8,000-plus sq ft and 11,000-plus sq ft. Prices for low- and mid-level units in the 33-storey freehold project range from $3,600 psf to $3,900 psf.

    BT understands the price tag for the bigger penthouse will likely be around the $4,500 psf mark, working out to an absolute sum of about $50 million. If achieved, the absolute amount would set a new record for a penthouse in Singapore.

    Boulevard Vue's facade will be designed by well-known Japanese interior designer Super Potato. BT understands that the unit layouts will be customised to buyers' preference.

    A critical factor affecting developers' launch decisions is pricing, given the bearish sentiment.

    'Pricing will be more realistic for fresh launches, but for projects released earlier, it would be difficult for established developers to trim prices without upsetting earlier buyers, especially VIPs,' the seasoned property consultant said.

    Agreeing, Jones Lang LaSalle Singapore's residential head Jacqueline Wong said: 'Such developers may just hold the remaining units in the project if necessary and have another shot at selling them upon the project's completion. For new projects too, the financially stronger players can hold off developing for a while.

    'However, developers who are fairly new or need the cashflow will have to be realistic in their pricing and will be more amenable to negotiating with buyers.'

    Another industry observer said that instead of outright price cuts, it may be easier for developers to attract new buyers into existing projects by offering furnishing vouchers, guaranteed yields (for newly completed projects) or arranging for attractive mortgage packages.

    A mid-sized developer said: 'We have to accept the fact that prices have to be marked to market; otherwise we can't sell enough units to generate the required cashflow. For sites bought within the past 12 months, developers would need to sell at least 50 per cent of the development to generate sufficient cashflow to finance the project's construction - taking into account high land price paid and rising construction costs, among other factors.'

  2. #2

    Smile PSF ?

    Any idea what is the price psf ? And when is the launching leh ?

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    Sep 2, 2008 Tuesday

    Developers starting to preview projects

    With Hungry Ghost month over, condo projects being launched to test market

    By Fiona Chan, Property Reporter

    An artist's impression of Reflections at Keppel Bay. Units in a new tower block there were released for sale over the weekend. -- PHOTO: KEPPEL CORP

    NOW that Hungry Ghost month is over, property developers are starting to line up project previews and launches to test the market.

    Keppel Land released a new high-rise tower block at its Reflections at Keppel Bay on the weekend, putting up a third of the block's 83 units for sale in Singapore and Hong Kong.

    About 10 apartments have been sold since Saturday, at an average of just over $2,000 per sq ft (psf). Prices range from $1,500 to $2,300 psf, depending on the floor and the view.

    A two-bedroom apartment on a low floor would cost about $1.5 million, according to property agents. Reflections has a total of 1,129 units in six high-rise tower blocks and 11 low-rise villa blocks.

    Also on the weekend, Far East Organization invited interested buyers to its showflat for Miro in Lincoln Road, which sources say will be launched in about two weeks.

    The freehold 85-unit development is priced at around $1,700 per sq ft (psf) on average, they said. Prices start at about $1.6 million for a one-bedroom studio loft of 990 sq ft.

    Also available in the 32-storey tower are two-bedroom units of 1,302 sq ft and three-bedroom lofts at more than 1,600 sq ft.

    A boutique project at nearby Moulmein Road starts previews this weekend with plans for a launch next Monday.

    Mulberry Tree has 32 freehold units and a 'retro-style' facade, said an agent marketing the development. Indicative prices have been set at $1,300 to $1,500 psf. They start at less than $700,000 for the smallest apartment.

    Agents said the two-bedroom flats, of about 710 sq ft each, would cost around $900,000. The project is forecast to be completed at the end of 2011.

    Developer Hong Fok is expected to preview its Concourse Skyline in Beach Road later this month. Prices are likely to range from $1,600 to $2,000 psf, with two-bedroom units priced upwards of $1.8 million, The Straits Times understands.

    The 360-unit development is slated to be completed in 2013.

    Tat Aik Group has also started to preview its Nathan Residences, which will be developed on the former Nathan Court in Nathan Road.

    Sales are expected to start this week, with prices in the region of $2,000 psf, said marketing agents. One-bedroom units will start at $1.2 million and two-bedroom apartments are likely to go for $1.6 million.

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    Hong Fok launches 360-unit residential property at Concourse

    By Ng Baoying, Channel NewsAsia | Posted: 09 September 2008 2004 hrs

    SINGAPORE: The 88 serviced apartments at the Concourse will be redeveloped into a 360-unit residential property. Developer Hong Fok Corporation said the 99-year leasehold units will be "priced to sell" in today's softer property market.

    Ninety units of Concourse Skyline will be launched over the next few days in Singapore and Hong Kong. They will be sold at a price of between S$1,580 and S$1,800 psf about S$1.3 million for a single bedroom unit.

    Joseph Tan, executive director, Residential, CB Richard Ellis, said: "This year, in terms of a broad range of transactions, we still see transactions between S$1,500 and S$3,300 psf. So in a sense, we are a bit below that. That's why it's priced to sell."

    Hong Fok said while the current serviced residences saw occupancy rates hover around 90 per cent, those units only used up about 60 per cent of the total space available. The remaining 40 per cent was wasted on corridor space.

    The developer will tear down the current two towers and rebuild them with the same facade at an estimated S$200 million.

    Hong Fok said construction costs are expected to soften by the time building works start in early 2009 and the development will be ready for accommodation by end-2012.

    Concourse Skyline will offer a view of the Marina Bay Sand integrated resort and the Singapore Sports Hub.

    Units at the 40-storey and 28-storey towers will be designed by top architect Philip Cox, and will include one- to four-bedroom apartments, sky suites, penthouses and super penthouses.

    Hong Fok is positive on market sentiment and said it has already received enquiries on about 25 units.

    Cheong Sim Eng, executive director, Hong Fok Corporation, said: "With the buyers on hand, we wouldn't want to wait. We have planned this more than two and a half years ago. With the F1 coming, we don't need to wait for a better time to launch."

    Analysts from DTZ and CB Richard Ellis noted that three multi-billion-dollar projects the Kallang Riverside, the Ophir-Rochor Corridor and Marina Bay surround Concourse Skyline, putting it in good stead for capital appreciation and future rental potential.

    - CNA/so

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    Sep 10, 2008 Wednesday

    Soft launch for Beach Road condo

    By Joyce Teo, Property Correspondent

    THE weak property market has forced developer Hong Fok Corp to shun the traditional glitzy condo launch in favour of a 'soft' release of some flats for its new Beach Road project.

    The firm is initially releasing 90 flats in the 360-unit Concourse Skyline. An additional 30 units may be sold if demand is strong enough.

    'If we can sell 120 units, we'll call it a day,' said Hong Fok director S.E. Cheong. 'We would hold back the rest until the market improves.'

    Prices for the one- to four-bedroom apartments will be between $1,500 and $1,800 per sq ft (psf) - or from just below $1 million to around $4.2 million. Sea-facing units will cost $300 psf more than those facing the city, said Mr Cheong.

    The 99-year leasehold project near Kampong Glam, next to Parkroyal Hotel, has two tower blocks - one with 40 storeys, the other, 28. About 60 per cent of the flats are one-bedders of about 800 sq ft and two-bedders of around 1,000 sq ft. There are also some penthouses.

    There will be a podium block with shops on the first storey and 18 units that Hong Fok will keep for rental. Hong Fok will spend about $200 million to build the Concourse Skyline.

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    Published September 10, 2008

    Hong Fok launches Concourse Skyline

    Developer releasing 90 residential units in first phase


    MAINBOARD-listed property developer Hong Fok Corporation yesterday launched the first phase of a new residential development on Beach Road - the Concourse Skyline.

    Clearly prized: The site is at the heart of major attractions such as the upcoming Marina Bay IR

    Comprising two towers and a podium complex, the 99-year leasehold development will house 360 units when completed in 2013. Units consist of one to four-bedroom apartments and penthouses, with one-bedroom apartments making up some 40 per cent.

    Hong Fok is releasing 90 units in the first phase, and average sale prices could range from $1,500 to $1,800 per sq ft (psf) for the apartments. One-bedroom units, for instance, can go up to 893 sq ft. None of the development's 10 penthouses will be released for now.

    The Concourse Skyline is 'priced to sell', said Hong Fok's director SE Cheong, adding that prices would have been higher had the units been sold when the property market was stronger not long ago. He estimated that the first phase could be sold out in a month.

    DTZ and CB Richard Ellis are marketing the property and according to DTZ's executive director of research Ong Choon Fah at a media briefing yesterday, 'this project has generated a lot of interest from investors as well as potential owner-occupiers'. Besides Singapore, potential Hong Kong buyers will also get a preview.

    One of the Concourse Skyline's selling points is its location. Some units offer sweeping waterfront views, and the site is at the heart of major attractions such as the upcoming Marina Bay integrated resort and Gardens by the Bay.

    'We are confident of the location,' said CBRE executive director of residential services Joseph Tan, explaining why the launch went ahead in today's quieter property market.

    'We believe there is strong underlying demand in the Singapore market for appropriately priced and unique developments,' Hong Fok's Mr Cheong said.

    Depending on take-up for the first phase, Hong Fok could release another 30 units in the next phase.

    Mr Cheong said that he would be comfortable holding back remaining units for later launches once around 120 units are sold.

    Hong Fok also announced yesterday that it is developing a 68-unit serviced apartment project at the Mid-Levels in Hong Kong through its subsidiary, Winfoong International.

    The project is slated for completion in early 2010.

    Hong Fok shares closed half a cent higher at 50.5 cents yesterday.

  7. #7


    View from the showflat at 38th floor.

  8. #8


    Great views.. Great place.. Great price too ..
    I think tis is a good buy at 1500 psf.
    What do you think ?

  9. #9


    Any updates of the no of units sold so far for this project ? Reckon any impact on the US meltdown on sales ?

  10. #10


    Quote Originally Posted by status
    Any updates of the no of units sold so far for this project ? Reckon any impact on the US meltdown on sales ?
    What impact can that be? The construction costs today already hit nearly the replacement costs. Prices will definitely sustain even if not going up further.

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