Jan 9, 2007

Developer raises prices by 17% for Lumiere

RIDING THE BOOM: BS Capital is now offering 45 units of the Soho-styled 168-unit Lumiere, which is in Mistri Road near Tanjong Pagar MRT station, at $1,550 psf to $2,100 psf.

BS CAPITAL has hiked prices at its city-living condo Lumiere by 17 per cent following the success of nearby One Shenton and Marina Bay Residences.

It is offering 45 units of Lumiere at $1,550 per sq ft (psf) to $2,100 psf, although the 168-unit condo is located some distance from Marina Bay, Singapore's reigning property hotspot.

Prices at the Soho-styled Lumiere, which is in Mistri Road near Tanjong Pagar MRT station, are above the $1,450 psf to $1,800 psf range achieved for 75 units sold at a soft launch before Christmas. BS Capital is keeping the remaining 48 units for investment.

Marina Bay, site of one of the integrated resorts, has become the most desirable area in town after buyers chased up the price of Marina Bay Residences to over $3,400 psf.

This set a record for private homes here.

That has fuelled more sub-sale interest at The Sail @ Marina Bay and energised demand for One Shenton, which is almost sold out after a frenzied weekend of sales.

City Developments (CDL) said One Shenton achieved a price of close to $2,700 psf.

CDL only launched the 341-unit condo last Friday, when sales were initially made to whole-floor buyers.

By last Saturday, CDL said the condo was more than 95 per cent sold with prices of $1,500 psf to $2,200 psf.

'Singapore's inner-city living lifestyle is evolving,' said BS Capital's chief executive, Mr Chin Teck Chuan.

Prices have climbed and are seen rising further, he said. 'The feel-good factor will come in when work starts on the two integrated resorts,' he said. 'I still think there is some room for prices to move from here.'

BS Capital, he added, will be focusing on high-end and inner-city living projects.