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Thread: D'Chateau @ Shelford (D11, Freehold, East Coast Properties)

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    Default D'Chateau @ Shelford (D11, Freehold, East Coast Properties)

    http://www.businesstimes.com.sg/sub/...19573,00.html?

    Published February 18, 2009

    Some Alexis buyers offer units in subsalemarket

    Other developers try to ride buying wave by relaunching units at lower prices

    By KALPANA RASHIWALA


    (SINGAPORE) The Alexis condo sold like hot cakes last week and now a few buyers at the fully sold project are trying to flip their units in the subsale market, notwithstanding the fact that Singapore is in the throes of its worst recession.


    A better deal: Several developers are trimming prices to give buyers an incentive to commit to a purchase. This weekend, GuocoLand will relaunch The Quartz condo near Buangkok MRT Station with a price cut of nearly 10%

    These buyers are seeking prices about $100 per square foot above what they had paid, translating to a net gain of around 10 per cent, property agents estimate.

    Ripples from the strong sales momentum generated for the 293-unit freehold condo, comprising mostly smallish units costing between $420,000 and $800,000, spread to showflats of several other small and mid-sized developers. Some of them trimmed prices to give buyers an incentive to commit to a purchase.

    The mini home-buying wave sparked earlier this month by Frasers Centrepoint's launch of its Caspian condo in the Jurong Lake District, has led other developers to speed up launch plans for new projects, or to relaunch existing ones, with a price cut.

    This weekend, GuocoLand will relaunch The Quartz condo near Buangkok MRT Station with a price cut of nearly 10 per cent.

    The 625-unit, 99-year leasehold project is slated to receive Temporary Occupation Permit in a few months and is left with 182 units. For a start, GuocoLand is likely to push out about 60-odd units, all three-bedders and most of which will cost below $650,000. The average price of the units to be relaunched will be about $595 psf, compared with an average price of $650 psf that GuocoLand was selling the project at during the height of the market in 2007.

    The project is being marketed by CB Richard Ellis and ERA.

    In the River Valley area, Fortune Development has sold 12 units at RV Suites since Saturday. The 96-unit freehold project's average price is $1,300 psf and most of the units are smallish, at about 500 to 550 sq ft and cost about $630,000 to $730,000. This brings total sales in the seven-storey project to 42 units, according to Fortune general manager Victor Soh.

    Over in the Shelford Road area, East Coast Properties sold 14 units at D'Chateau @ Shelford during the weekend at an average price of about $1,000-1,100 psf. Units cost between $900,000 (for a three-bedroom apartment) and $1.7 million (for a penthouse). About half or 16 of the total 31 apartments in five-storey freehold project are now sold, said the company's managing director Alvin Ng.

    Macly Capital is also said to have sold about 10 units over the weekend at Newton Edge.

    Property market watchers say specuvestors may have been drawn to Alexis, near Queenstown MRT station, by developer EC Prime's decision to offer buyers an interest absorption scheme without charging any premium (usually buyers have to pay about 3 per cent more for such schemes), as well as the relatively affordable investment sums for the mostly smallish units.

    However, EC Prime's director Melvin Poh refuted talk in some quarters that the company generated demand from agents who bought units, and that a substantial number of buyers picked up multiple units.

    'We have checked our sales records; there were only two families that bought multiple units - one family bought five units, and the other, three units. The rest of the buyers all picked up one unit each.

    'If agents from Huttons (Alexis's marketing agent) or their close relatives bought, they would have to declare to us, and so far there have been none,' Mr Poh said.

    Alexis's buyers were mostly Singaporeans and EC Prime, a joint venture between Yi Kai Group and Fission Group, has given them up to three weeks to decide whether they would like to opt for the interest absorption scheme (IAS).

    Buyers had to pay 5 per cent of the purchase price when they booked a unit, that is, when they were issued an option by the developer. Eight weeks later, they will have to pay up another 15 per cent, with no further payment (under IAS) until the project receives Temporary Occupation Permit in about three years.

    Those who do not exercise their options will forfeit a quarter of their 5 per cent deposit. For a $500,000 unit, that will amount to $6,250.

    Those who buy on IAS will have to immediately sign up for a home mortgage with United Overseas Bank, and the credit assessment is expected to sift out financially weak buyers.

    'Alexis has drawn investors. Based on our sale prices, they could earn about 5-6 per cent yield from renting their units, given the location near an MRT station close to town,' Mr Poh said.

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    http://www.businesstimes.com.sg/sub/...20460,00.html?

    Published February 24, 2009

    Developers' home sales top 1,000 units in Feb

    GuocoLand sells some 160 units at The Quartz after last week's price cut

    By KALPANA RASHIWALA


    (SINGAPORE) Developers have achieved an 18-month high in private homes sold in a month, with the 1,000-unit mark having already been breached so far in February.


    Snapped up: A showflat at The Quartz condominium developed by GuocoLand. About 98 per cent of buyers of the units are Singaporeans, 80 per cent of whom live in the vicinity, mainly with HDB addresses

    Most of the developers who are prepared to pare their price expectations to more affordable levels continue to be rewarded. A near 10 per cent price chop was all it took for GuocoLand to sell off almost 90 per cent of the 182 units at The Quartz condo in Buangkok relaunched last week.

    The Singapore-listed property arm of Malaysian tycoon Quek Leng Chan has found buyers for about 160 units since last Tuesday's price cut. This means the 625-unit project is now left with only around 20 units, compared with 182 units prior to the relaunch.

    GuocoLand trimmed the 99-year-leasehold project's average price to $595 per square foot (psf), compared with $650 psf during the height of the market in 2007.

    Besides the more competitive pricing, market watchers attributed the successful outcome to the fact that The Quartz will be ready for occupation soon. Temporary Occupation Permit (TOP) for the condo is expected in a couple of months.

    The bulk of buyers are believed to have bought for their own occupation. About 98 per cent of buyers are Singaporeans, 80 per cent of whom live in the vicinity, mainly with HDB addresses, a GuocoLand spokeswoman said.

    'They like the design, layout and location of the development, which is near Buangkok MRT Station and also accessible by Kallang-Paya Lebar Expressway,' she added.

    The bulk of the 182 units were three-bedroom apartments. On average, a typical three-bedder of slightly under 1,100 sq ft costs around $650,000, BT understands.

    Over at Jurong Lake District, Frasers Centrepoint found buyers for another 35 units for its Caspian condo over the weekend, raising total sales in the 99-year-leasehold project to 515 units.

    The overall average price achieved is just over $600 psf, reflecting the sale of better-facing units in the past week. About 32 per cent of Caspian's buyers have opted for an interest absorption scheme; they will pay 3 per cent more in exchange for not having to foot beyond the 20 per cent initial payment until the project receives TOP. On average, three-bedroom units at Caspian cost $700,000 to $750,000.

    At River Valley Road, Fortune Development found buyers for another six units at RV Suites over the weekend. Half the 96 units in the freehold project have been sold. The project comprises mostly units of 500-550 sq ft, and the average price is about $1,300 psf. East Coast Properties sold another four units over the weekend for its D'Chateau @ Shelford, which is priced at $1,000-$1,100 psf on average.

    Market watchers note that over at Livia in Pasir Ris, some of the 30 units released at $620 psf on average on Valentine's Day weekend are still available. Units are relatively large (a typical three-bedder is about 1,259 sq ft), resulting in a bigger unit price quantum of at least $750,000 for a three-bedroom unit. Potential buyers may also be waiting for new projects to be launched in the area before deciding on their purchase.

    Seasoned property consultants say that for mass-market projects to move today, they should be priced at around $600 psf at most, and the unit price should not exceed $700,000, in order for them to be affordable to HDB upgraders.

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