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Thread: Verdure (D10, Freehold, Bukit Sembawang)

  1. #1
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    Default Verdure (D10, Freehold, Bukit Sembawang)

    April 14, 2009 Tuesday

    Investors pick up higher-end condos

    Value buys in prime areas available even though property market still weak

    By Joyce Teo, Property Correspondent

    SOME high-end condominiums recorded sparkling weekend sales even though the overall property market was generally quiet in terms of new launches.

    Of the two new previews, Illuminaire on Devonshire sold out its 72 units at $1,630 to $1,730 per sq ft (psf), while Verdure in Holland Road sold 14 units of 34 launched units at $1,400 psf.

    The 12-year-old Gallop Gables saw far stronger than expected demand, with investors picking up 28 units, even though they are about $3 million or more each.

    Previously, the new projects that have attracted fairly strong interest, given today's climate, were not in such prime areas. But some investors may be looking around now that the market has fallen quite a bit.

    Mr Peter Ow of Knight Frank, which is marketing Verdure and Gallop Gables, said the response at these two sales showed individual investors are back.

    'These buyers are savvy investors who are already staying in prime areas,' he said. 'Generally, the property market is still weak, but there are value buys around. And people are beginning to see value in well-located projects.'

    Of 14 Verdure units that Bukit Sembawang has sold during the preview, a few are penthouses. While the overall project is priced at $1,350 psf on average, the 14 were sold at an average of $1,400 psf, or from $1.5 million to $2.8 million.

    A scheme offering interest absorption was available without any extra charge. The project, which has 68 units, will be launched this weekend.

    Over at Gallop Gables near Botanic Gardens, Straits Trading sold 26 units - 16 more than its target. It had offered only 10 units with a guaranteed rental yield of 7 per cent for two years. The rest were purchased without the 7 per cent guarantee, but mostly with existing tenancies offering a rental yield of 3 to 5 per cent.

    The buyers paid between $3,075,200 and $3,840,000, or an average price of $1,220 psf for the units, which averaged about 2,800 sq ft.

    The buyers were mainly residents ranging in age from the mid-30s to the late 70s who bought for investment purposes, said Straits Trading, which had earlier said the sales would generate cash to allow it to invest in distressed assets.

    A few buyers, it added, said they may live in the apartments after the end of the two-year rental guarantee period.

    At Illuminaire, the affordable price drew both investors and speculators, industry experts said. As it has only one- and two-bedroom units, ranging in size from just 441 sq ft to 721 sq ft, the total price was kept low - from $749,000 to $1.21 million.

    EL Development managing director Lim Yew Soon said he had changed the design of the project from a 36-unit development to a 72-unit one last September. By then, a three-bedroom showflat had already been completed - and had to be reconfigured into a smaller unit.

    'I realised the market would prefer small units,' he said.

    Mr Lim, who bought one unit for himself and kept two for business associates, said most buyers were keen on the interest absorption scheme, which was offered at no additional cost.

    Some buyers also liked the unusual automated car parking system. There are two car lifts that will store cars in an adjoining multi-storey carpark block.

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    Published April 17, 2009

    CityDev sells 150 units of The Arte for $190m

    THE buzz continues at property launches on the island. City Developments said yesterday that it achieved about $190 million of sales from selling about 150 units at The Arte at Thomson since March 21.

    The freehold project is priced at $880 psf on average. No premium is being being charged for an interest absorption scheme (IAS) that CDL has extended to buyers. The scheme means buyers pay just the initial 20 per cent to CDL and defer paying the bulk of their purchase price until The Arte is completed. However, buyers have to take up a housing loan at the point of purchase.

    CDL has released 180 of the total 336 units in the project, which comprises two 36-storey high towers.

    The majority of The Arte's buyers have private home addresses. Most of the units are going for under $2 million.

    Over at Holland Road, Bukit Sembawang is releasing more units at its freehold Verdure from today. It has sold 14 of the 34 apartments in the five-storey project released last weekend. Verdure comprises 69 apartments, with an average price of about $1,350 psf, and six strata semi-detached homes, which cost about $4.8 million on average.

    Bukit Sembawang had previously offered an IAS without charging any premium, but from today, buyers will have to pay 2 per cent more to benefit from the IAS.

    Over at Tembeling Road in the Katong area, Alpha Land International is offering a small development with a total of 12 apartments. Prices in the five-storey freehold project, which is expected to be completed towards the end of this year or early next year, range from $663,840 (for an 818 sq ft two-bedroom unit) to $1.64 million (for a 2,379 sq ft four-bedder penthouse).

    Alpha Land is offering an early bird discount in the form of renovation packages ranging from $10,000 to $25,000, depending on the size of the units. Tembeling Court is being marketed by Texan Associates.

    Sim Lian Group will also launch its 360-unit HDB project Parc Lumiere tomorrow. Offered under HDB's design, build and sell scheme, units in the Simei development have an average selling price of $425 psf. Parc Lumiere has four and five-room flats, with four-room flats selling for $378,000-$425,000 and five-room flats going for $462,000-$575,000.

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    April 21, 2009 Tuesday

    New showflats pull in crowds

    Condo-style flats popular; private homes see encouraging sales

    By Joyce Teo, Property Correspondent

    Despite the recession, many were checking out new housing projects over the weekend. The Arte attracted about 1,000 people and another 20 units were sold over the weekend for $30 million, said its developer. -- PHOTO: CITY DEVELOPMENTS

    THOUSANDS of people flocked to check out some of the new housing developments on sale over the weekend, scenes more reminiscent of a boom, not a recession.

    As one industry watcher told The Straits Times: 'The mass market is still moving. If you price it correctly and reasonably, people will still buy.'

    The hottest ticket in town was clearly the Parc Lumiere project, which drew an astonishing 6,500 visitors over the weekend.

    Buyers had begun queueing last Friday before its viewing period started on Saturday, with 829 people eventually in the line for flats in the estate, which is being developed under the Design, Build and Sell Scheme (DBSS).

    There was no balloting for the project: Just turn up and book.

    Developer Sim Lian Group said it has already sold 306 units out of a total of 360. All the four-room flats, priced between $378,000 and $425,000, have been sold.

    Only the low-floor five-room flats are left. The five-roomers are priced from $462,000 to $575,000.

    'After going through Premiere @ Tampines, we thought we would try another way of selling. When you do it by ballot, a lot of people just try for fun. A lot who were keen didn't get the chance to book,' said Sim Lian executive director Diana Kuik.

    But some potential buyers felt the walk-in selection sale method, essentially a first-come, first-served sale, was inconvenient. One said the sale came at too short a notice for him to take leave to queue. A parent said her son had been waiting for the project but was travelling in Europe.

    Sim Lian said it has had feedback from happy buyers, including a pair of siblings happy to get a unit next to each other.

    The second DBSS project, The Peak @ Toa Payoh, also had a busy weekend with 1,711 applications lodged as of 6pm yesterday for the 1,203 units.

    This project by developer Hoi Hup Sunway is being sold by ballot, with applications open until next Tuesday.

    About 22,500 people had visited the showflat from last Wednesday until it closed yesterday, said Ms Kellie Liew, executive director of projects at HSR Property Group, the marketing agent for The Peak. More than half of the applicants are interested in the five-room flats, with about 30 per cent looking at the four-roomers, she said.

    In the private home market, the freehold The Arte in Jalan Datoh attracted about 1,000 people over the weekend, said developer City Developments (CDL).

    The average price at the 336-unit project - which boasts relatively large flats - is $880 psf, with most units going for under $2 million each.

    CDL said it sold another 20 units over the weekend for $30 million, bringing total sales to 170.

    'The sales volume indicates that buyers have greater confidence in the property market and in the future of their investment,' said CDL group general manager Chia Ngiang Hong.

    'This reinforces CDL's view that the current market is now attracting savvy but cautious investors.'

    A large number of buyers have private home addresses, he said, with many saying they want to invest in another property or to move into a 'new and upscale residence'. CDL said it has extended the interest absorption scheme to these buyers.

    Two other large projects that were launched last month also saw encouraging sales.

    A further 22 apartments were sold at the 457-unit Mi Casa condominium in Choa Chu Kang in the past week, bringing total sales to 202 units. Prices hovered around $635 psf.

    More than half of the 646 units at Double Bay Residences in Simei have been sold. This was the best-selling project last month, with 264 units being bought.

    About 60 per cent of the 68-unit Verdure in Holland Roadhas also been sold since its preview more than a week ago.

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    Published May 16, 2009

    More property launches on buying interest

    CapitaLand releases units at The Wharf Residence, Frasers Centrepoint to launch Woodleigh project in July or Aug


    DEVELOPERS are riding the wave of buying interest to launch more units.

    CapitaLand yesterday released 100 two and three-bedroom units at The Wharf Residence, a 999-year leasehold condominium near Mohamed Sultan Road which comprises 173 apartments and 13 shophouses.

    The group sold 85 units - mostly two-bedders - at an average price of between $1,300 and $1,600 per square foot (psf).

    Sizes of two-bedroom units start at 1,012 sq ft. Assuming a price of $1,300 psf, one would cost about $1.32 million.

    Some of the 100 units released yesterday were the remainder from an earlier launch.

    According to Urban Redevelopment Authority (URA) records, CapitaLand introduced 80 units to the market in July last year and sold 24 until September that year at median prices above $1,500 psf.

    The Wharf Residence is expected to receive its temporary occupation permit in 2013. CapitaLand is offering buyers a package deal of stamp duty absorption and interest absorption. BT understands that those who do not take up this package may get to pay up to 8 per cent less.

    CapitaLand could make more units available today as the launch stretches into the weekend.

    The release of more units at The Wharf Residence comes as activity in the higher end of the property market is starting to stir. According to URA's April statistics, buyers snapped up 64 units out of 75 launched at Bukit Sembawang Estates' Verdure at Holland Road. The median price of the transactions was $1,416 psf.

    'Sentiment is better now,' said Knight Frank executive director (residential) Peter Ow. Some buyers feel that property prices have dropped enough, he added.

    And even if prices have not bottomed, they believe that there is probably 'no harm in going in now, rather than letting money sit in the bank'. Some buyers are also worried about missing out on a real estate recovery, he said.

    Separately, Frasers Centrepoint mentioned at its results briefing last week that it will launch its Woodleigh project in July or August this year. Prices will be at a level that 'the market will accept', said its chief executive, Lim Ee Seng.

    The company's Caspian at Lakeside has seen strong take-up since its launch in February. Of the 712 units in the development, 611 had been sold as at May 7, Frasers Centrepoint said.

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