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Thread: Developers cash in on improved sentiment

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    Default Developers cash in on improved sentiment

    http://www.businesstimes.com.sg/sub/...41040,00.html?

    Published July 9, 2009

    Property market continues riding on buying mood

    By UMA SHANKARI


    PROPERTY market activity continued in the first week of last month as more private homes were launched - or re-launched - to ride the buying momentum.


    Good demand: Bukit Sembawang Estates has sold 50 of the 78 units at Luxus Hills, a 999-year leasehold landed development at Ang Mio Kio, in a preview

    Bukit Sembawang Estates said yesterday that it has sold 50 of the 78 units at Luxus Hills, a 999-year leasehold landed development at Ang Mio Kio, in a preview. Intermediate terrace homes were sold for an average of $1,085 per sq ft of land area, while corner terraces went for an average of $980 psf.

    BT understands that agents have also started to market prime projects, including GuocoLand's 272-unit freehold Sophia Residence, City Developments's 85-unit project on the former Garden Hotel site and Wing Tai's 346-unit Ascentia Sky in Alexandra Road.

    For Sophia Residences, asking prices range from $1,400-$1,600 psf. For CityDev's project, agents are quoting $1,800-$2,000 psf. At Ascentia Sky, a limited number of units have been released at prices ranging from $1,150- $1,350 psf.

    Other developers are re-launching projects. CapitaLand is believed to have re-launched Latitude in the River Valley area last week. Asking prices range from about $1,600-$1,900 psf, a significant decline from $2,600 psf fetched for the 11 units sold from September 2007 to April 2008. Far East Organization re-launched Silversea a few weeks ago, selling some units at $1,250-$1,400 psf.

    Developers can be expected to expedite new launches and continue promoting already-launched projects over the next two weeks as the Hungry Ghost month - which is traditionally slow for property sales - draws near.

    Sales at recently launched projects have continued apace. 'We visited show flats for a few mid and prime projects last weekend,' said DMG & Partners Securities analyst Brandon Lee in a July-6 note. 'More developers are now offering additional price discounts of 2-5 per cent during soft launches to incentivise buyers.'

    Prices rose 4.8 per cent quarter-on-quarter in Q2, Mr Lee said. 'Along with a flat stock market performance, we believe this has led to a less fervent show-flat turnout. However, sales volumes remain healthy.'

    In an update, Far East Organization said yesterday that it has sold 130 apartments at its 280-unit Vista Residences at Thomson.

    Separately, Credo Real Estate yesterday released for sale by tender a cluster of 18 shophouses at Joo Chiat/Onan Road. The properties are owned by a family trust, which is seeking offers in the region of $25 million to $30 million. The freehold site is 35,440 sq ft and the total gross floor area of the shophouses is 62,489 sq ft.

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    http://www.todayonline.com/Business/...oved-sentiment

    Developers cash in on improved sentiment

    by Cheow Xin Yi

    05:55 AM Jul 09, 2009


    IT'S launches galore in the property market, as developers take advantage of improved sentiment to release their residential projects.

    Yesterday alone, three developers announced plans for the sale of two residential and one serviced apartment developments.

    Silversea, a 383-unit condominium in the East Coast area, will be launched this weekend by Far East Organization, with prices starting from $1,300 per square foot (psf).

    This comes a week after the private developer launched part of its 280-unit Vista Residences in the Thomson area. This project has so far sold 130 units at an average of $1,070 psf, out of 182 released to date, Far East said yesterday.

    Also coming on board this weekend is Bukit Sembawang Estate's landed project Luxus Hills located along Ang Mo Kio Avenue 5.

    The Singapore-listed developer has already sold 50 of the 78 units in the development.

    In the serviced apartment segment, Frasers Hospitality yesterday launched Fraser Place Fusionopolis, a serviced residence in North Buona Vista targeting a clientele of researchers, academics and working professionals.

    The 50 loft apartment units, which have a bedroom each, are located on levels 17 to 19 of the Symbiosis Tower. CHEOW XIN YI, ESTHER FUNG

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