Feb 17, 2010

Property launches heat up after CNY

Developers are already preparing to launch at least six projects

By Fiona Chan

NOW that the holidays are out of the way, property developers are ready to lay out a spread of new offerings for home-seekers.

At least six projects are being prepared for launch, while others have started preview sales or will have new phases released.

At the higher end of the market, Wing Tai is preparing to sell its 147-unit L'Viv in Newton Road at an average price believed to be about $2,000 per sq ft (psf).

The units at the freehold 32-storey development will be fairly small. About half are one-bedroom apartments between 600 sq ft and 700 sq ft, while the rest are two-bedders about 1,000 sq ft in size.

There are also three penthouses of more than 2,000 sq ft, according to Wing Tai. It is offering the deferred payment scheme for a limited period for the project, which is expected to be completed in 2014.

Elsewhere, Far East Organization has started selling units at Altez, a 62-storey project along Enggor Street at Tanjong Pagar, located near its Icon condominium.

Altez is set to be the tallest residential development in Singapore when completed in 2015, according to Far East.

A hundred units have already been sold, at prices ranging from $1,600 psf to $2,000 psf, said the developer in a release yesterday. Sales at the 99-year leasehold condo reportedly started last Wednesday.

The units sold were one- and two-bedroom apartments on the 10th to 22nd floors. Far East will release another batch of two-bedroom apartments on the 23rd level and higher tomorrow.

So far, 60 per cent of the buyers have been foreigners, said Far East's chief operating officer for property sales, Mr Chia Boon Kuah.

The project has 280 units, ranging from one-bedders of 527 sq ft to a 4,058 sq ft penthouse.

Popular Holdings is also preparing to start sales of its boutique development, 18 Shelford Road, this weekend. The freehold project in Bukit Timah will have 19 units, but Popular declined to disclose prices. Recent transactions at nearby developments have been done from about $1,000 psf for older projects such as Nineteen Shelford, to about $1,400 psf for new launches like Shelford Suites, which is still being built.

House hunters can also look forward to more units being released at The Interlace in Alexandra Road, on the former Gillman Heights site. Developer CapitaLand said last week it would launch new phases after the Chinese New Year.

It may also start selling the 55-unit The Nassim, in Nassim Hill on the former ANA Hotel site, closer to the middle of the year. Analysts expect prices to exceed $3,000 psf.

Last week, CB Richard Ellis said it sold about 20 units of Centennia Suites, developed by Indonesia's Lippo Group and located on the former Kim Seng Plaza site.

Units at the freehold project, which has 97 flats, were sold at $2,000 psf to $2,100 psf, it said.

In the mass market segment, agents are gearing up to market The Vision at West Coast, on West Coast Highway, and next to Waseda Shibuya Senior High School.

The 99-year leasehold development will have 295 units in total: 281 apartments and 14 strata houses, said agents.

Sizes start at about 800 sq ft for a two-bedroom unit and go up to 2,700 sq ft for a penthouse and about 5,000 sq ft for the strata houses.

In the East, Frasers Centrepoint is laying plans for its new project on the former Flamingo Valley site at Siglap, which it may launch after the first quarter. The five-storey development will have 393 units, including one-bedroom to four-bedroom apartments, duplexes and penthouses, agents said.

Prices have not been released, but the nearby Siglap V, located across the road from Siglap Centre, has reportedly sold units at between $1,100 psf and $1,500 psf.

Developer MCL Land is also said to be gearing up to launch The Estuary at Yishun, which will have 608 units.

The freehold project will have one-bedroom to four-bedroom apartments, from under 700 sq ft to over 1,500 sq ft. Indicative prices are said to be about $850 psf, according to property agents.

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