Published April 13, 2010

Tiong Aik, CDL gearing up condo projects for preview

They are at River Valley Cl, Chestnut Ave; recent property releases yield mixed response


DEVELOPERS are busy readying private residential projects for launch to meet demand from buyers before the onset of competition, including projects on new sites being sold by the government.

Tiong Aik group is expected to preview this week its freehold Starlight Suites at River Valley Close at an average price of about $2,050 per sq ft. Unit sizes range from 560 sq ft for a studio to 3,401 sq ft for a penthouse.

City Developments Ltd (CDL) has also unveiled some details of its upcoming condominium at the corner of Chestnut Avenue and Petir Road, which it will preview by month-end.

The 99-year leasehold project will be named Tree House and is aimed at families. It will have 429 units, none of which will be a one-bedder. There will be two-bedroom apartments to four-bedders and penthouses.

'The development will offer a panoramic view of the nature reserves and have extensive and unique recreational facilities,' a CDL spokeswoman said. She declined to give an indication of pricing.

CDL bought the site for $280 per sq ft per plot ratio. The project's breakeven cost is thought to be in the $600-700 psf range.

Meanwhile, developers continued to post a mixed bag of results for recent property releases.

While projects in mass and mid-segments continue to be sought after, demand is cooler for higher-end developments, particularly if they don't have smallish units.

UOL Group is said to have sold more than 100 units at its Waterbank at Dakota condo at the weekend, taking total sales in the 99-year leasehold project to around 370 units.

Prices are also believed to have crept up slightly - between one and 3 per cent. Prices of typical units range from 'above $1,000 psf to above $1,300 psf'.

UOL is said to have released more than 400 of the 616 units in the project, which fronts Geylang River and is next to Dakota MRT Station, which opens this Saturday. It began selling the project last week.

BT understands the showflat will be closed today and tomorrow in preparation for the project's official launch on Saturday.

The buzz about UOL's project has also benefited the neighbouring Dakota Residences, where another 15 units - four-bedders facing the river - have been sold. The average price is close to $1,050 psf. And the 348-unit condo now has fewer than 40 unsold units. It is being developed by a joint venture between Ho Bee and NTUC Choice Homes.

TID - a tie-up between Hong Leong Group Singapore and Japan's Mitsui Fudosan - last week sold a further seven units of the freehold Nathan Suites.

This means TID has sold 30 of the 52 units released in the 65-unit development, which will rise 24 storeys and is being sold at an average price of about $2,100 psf.

High-net-worth Singaporeans have made up the bulk of buyers, a Hong Leong spokeswoman said.

CDL, the listed property arm of Hong Leong Group, says it marketed The Residences at W Singapore Sentosa Cove in Hong Kong at the weekend.

'The interest level is good and our marketing staff are awaiting telegraphic transfers for some units, while a number of prospective buyers have made arrangements to conduct on-site visits,' CDL's spokeswoman said.

The group, which expects to do roadshows in Shanghai and Jakarta in the next few weeks, declined to provide sales updates in the meantime.

CDL is selling the 99-year leasehold condo at $2,500-$3,000 psf. Sales in Singapore are said to be tepid.