Condo Launches in the News
Thread: Condo Launches in the News
Centrepoint's mass-market launch of Raintree tomorrow
It will release more properties this year, with 1,500 units up for sale
By ALEXANDRA HO
CENTREPOINT Properties is kicking off the year with a mass-market project launch tomorrow of the Raintree, near the Bukit Timah Nature Reserve.
Centrepoint is looking to release most of the unsold units from its soft launch in mid-November. Of the total of 315 units, 75 were previously released, with about 70 per cent, or 51 units, snapped up.
Centrepoint's chief executive officer Lim Ee Seng said the price for the 99-year leasehold project will remain at $470 per square foot for the weekend and could be raised, depending on the response it receives.
The prices for its wildly popular The Azure at Sentosa Cove last year started at around $950 psf, before eventually rising about 10 per cent to hit $1,020 psf. The project is fully sold.
Centrepoint will release more properties this year - pegged at different market segments - with about 1,500 units available for sale.
Last year, it moved 1,200 units, making it the No. 2 player in the local private residential property market in terms of volume, behind City Developments Ltd's 2,300 units, Mr Lim said.
He hopes to exceed last year's sales figures this year. Over the longer term, he expects Centrepoint to sell an average of 1,200 units a year, capturing around 20 per cent of market share for private residential properties.
For the first half of the year, Centrepoint will launch the freehold 18-storey, 194-unit project at Woodsville, called One Leicester, at the price range of about $600 psf.
Another project planned for H1 at a similar price range is a 315-unit freehold condominium at Faber Hills.
In the second half of the year, Centrepoint is rolling out the higher-end Jervois Road project. The freehold, 275-unit project is targeted at those seeking to invest, as well as to live there.
Another luxurious property going on the market is at St Thomas Walk, near Killiney Road.
The condominium is slated to have 160-170 large units, with the smallest one starting at nearly 1,800 sf.
Japanese architect Miyake Masaki, an associate of the late Kenzo Tange, has been roped in to design the place that is targeted at both local and foreign buyers.
Mr Lim, however, declined to indicate the prices for the two higher-end projects.
Two other more modest projects in the $500-$600 psf price range to be launched in H2 are further north in Singapore - one at Ulu Sembawang and the other at the junction of St Michael's and Serangoon Roads, with the former being a 73-unit freehold project, while the latter is to comprise 140 freehold units.
Centrepoint is not adopting a specific land banking strategy, according to Mr Lim, as 'the Singapore market is so small; we cannot afford to be too choosy because we're focusing both on the high-end as well as the middle (market). So whatever is available, we will take'.
While reserving judgment on growth predictions for the high-end market, Mr Lim is expecting a growth of up to 10 per cent in the middle-tier residential market.
'I'd rather see a more gradual increase rather than a sudden increase, because it's the bread and butter, it's for the masses, not for speculators,' he said. 'For such a market, we are in it for the long term.'
Centrepoint has cast its eyes overseas and will be launching a Thai property here - its first - next month. Situated on the banks of Bangkok's Chao Praya river, The Pano is touted as the tallest condo development by the river with all units facing it.
The project is a 50/50 joint venture between Centrepoint's overseas arm, Frasers Property Group, and Thai developer Krungthep Land.
About 60 out of Phase 1's 397 units were sold in a recent soft launch, at a price of 87,000 Thai baht (S$3,570) per suare metre.
The target is to grow the development income from overseas projects to half of its total income by 2010, from last year's 20 per cent.
Source: Business Times
Draycott condo prices upped to $1,800 psf
The Arc sees strong foreign interest; Yishun houses also launched this week
BS Capital's The Arc at Draycott luxury apartment project and Allgreen Properties' The Shaughnessy cluster housing development in Yishun are being officially launched this weekend, marking the start of ad campaigns, following earlier previews.
BS Capital has sold 39 of the total 58 units at its freehold project, The Arc at Draycott, for about $1,700 per sq ft on average since November/December last year when it first marketed the project in Hong Kong and Jakarta.
It is now raising the average price for the remaining 19 units to about $1,800 psf.
Foreigners are understood to have bought about 60 per cent of the units sold so far in the 36-storey development.
The 4,144 sq ft duplex penthouse was sold for $7.25 million to a Pakistani investor, who also bought another apartment in the development. A Hong Kong family bought five units.
The project has also seen strong interest from British, French, German, New Zealand and Indonesian buyers.
'We have received a very encouraging response from buyers around the globe during our soft preview,' BS Capital's CEO Chin Teck Chuan said in a statement yesterday. CB Richard Ellis and Savills are jointly marketing The Arc.
The remaining 19 apartments in the project are mostly two or three-bedroom units with prices ranging from $1.9 million to $2.5 million.
BS Capital is developing The Arc at Draycott on the former Falcon Crest site which it bought in 2004 for $40 million through a collective sale.
That price worked out to $671 psf of potential gross floor area inclusive of an estimated development charge of $11.25 million. The breakeven cost was reported at about $1,000 to $1,100 psf at the time.
Over in the Yishun area, Allgreen is also raising the average price of The Shaughnessy, a 99-year leasehold strata terrace housing project, from $245 psf during the preview in October last year to $250 psf for this weekend's official launch.
It is releasing another 28 units now after selling all 50 units which it had earlier released during the preview.
The project comprises a total of 254 units of three-storey strata terrace houses which come with a roof garden plus a basement.
The strata areas of the units range from 3,250 sq ft to 4,300 sq ft, says marketing agent DTZ Debenham Tie Leung. Prices range from $790,000 to $890,000 per unit. The developer is offering buyers a deferred payment scheme.
BS Capital is also expected to release later this year a 43-storey development in the Shenton Way area called The Lumiere.
The CBD apartments will offer a 'home-office living concept'. BS Capital will develop the project on the site currently occupied by the HMC Building at Mistri Road.
By KALPANA RASHIWALA
Meyer, Pasir Panjang condos to be launched soon
PRIVATELY held developer Sing Holdings is launching its freehold residential project at Meyer Place this weekend.
The project, Meyer Residence, a 19-storey development with 68 units, is located opposite Katong Park. Sing Holdings has set prices between $707 and $823 per sq ft, with prices starting from $667,152 for two and three-bedroom units from 904 to 1,152 sq ft.
The developer declined to reveal if any units had been sold before the coming public launch.
Meyer Residence is a tad more affordable than condos in the same vicinity. Nearby, Keppel Land's Belvedere condo, is priced between $750 and $850 psf.
Sing Holdings managing director Lee Sze Hao believes both local and foreign buyers will be interested in the development. He also anticipates a good mix of people buying the apartments to live there and for investment purposes.
Last May, Sing Holdings subsidiary Sing Development paid $26.9 million for the 34,470 sq ft site that used to house Mulan Court. The price worked out to $390 psf of potential gross floor area, including a $1.3 million development charge. Sing Development had said then that it would break even at around $635 psf. The group's last major residential project was 38 Draycott Drive, with 30 freehold apartments.
Meanwhile, on the other end of the island, at Pasir Panjang, the Novelty Group is publicly launching its freehold project, the Murano. This project has 50 units, with one-bedrooms starting from 635 sq ft and four-bedroom penthouses going up to 2,034 sq ft.
Novelty is asking for an average of $550 psf and the response has been 'very encouraging', said Margaret Thean, executive director of DTZ Debenham Tie Leung, which is the marketing agent.
Ms Thean explained that the developer's reputation for high-quality furnishings is a selling point, adding that quite a few units, mostly the larger three and four-bedders, have already been sold.
Most buyers are also likely to be owner-occupiers, Ms Thean said.
MCL launching Mera Spring
LISTED MCL Land is officially launching its Mera Spring condominium project in Carlisle Road this weekend starting from $620 per sq ft.
The group said in a press statement yesterday that the 129-unit freehold development is expected to attract young professionals who want to live close to the Central Business District.
MCL Land began its preview of Mera Spring in the fourth quarter of 2005 at an average $700 psf, and by early January about 35 units were sold.
Marketed by HSR International Realtors, the project is within walking distance of the Novena MRT station. In the vicinity are shopping centres and education facilities for young children.
Mera Spring offers two, three and four-bedroom apartments with unit sizes ranging from 1,044 sq ft to 1,550 sq ft each. Facilities include a main pool and a children's pool, a jacuzzi with pavilion, pavilions with barbeque stations and a jogging track.
Kellie Liew, HSR International's project director, expects good take-up for Mera Spring citing quality finishes and design.
West Coast freehold condo set for launch
The 12-storey Frasers Centrepoint project may be priced at $550 psf
FRASERS Centrepoint could this weekend preview The Infiniti, a 315-unit West Coast freehold condo it is developing on the former Faber Hills condo site. The average price for apartments in the 12-storey project is expected to be about $550-560 per sq ft.
The Infiniti: The 315-unit condo project has two, three and four-bedroom units and penthouses
Also in the West Coast area, CapitaLand's Varsity Park, a five-storey condo, is selling for $460 psf on average for a 99-year lease.
The Infiniti, being marketed by Colliers International, has two, three and four-bedroom units and penthouses.
Meanwhile, over in the Katong area, a consortium of United Industrial Corp, Singapore Land and United Overseas Land which is developing the freehold One Amber condo on the former Maryland Park site, has sold about half of the 280 units it previewed on Wednesday last week, sources say. The average price is $720 psf.
The developer is expected to release more units this weekend, when the project could be launched officially, marked by the start of an advertising campaign. In all, the project has 562 units in four blocks, each 23 storeys high.
One Amber is being marketed by CB Richard Ellis and Knight Frank.
Next door, on the former Maryland Point site, MCL Land is developing a 400-unit condo, The Esta, which it began selling in December. The project is more than 85 per cent sold. It is priced at $710 psf on average.
Another project that is expected to be released this month is Kheng Leong's freehold apartment development, The Chuan. The 24-storey project comprises 106 apartments. The price is yet to be fixed.
Units at the nearby Goldenhill Condominium, a completed freehold project, have been changing hands in the resale market lately at about $690 and $700 psf.
Official launch of east coast projects
OVER the Easter weekend, two developments in the east are set to be officially launched.
The first is D'Gallery, a freehold boutique condominium with 21 units located across Kembangan MRT Station, along Jalan Masjid. The project, developed by privately held Monfort Land, has units of between 500 and 1,000 square feet, averaging $590 per square foot (psf).
D'Gallery's marketing agent Savills Singapore sold nine of the 21 units over the past few weeks.
At Katong, One Amber's marketing agent CB Richard Ellis (CBRE) will officially launch the project this weekend.
Last weekend, CBRE soft-launched 280 units of the freehold development on the site of the former Maryland Park. Sixty per cent, or around 170 units, were sold.
CBRE said new units, possibly an entire block, will be released this weekend at an average price of $730 psf.
One Amber is jointly developed by United Industrial Corp, Singapore Land and United Overseas Land.
Several housing projects to enter market this week
Among them are GuocoLand's The Quartz and Lippo's Newton One
SEVERAL projects are being put on the market this week.
Up for preview: The Quartz (above) boasts a sky gym and a raised glass clubhouse above the pool. The sole penthouse in Newton One (next) costs about $9.6 million
These include at least two project previews - The Quartz, GuocoLand's 99-year leasehold project next to Buangkok MRT Station which is being offered at about $490 per square foot on average, and Lippo's freehold Newton One, which has an average price of about $1,250 psf.
Developers of two other projects are marking their official launches this weekend with the start of ad campaigns - Phase 4 of Mimosa Terrace in the Seletar Hills area and The Modules in Joo Chiat.
Property market watchers have been awaiting the release of The Quartz, hoping it will provide a gauge of demand in the 99-year leasehold suburban private residential market.
'This is the first mass-market private housing project being offered in a while,' a seasoned property industry observer notes. 'While the luxury residential sector has sparkled over the past 18 months, helped by strong demand from foreigners, the mass market has been lacklustre.'
Only about a fifth of the 9,000 private homes that developers are expected to launch this year are expected to be projects aimed at the mass market.
The cheapest three-bedroom unit at The Quartz costs about $500,000. The three-bedders are on average about 1,100 sq ft.
The project boasts a sky gym and a raised glass clubhouse above the swimming pool. CB Richard Ellis is marketing the project jointly with ERA. This week's preview is for those who have registered interest in the project since this January, when the Buangkok MRT Station opened.
At Newton Road, 26 of the 91 units at Lippo's Newton One condo were booked before the start of the preview tomorrow.
This is Lippo's first Singapore residential development.
Unit prices range from about $1.4 million for a 1,200-sq-ft two-bedroom unit with study to about $3 million for a five-bedder of about 2,400 sq ft.
The sole penthouse in the project - a 6,000-sq-ft apartment occupying the entire 29th floor - costs about $9.6 million.
Lippo seems to have spared no effort in the design and finishes.
'This is going to be a lifestyle design. Most of the units in the project will have two balconies, each with through-ventilation so you don't have to live in air-conditioning all the time.
The units have both dry and wet kitchens with the dry kitchen incorporated as part of the living/entertainment area,' says Lippo Realty (Singapore) executive director Thio Gim Hock, formerly of Hotel Properties and City Developments.
'Another unique feature of our project is that the five-bedroom units incorporate a granny flat,' says Mr Thio. These have been especially popular, with seven of the total eight units already booked
The group, controlled by Indonesia's Riady family, is developing Newton One on the former Newton Heights site which it clinched through a collective sale.
Lippo is also working on two more Singapore residential projects. One is a 406-unit condo it is developing jointly with CapitaLand on a 99-year leasehold site at Alexandra/ Tiong Bahru roads.
Early next year, Lippo should be ready to launch a freehold 36-storey condo with possibly 300 units on a site at Kim Seng Road that it bought from OCBC in April.
In the Seletar Hills area, Bukit Sembawang Estates is this weekend officially launching phase four of Mimosa Terrace, which has 39 freehold terrace homes.
About a quarter of these have already been sold since the project was soft launched about a month ago. Prices start from $1.26 million. The project is being marketed by DTZ Debenham Tie Leung.
Over at Joo Chiat Road, Shining Holdings is having an official launch for its small office, home office (Soho) project, The Modules. It has sold about 10 of the total 48 units in the four-storey freehold development since it began previews about a fortnight ago.
Unit sizes range from 355 sq ft to 1,346 sq ft. The average price is about $700 psf. Prices start from $289,000.
Recent launches see encouraging weekend sales
Some 70 units of GuocoLand's The Quartz sold since its preview on May 17
DEVELOPERS seem to have made encouraging sales of recently launched projects at the weekend - despite the stock market plunge.
Upmarket condo: Lippo Group has sold 36 units in its 29-storey Newton One condo, with commitments from buyers for another six units
GuocoLand is understood to have sold close to 70 units in The Quartz next to Buangkok MRT Station since it began previewing the 99-year leasehold project on May 17. The average price is about $490 per square foot (psf).
And in the more upmarket segment, Indonesia's Lippo Group has sold a total of 36 units in the freehold Newton One condo, with commitments for another half a dozen units from buyers who are expected to sign deals by tomorrow.
BT reported last week that 26 units had been booked before the start of the project's preview on Saturday. This suggests Lippo has since found confirmed buyers for a further 10 units.
The average price is around $1,250 psf. About 30 per cent of buyers are foreigners, including Indonesians. Units sold are mostly on the upper floors of the 29-storey development, which has 91 units. The 5,899-sq-ft penthhouse, priced at about $1,600 psf or a total of $9.6 million, is still available. Knight Frank is marketing the project.
Also in the luxury segment, market watchers say SC Global Developments has begun to market some of the 13 apartments it bought earlier this year at the completed The Tomlinson project developed by Wing Tai and AIG. SC Global's asking prices range from $1,800 to $2,000 psf - compared with its average cost of around $1,500 psf. SC Global's units are spread throughout the 20-storey freehold project.
For a start, SC Global is offering six units it restyled recently. 'Interest has been pretty good and a couple of units have been reserved,' an SC Global spokesman said yesterday. The company's remaining seven units in the project are also being restyled.
Over in the Seletar Hills area, Bukit Sembawang Estates sold another five terrace houses during the weekend at Mimosa Terrace (Phase 4), taking sales to 15 of the 39 units in this phase of the freehold development. Prices start at $1.26 million.
In the Bukit Timah area at the weekend, Wing Tai and Orchard Parade Holdings marked the official launch of The Nexus with the start of an ad campaign, but were tight-lipped about sales in the 242-unit freehold project. Prices range from $750 psf to $880 psf.
Over in the Jervois Road area, Frasers Centrepoint sold almost 10 units at the weekend in One Jervois, a 12-storey freehold condo. This takes sales to almost 50 units since the developer, part of listed Fraser & Neave group, began previewing the project in Singapore and Hong Kong two weekends ago on May 13.
The average price is $950 psf and Frasers Centrepoint has so far released about 100 of the project's total 275 apartments.
At Joo Chiat Road, Shining Holdings sold eight units at its small office, home office (Soho) project The Modules at the weekend when it officially launched the freehold development. This takes sales to 18 units since the group began previewing the 48-unit project earlier this month. A further 13 units occupying the entire third level of the four-storey development are the subject of sale negotiations involving a mainland China investor.
The average price is about $700 psf.
CDL to launch St Regis Residences next week
By ARTHUR SIM
CITY Developments Ltd (CDL) has finally set the date for the launch of its luxury condominium St Regis Residences on June 1.
But the market was rife with talk yesterday that a new record price of $3,000 per square foot had been reached at a preview sale. For now, the group will only say it has engaged the real estate arm of prestigious auction house Christie's to sell the project overseas.
'We have come to an agreement with Christie's to market this top-end product to select customers in the UK and Europe,' said Gerry de Silva, spokesman for the Hong Leong Group, parent of CDL.
The development, located between Tanglin Road and Cuscaden Road, will comprise 173 apartments in two 23-storey towers. A third 20-storey tower will be a six-star St Regis Hotel.
The well-heeled have been counting down the days before they can whip out their cheque books, but sources say a very select group of investors have already been invited to buy with a record price of $3,000 psf said to have been attained.
CDL is keeping mum on details ahead of the official launch next week but a buyer, who did not want to be named, said he had been invited to view the two showflats on Wednesday and was offered units priced between $2,300 and $2,800 psf, with mid-floor units going for about $2,600.
The buyer, who walked away with a three-bedroom apartment for around $2,600 psf, was also told that none of the penthouses were available. Describing the showflats, the buyer said one of the unusual design features was a raised bathtub. He also noticed the kitchen had been fitted out with high-end Miele appliances but said: 'This is to be expected.'
Commenting on the range of prices, Knight Frank's director of consultancy and research, Nicholas Mak said he expects St Regis Residences to set a new benchmark as it will come with extras, including the services of the hotel's concierge.
Savills Singapore head of research Wallace Chu said that if the development is launched at around $2,600, the prices of choice units will probably exceed similar developments sold during the previous peak 10 years ago.
In 1997, an apartment at Ardmore Park sold for about $2,400 psf.
The impact of the prices fetched at St Regis Residences will not be known for some time but prices of high-end developments are likely to be bolstered. Mr Chu said: 'Market sentiment will pick up and people will be more accepting of a new range of pricing.'
CityDev sells 50 units in its Newton condo
[email protected] also previewed in HK, expected to be marketed in Jakarta
KWEK Leng Beng's City Developments has sold close to 50 units at its Residences @ Evelyn freehold condominium since it began previewing the Newton area freehold project last weekend.
[email protected]: The 50 units sold so far include both penthouses measuring about 3,500 sq ft each and priced at about $4.5 million per unit
The average price is $1,225 per square foot.
So far, the listed property group has released only one tower, with 106 units.
The 50 units sold so far include both penthouses measuring about 3,500 square feet each and priced at about $4.5 million per unit.
The project, which is being marketed by CB Richard Ellis and ERA, has 208 units in two 33-storey towers.
Two-bedroom apartments of about 1,200 sq ft cost about $1.35 million on average, while three-bedder units of about 1,600 sq ft are priced at around $1.85 million.
Four-bedroom apartments of 2,250 sq ft cost $2.7 million each.
Residences @ Evelyn was also previewed in Hong Kong last weekend and the project is expected to be marketed in Jakarta this weekend.
Nearby, Lippo has sold 53 units in its freehold Newton One condo since it previewed the development two weeks ago.
The average price is $1,250 psf.
The 29-storey project has 91 units in total and is the Indonesian group's first residential development in Singapore.
City Developments is developing Residences @ Evelyn on a 116,508 sq ft freehold site.
The listed property company is expected to launch more than 1,000 residential units this year.
Besides Residences @ Evelyn, its other project launches this year include the high-end St Regis Residences with 173 units, which it has begun selling, a 264-unit condo at Sentosa Cove and 100 units of the 175-unit Kings Centre Plot 3 condo.
St Regis attracts foreign interest
Tycoons from UAE, Hong Kong, Vegas and UK drawn by its attractive pricing
TYCOONS are descending on Singapore in the hope of owning a unit at City Developments Ltd's St Regis Residences, which is being launched today.
Talk of the town: Up to 50 per cent of the buyers of St Regis Residences, which is being launched today, could be foreigners
Sources say that Ahmed Ali Al Sayegh, chief executive of United Arab Emirates-based ALDAR Properties, has been seen at the showflats on Cuscaden Road.
And fresh from its recent win at Marina Bay, Las Vegas Sands is also in the market. 'We are very interested in the St Regis. It's unique . . . the only development of its type in Singapore. We continue to discuss our needs with CDL chairman Kwek Leng Beng and hope to find a home there,' said William Weidner, Sands' chief operating officer.
So far, the real estate arm of UK-based Christie's is known to be marketing the 173-unit development in the UK and Europe. One British buyer is said to have jetted into town to make a downpayment and jetted out again without even considering a stopover.
Wealthy Hong Kong buyers have also been spotted at the showflats but this is not surprising as similar luxury condominiums are said to cost almost twice as much there.
Savills Singapore head of research Wallace Chu has noted that comparable high-end developments, like The Arch in Hong Kong and The Knightsbridge in London, are priced at about $5,600 per square foot and $4,400 psf respectively.
The St Regis Residences, however, is likely to go for an average of $2,600 psf.
As such, Mr Chu expects that up to 50 per cent of the buyers could be foreigners.
Highlighting the fact that the development will be managed by an internationally renowned company, he said: 'The St Regis brand name will also attract many international buyers.'
Mr Chu fairly represents market sentiment when he says: 'St Regis has been the talk of the town for months.'
The high, spacious life in Scotts
CAPITALAND'S latest residential development, Scotts HighPark in Scotts Road, will have large four-bedroom units with verandas that create the feeling of living in a penthouse or landed home. Duplexes even come with outdoor jacuzzis. The 73-unit boutique development has 37 four-bedroom units in a 27-storey tower and 36 two- and three-bedroom units in a 19-storey tower. CapitaLand says it has received 250 expressions of interest. Private previews are expected soon.
Far East plans to launch Orchard Scotts soon
Developer will sell one tower entirely as serviced residences
FAR East Organization says it will launch Orchard Scotts soon, and one tower will be entirely sold as serviced residences.
Orchard Scotts: Earlier estimates for the development put the average price at around $1,000 psf but this could now be as high as $1,500
Far East has not released details on the launch but says that it intends to blend private residences and serviced suites with hotel-styled luxury for the first tower.
The news comes shortly after City Developments Ltd launched St Regis Residences, which also offers hotel-style services, and achieved good take-up.
It may be too early to say if this is the start of a trend but serviced residences will certainly be more attractive to buyers in terms of leasing and investment potential and so other developers are likely to follow suit.
Tay Huey Ying, associate director of research and consultancy at Colliers International, says it would be a 'good trend' as it 'take the hassle away from property investors'.
'These investors will not need to worry about management and maintenance issues,' she added.
Far East may also offer leasing services or guaranteed rental returns. On this, Ms Tay says the concept is not new, and is usually done without fanfare.
She does not think the trend will develop along the lines of 'condotels' which are residential apartments leased out on a short-term basis, as there are currently restrictions on this.
'Mid- to long-term leases should not be an issue,' she said. A typical lease is about two to three years, she added.
Jones Lang LaSalle regional director and head of investments (capital markets) Lui Seng Fatt notes that rental yields for serviced residences could indeed be more attractive, at around 4.5 per cent.
Already, he says that non-serviced residences like Wing Tai's Light @ Cairnhill are fetching rental yields of 4 per cent. And the actual rental could be twice as much, at about $10 psf per month. 'There will be investors who are happy to park their money and wait for capital gain,' he said.
Still, Mr Lui says that not all developments are good candidates for becoming serviced residences. As a rough guide, he says that properties within one kilometre of the Orchard Road/Scotts Road junction are more likely candidates.
Highlighting that serviced residences are not common here, Mr Lui added: 'In the past, it was difficult in terms of management.' In this light, Far East, which already owns hotels and serviced apartments, could be at an advantage as it will have economies of scale.
Mr Lui expects response for Orchard Scotts to be good. Earlier estimates put the average price at around $1,000 psf but this could now be as high as $1,500.
Orchard Scotts launch near top end of prices
50 leasehold units due to be sold at $1,400-$1,800 psf, come July 8
FAR East Organization will launch apartments at Orchard Scotts for sale at prices near the top end of current market prices.
The target launch date for the 99-year leasehold development is July 8, and 50 units will go on sale at $1,400-$1,800 psf.
On the expected take-up, Far East's chief operating officer Chia Boon Kuah says he is encouraged by the pace of redevelopment and the 'reinvention of Orchard Road'. Far East is also banking on the trend for city living and that those affected by the spate of en bloc sales in the Cairnhill area 'still want to live in the city'. As such, he expects about 50 per cent of buyers to be locals.
The current projected benchmark for prime 99-year leasehold residential property is $1,800-$2,000 psf for CapitaLand and Sun Hung Kai Properties' future Orchard Turn development. Other 99-year leasehold developments like Wing Tai's Draycott 8 are reported to be selling for $1,600-$1,800 psf, while the second tower of City Developments' The Sail @ Marina Bay is said to have been priced around $1,200 psf.
At Orchard Scotts, there will eventually be a total of 180 units for sale in two towers. Reflecting the high-end target market, 124 units or almost 70 per cent have four bedrooms or are suites. These units start at 2,282 sq ft and go up to 3,627 sq ft for the suites.
The third tower that makes up Orchard Scotts will be retained by Far East and operated as serviced residences. Explaining why, Mr Chia said rent returns from serviced residences here are generally more attractive, between 1.5-2.5 per cent above average residential rental returns.
With nine serviced residences projects, Far East is the largest owner-operator in Singapore. It does not have an umbrella brand for these but Mr Chia hinted that with the opening of Orchard Scotts serviced residences, Far East could be 'consolidating its brands next year' in line with plans to expand the business regionally.
Orchard Scotts serviced residences will represent the top tier, with units going for about $10 psf per month or $6,000 for a 600 sq ft unit.
Weekend launch for UOL condo
UOL Group will launch its 257-unit Southbank near Lavender MRT station this weekend. The leasehold development comprises a 197-unit block of one, two and three-bedroom units and penthouses that will go for an average price of $600 psf.
A second block of 60 single-level and duplex-level small-office-home-office (Soho) units will go on sale for about $750 psf.
UOL's chief operating officer Liam Wee Sin believes the trend for inner-city living by the water will ensure sales of Southbank. 'With the complete sell-out of Regency Suites' Soho units within a week of launch, UOL is confident of the take up for Southbank's Soho units,' he said. Soho units at the Regency Suites in Tiong Bahru were launched last year at $650-$970 psf. The project's 84 residential units were priced at $700-$750 psf on average.
In 2004, CapitaLand launched Citylights, also near Lavender MRT station at an average price of $590 psf, followed by RiverEdge condominium at Tanjong Rhu in November 2005 at an average price of $590 psf.
Far East Organization previews The Clift
CDL, TID to preview The Oceanfront @ Sentosa Cove condo this week
DEVELOPERS continue to roll out new residential projects for sale. Last week, Far East Organization began previews for The Clift - the redevelopment of the current NatWest Centre at McCallum Street. And this week, City Developments Ltd (CDL) and TID Pte Ltd will preview The Oceanfront @ Sentosa Cove condo.
Sold out: Mapletree Investments is said to have sold the last eight units at The Beacon at the weekend
Far East is understood to have priced The Clift around $1,050-$1,100 psf on average after discount. The 99-year leasehold project comprises 312 apartments in a 43-storey tower, with shops on the the ground floor. The residential units are mostly one and two-bedroom offerings, with or without lofts. One-bedders without lofts range in size from 495 to 527 sq ft. Two-bedders without lofts are between 775 sq ft and 818 sq ft.
At Sentosa Cove, City Developments and TID will begin previewing their 15-storey condo, The Oceanfront @ Sentosa Cove. The price of the 99-year leasehold project is expected to be $1,300 to $1,350 psf, CDL executive chairman Kwek Leng Beng said yesterday at a media briefing to launch the initial public offer of the CDL Hospitality Trusts.
Over in the Tomlinson/Cuscaden area, the group has sold almost all of the 70 apartments it has released so far at its upmarket St Regis Residences. The highest price achieved for the 999-year leasehold project is $3,030 psf, Mr Kwek said.
The plan is to release another 30 units soon, for which Mr Kwek said the price is unlikely to be increased. Beyond this, the group may wish to retain the remaining 73 apartments in the 173-unit project for lease, catering to the long-term stay market.
Mr Kwek reckons investors at St Regis Residences will enjoy a rental return of 6 per cent, compared with 4-5 per cent in the general Singapore market. Residents of St Regis Residences will be able to use the butler service from the St Regis Hotel being built next door.
CityDev is developing the St Regis Residences and the 299-room St Regis Hotel jointly with Hong Leong Holdings and TID.
Over in the Cantonment Road area, Mapletree Investments is said to have sold the last eight units at The Beacon at the weekend. The 24 storey condo, being built on a 99-year leasehold site formerly occupied by the Singapore Portworker's Union House, has 124 units. The average price is about $600 psf.
Draycott 8 sold at up to $1,850 psf
Over 70 units in the 136-unit condo have been sold since November
WING Tai Holdings has sold 70-plus units at its Draycott 8 condo at prices ranging from $1,600 to $1,850 per square foot since it began previewing the development in November last year.
Draycott 8: Wing Tai plans to launch the leasehold development officially next month at a higher expected price range of $1,700 to $2,000 psf
The listed property group now plans to officially launch the leasehold development - marked by the start of an advertising campaign - in late August, at a higher expected price range of $1,700 to $2,000 psf.
As well, the group has started to sell two-bedroom units in the condo, located in the prime Draycott Park area.
Wing Tai began selling the project in November when landscaping work was completed.
The project received its Temporary Occupation Permit in July last year
The 136-unit condo stands on a site with a remaining lease of about 90 years of the original lease of 99 years.
The development comprises three blocks of 24 storeys each.
Two of the blocks each have 44 four-bedroom apartments and two penthouses while the third tower comprises 20 two-bedroom units and 24 two-bedders with lofts.
Wing Tai told BT earlier this week that about half of the 70-odd units sold so far were snapped up by a US fund. The price is understood to be around $1,600 psf.
The company said the rest were bought by individuals from the United Kingdom, Australia, Denmark, France, Russia, Japan, Hong Kong, Taiwan, Indonesia, Malaysia and Singapore.
Wing Tai deputy chairman Edmund Cheng, pleased with the consistent take-up since the preview, attributes this to the development's prime location, high quality and exclusive services, including a spectacular clubhouse said to be the biggest for a condo here, plus concierge services for residents.
Mr Cheng also believes that Draycott 8 has benefited from the ongoing collective sales of both freehold and leasehold properties in the neighbourhood in several ways.
First, it provides immediate replacement units to occupants of collective sale properties. And from the viewpoint of those investing in Draycott 8, the entry price level is lower compared with a freehold property, resulting in a higher yield on rental income.
Also, investors can eventually look to a collective sale of the estate as a strategic exit option, given the growing phenomenon of en bloc sales involving leasehold properties.
'These factors, coupled with the changing mindset of buyers towards leasehold properties, bode well for Draycott 8,' Mr Cheng said.
The Draycott 8 site has a remaining tenure of 90 years because Wing Tai had to hold back the project after it bought the plot for a record price at a state tender that closed in early June 1997 - on the eve of the Asian financial crisis.
Wing Tai paid $1,103.60 psf per plot ratio - the highest amount ever for 99-year leasehold residential land in Singapore.
BT reported in August last year that market watchers reckon Wing Tai could have written down the site's land value to a level that reflects a breakeven cost of below $1,400 psf, after making provisions in financial years 1998, 1999 and 2002.
CapitaLand's Scotts HighPark goes for $1,800 psf
CAPITALAND is targeting the higher end of the prime residential property market by pricing its latest offering, Scotts HighPark, at an average of $1,800 psf. Already, it says that one unit was sold for more than $2,000 psf.
So far, only four units of the 73-unit development have been sold at private previews which CapitaLand says began a few weeks ago. In line with the marketing of high-end property, it says viewing of the showflats is 'by appointment only'.
Giving an idea of the profile of its clientele, the buyer who set the benchmark price is said to have been an European high net worth individual, brought in by his Hong Kong private banker. Three out of the four buyers are foreigners, and in this light, the pricing appears to be strategic.
President and CEO of CapitaLand Group Liew Mun Leong said: 'Over the past one year, we have been setting benchmark pricing. Last year, we sold the most expensive townhouse at Tanglin Residences for $6.7 million.'
On Scotts HighPark's new benchmark price, he added: 'Our prices are well above the $1,200 psf range commanded by projects in the Newton area and the $1,600 psf average in the Scotts Road area.'
At $1,800 psf, Scotts HighPark is more expensive than some properties closer to Orchard Road, such as GuocoLand's Paterson Residence which is going for about $1,500 psf on average.
Closer to Scotts Road, Lippo Group's Newton One condo is selling at an average price of $1,250 psf, with 26 units said to have been booked even before preview sales started.
CapitaLand will not be in a hurry to sell at Scotts HighPark though.
Patricia Chia, CEO of CapitaLand Residential Singapore, said that it had several other product launches coming up, including 380 units at Alexandra Rise near Redhill MRT and about 200 units of Citylights.
Peter Guest
65-unit condo in Upp Serangoon Rd to go on sale
ANOTHER residential development goes on sale in the Upper Serangoon Road area this weekend. The Acacias - in Braddell Park, off Upper Serangoon Road - will be launched at an average price of about $645 per square foot (psf).
The 65-unit freehold condominium by The Heritage Group will comprise 35 three-bedroom apartments, 12 penthouses, 12 two-bedroom units and six one-bedroom units.
David Neubronner, executive director of Savills Residential, marketing agent for project, said: 'Expatriates are gradually moving out of the traditional Districts 9, 10, and 11 - not only to be near schools but also to enjoy better living without compromising on quality and style.'
The Australian International School along Lorong Chuan and the French International School in Ang Mo Kio Avenue 3 are nearby. Mr Neubronner said the projected rental rate for condominiums in the area is $2.50-$3 psf. This could deliver a return of up to 5 per cent. The Acacias is being built on a redevelopment site that cost about $15.3 million in August 2005.
Further up Upper Serangoon Road, in Palm Grove Avenue, a redevelopment site measuring 29,014 sq ft is being put on the market for about $9.9 million. Originally comprising two neighbouring detached house plots, the 999-year leasehold site has gross plot ratio of 1.4.
Grace Ng, executive director and auctioneer of Colliers International, which is the marketing agent, says an apartment block with 30 units of about 1,200 sq ft each can be built. Another option, she says, is to build 20 cluster houses.
Closer to the city, off Upper Serangoon Road and near the Macpherson Road-Genting Lane junction, a freehold industrial building is for sale - the asking price is $11 million-$12 million. Zoned for 'Business 1', the 37,039-sq-ft freehold site has a gross plot ratio of 2.5. Marketing agent Colliers says such freehold sites in Singapore are rare.
gooner Guest
Re: Newsworthy Condo Launches
More than 50% of Ardmore II units sold
WHEELOCK Properties, which conducted a soft launch of its latest luxury condominium, Ardmore II, on Tuesday, said yesterday that more than half of the units were snapped up on the very first day.
Ardmore II offers four-bedroom luxury apartments at prices between $4.2 million and close to $5.5 million. At a standard 2,023 sq ft a unit, the average price of the units works out to $2,300 per square foot.
About 52 per cent of the 118 units at Ardmore II, located in the prime Ardmore Park area, were sold, said the company.
Ardmore II offers four-bedroom luxury apartments at prices between $4.2 million and close to $5.5 million. At a standard 2,023 square feet a unit, the average price of the units works out to $2,300 psf.
Even before the soft launch, interest in the development was high, said Tan Bee Kim, general manager for marketing at Wheelock Properties. Tuesday's launch was via appointment only, and all appointment slots were fully booked. Wheelock offered five appointments for each half hour period.
Ms Tan said the project saw especially strong interest from buyers of Wheelock's previous developments such as The Cosmopolitan and Grange Residences. 'We are delighted and encouraged that our development has attracted such enthusiastic response and definitive endorsement from our past purchasers,' she said.
'For the soft launch, we are giving a discount of about 10 per cent, but depending on the response, we will review the pricing.'
For Ardmore II, most of the buyers (80 per cent) were locals, said Wheelock.
Ms Tan said Wheelock's past projects usually had a good mix of Singaporean and foreign buyers. For The Cosmopolitan, Singaporeans account for about half of purchases; for Grange Residences, locals make up 60 per cent of buyers.
Designed by Architects 61, Ardmore II's two 36-storey towers sit on 90,000 sq ft of land across from the Shangri-La Hotel. The development is targeted for completion at end-2009.
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