At present, developers have been busy in preparing for their projects’ launching. However, the project’s release, which could be made by the end of this year or on the following year, will depend upon the conditions of the market, ‘ground feedback’ to be received from prospective buyers, as well as on the market’s segment, in which their projects are included.
This week, the Far East Organization has started to preview its Alba condo, which is located at Cairnhill Rise. It is believed that the said property giant will release 18 out of the 50 units of its 18-storey freehold condo. The range of measurement of these 18 units is from 1,862 up to 2,250 sq. ft.
Under the ‘white plan’ of the project, Far East is able to customise the layouts of the apartments to suit the preferences of the buyers. The developer also said that the starting price is from $2,400 per sq. ft. The Alba condo comprises a Y-shaped tower, in which many of the floors will contain three units for every floor; however, during the development of the project, two of its levels will only have a single unit for each floor.
Also, the Oxley Land has begun previewing yesterday the Suites@Guillemard, its 5-storey freehold project at Lim Ah Woo Road. This project comprises of 72 units, in which 45 of them are smallish one-bedder units that measures from 258 to 527 sq. ft. The smallest among its units is believed to have a price of about $400,000. As of 6:00 p.m. yesterday, it was said that over 50 units were being sold. The sold units are said to have an average price of about $1,000 per sq. ft. Buyers’ were not offered with the interest absorption scheme (IAS).
Other developers are also reported to be rolling out their projects that have smaller units. Lim Ee Seng, the chief executive of Frasers Centrepoint, stated that the upcoming project of the company called Residences Botanique in Serangoon will offer several small units to meet the growing demand for that type of homes.
“I do see a lot of young people buying,’ stated Mr Lim, as he added that many of these particular buyers are now looking for smaller, but more affordable apartments.
According to the developers, they will carefully study the conditions of the market before carrying out with their plans of launching new projects.
Residential launches by the City Developments, which are planned up to the end of this year, include a condominium on the former site of Albany at Thomson Road and The Quayside Isle Collection situated at Sentosa Cove. A City Developments spokeswoman said that they will also consider the market conditions as well as the project’s readiness before they come to a decision to launch it on the final quarter of 2009 or to wait until 2010.
CapitaLand is also getting ready for the launching of its 165-unit condo at the former site of Char Yong Gardens by the year’s end. However, it still couldn’t confirm the definite launching date of the project.