Developers in Singapore intend to open additional mass market projects for the coming weekend in order to get the most of an increase in buying interest.
The Beverly, an 118-unit project at Toh Tuck Road, is set to be launched by niche developer Hiap Hoe Group this Saturday. Hiap Hoe will be offering an “attractive starting selling price” of $648 per square foot (psf).
Hiap Hoe Managing Director Teo Ho Beng said, “We have designed The Beverly for those looking for affordable, high-quality residential developments in a good location.”
The four-, three- and two-bedders that will be offered in The Beverly range from 1,120 sq ft to 4,187 sq ft. Additionally, two-storey penthouses will range from 2,099 sq ft to 3,757 sq ft, which will be furnished with a private roof pool and garden.
Meanwhile, Sustained Land Pte Ltd is set to present Coastal Breeze Residences at Pasir Ris this coming weekend. The project, which will consist of 63 units, will be offering three- and two-bedroom apartments for $610 to $660 psf. In a soft launch that went off at the onset of 2008, 13 units have been sold by Sustained Land in Coastal Breeze Residences. The sold units are mainly prime flats on higher floors and are sold at $690 psf average price.
Three-bedroom apartments comprise the majority of the unsold units, measuring between 1,159 sq ft and 1,356 sq ft. Duplex penthouses are also available in Coastal Breeze Residences. Regarding absolute value, three-room flat which is about 1,159 sq ft in size have a price starting around $712,000.
The UOL Group, for the meantime, is likely to launch the Double Bay Residences in the coming week. This new development is located in Simei and is set to offer 646 units, which are expected to have an average price of around $650 to 680 psf.
Furthermore, three projects are also set to be launched in the current month, following the launch of two successful projects. Units at Alexis Alexandra (a joint project of Fission Group and Yi Kai Group) and Caspian condominium (developed by Frasers Centrepoint) close to Jurong Lake sold fast upon their launches.
Developers seemed to be taking pricing cues from their colleagues, with hopes that they will be able to see some good results as well, a market insider said. “There is a sense that people will only be willing to buy projects in the $600-plus psf range, and also only units that don’t cost too much in total. People don’t really want to pay more than $600,000 or $700,000-plus in these times,” he added.
Adding more upmarket features are also being considered by developers into their mass market projects in order to lure buyers. Private lifts serve each of the 118 flats in The Beverly, opening into the building’s lobby. Kitchens in Double Bay Residences will be also added with full-length windows, UOL said.