According to reports, the City Development Limited (CDL) has already started the first phase sale of the Hundred Trees condo at a median price of $895 per sq ft (psf). The 956-year leasehold condo is located in the West Coast area with 100 pink mempat trees lining the walkways of the project. Under the first phase, approximately 150 of the total 396 units of the project are said to have already been released.
Yesterday, the sale of the condos at the Hundred Trees was started and the staffs of CDL and other special guests were invited. Sales to the previous owners of Hong Leong Garden Condominium also began yesterday.
Around 40 percent of the total units in the 12-storey condominium are made up of two bedrooms with study units and apartments with one and two bedrooms. The 485 sq ft one bedder will cost around $500,000. The two bedders apartment with study units range from 915 to 1,227 sq ft. while the two bedders are between 690 and 786 sq ft.
According to one market watcher, “With a relatively large proportion of smaller units, the absolute price quantum per unit has been kept relatively affordable.”
The average price range of the condos in Hundred Trees was well below to what was earlier expected in some quarters of around $930 to $980 psf.
However, analysts noted that compared to the current transaction in the West Coast area, the actual sale price of units are higher. Based on the caveat data, flats at The Parc Condo (construction are still ongoing) have changed hands at an average price of around $850 per sq ft. while units at Carabelle and Botannia, which are both completed this year, are sold at an average price of around $800 per sq ft.
The estimates of the analysts of the pre-tax earnings of the CDL from the Hundred Trees condos largely vary, from around $75 million–$135 million, depending on the assumed construction costs and the efficiency ratio (ratio of the gross floor area to the total saleable area of the project).
The name of the Hundred Trees is derived from the 100 pink mempat trees, which has dubbed the local version of the cherry blossoms and sakura of Japan. The site is famous with the Japanese community as there are Japanese restaurants located in Hong Leong Garden Shopping Centre, which is just next to the site of Hundred Trees, and different Japanese schools within the vicinity.
The 50-unit Alba project of Far East Organization is one of the expected projects to be previewed in the upcoming weeks. Likewise, Far East will soon preview in Bukit Timah its freehold Cyan condo with 278 units located at Keng Chin Road.
Trilight located at Newton Road and Starlight Suites in the River Valley Close are also anticipated to be released soon.