Developers have made a good start to 2010, selling more than 1,000 private homes in January. However, their launch machinery is still well oiled for more roll-outs in the coming months.
Later this week, Lippo is expected to preview Centennia Suites on the former Kim Seng Plaza site, diagonally opposite Great World City. The average price for the District 9 freehold project is about $2,000 per square foot or even higher.
The price is higher than the recently achieved prices for nearby projects in the secondary market like The Cosmopolitan and The Trillium but Lippo is most likely banking on the exclusivity factor to advertise its latest offering. The 36-storey Centennia Tower has a single tower with just 97 suites, comprising two penthouses and four, three and two-bedroom apartments.
The two-bedroom apartments are relatively large at slightly more than 1,200 square feet. The three-bedroom apartments come in five different variations but all around 1,800 square feet; four bedders also have five variations at 2,250 square feet. Centennia Tower’s two penthouses are around 3,300 square feet and 4,400 square feet. The project is being marketed by Jones Lang LaSalle and CB Richard Ellis.
Agents are also interested in The Estuary by MCL Land, a 608-unit condo at Yishun Ave 1/2. According to some market watchers, they will not be surprised if MCL Land releases several units before the Chinese New Year break.
Far East Organization is said to be the top seller in January, with sales of almost 300 units. Its sales of The Shore Residences were phenomenal, a 103-year-old condominium on the former Rose Garden site in Katong. The developer is believed to have sold more than 140 units in the project last month.
Joseph Tan, executive director of CB Richard Ellis, says: “Generally, buyers are showing more interest and there’s acceptance that prices have bottomed out with a strong likelihood of growth. Developers in their pricing policy should also leave room for capital appreciation for investors.”