Hong Kong property developer Cheung Kong Holdings is looking for more commercial and residential sites to purchase in Singapore, said Justin Chiu, the company’s executive director.
“We are looking at a few pieces of land,” said Mr. Chiu. “The whole market (in Singapore) is moving. I am optimistic about the future.”
Although land prices in Singapore are high, the company will “keep looking for new land” as it is an “investment in (Singapore’s) future,” he said. Mr. Chiu expects that prices of private homes in the country will continue to surge over the next few years.
Cheung Kong Holdings, which is controlled by HK tycoon Li Ka-shing, released its 99-year-leasehold condo project – The Vision – located at West Coast area earlier this month. The project has sold 201 units of the 295 home units at benchmark prices for the area.
The company has another residential project scheduled to be launched in Upper Thomson Road.
It also has a one-third stake in Marina Bay Suites, which is part of the Marina Bay Financial Centre complex. During the Phase One opening of the MBCF complex, 90 units of the 221-unit condominium project were sold out at an average price of $2,200 psf to $2,500 psf. Phase Two of the MBCF complex is expected to be launched this year.
The official launch of The Vision project will be on Friday, after most of the units were snapped up through private previews. About 2-3 percent discounts were given during the preview, said Mr. Chiu. But discounts will no longer be available starting on Friday.
While most of the 14 strata terrace units were sold for about $3 million to $3.2 million each, two- to four-room units of the project worked out to around $1,000-1,200 psf.
Next in line is the 99-year leasehold condo development located in Upper Thomson Road. Cheung Kong won the site in November last year for a top bid of $251 million. This works out to about $533 psf of potential gross floor area. Mr. Chiu said earlier that the breakeven cost for the project would be around $850 to $900 psf.
Mr. Chiu said yesterday that the company will make the best use of the site, which is opposite the Singapore Island Country Club’s Island Golf Course. Planning permission is yet to be made, but he stressed that the units will definitely be large.