Property developers are preparing to launch private residential projects, to meet demand from buyers before competition sets in, including those on new sites being sold by the government.
Tiong Aik group is expected to preview its freehold Starlight Suites at River Valley Close this week at an average price of about $2,050 psf. Sizes of units range from 560 sq ft for a studio to 3,401 sq ft for a penthouse.
City Developments Ltd (CDL) has also revealed some details of its upcoming condo at the corner of Chestnut Avenue and Petir Road, which it will preview by the end of the month.
The 99-year leasehold project, which will be called Tree House, is intended for families. It will have 429 units, comprising of two- to four-bedroom apartments and penthouses.
“The development will offer a panoramic view of the nature reserves and have extensive and unique recreational facilities,” said a spokesperson for CDL. She, however, refused to give an indication of pricing.
The site was acquired by CDL for $280 psf ppr. The breakeven cost of the project is expected to range from $600 psf to $700 psf.
Meanwhile, developers continued to record varying results for recent property launches.
While projects in the mass and mid-segments continue to receive good response, demand is cooler for higher-end developments, particularly those without smaller units.
UOL Group is said to have sold over 100 units at its 99-year leasehold Waterbank at Dakota condo project at the weekend, taking total sales to around 370 units.
Prices are also believed to have increased slightly – between one percent and three percent. Prices of typical units range from “above $1,000 psf to above $1,300 psf.”
UOL is said to have launched more than 400 units of the 616 units in the project, which faces the Geylang River and is next to Dakota MRT Station.
In preparation for the official launch of the project on Saturday, the showflats will be closed today and tomorrow.
The buzz about UOL’s project has also benefited the neighbouring Dakota Residences, where another 15 units, comprising four-bedroom units facing the river, have changed hands. The average price is close to $1,050 psf. Only about 40 units are left unsold in the 348-unit condo now. This development is a joint venture between Ho Bee and NTUC Choice Homes.
TID, a tie-up between Japan’s Mitsui Fudosan and Hong Leong Group Singapore, sold seven more units of the freehold Nathan Suites last week.
According to a spokesperson for Hong Leong, high-net-worth Singaporeans comprise the bulk of buyers.
CDL, Hong Leong Group’s listed property arm, says it marketed The Residences at W Singapore Sentosa Cove in Hong Kong at the weekend.
“The interest level is good and our marketing staff are awaiting telegraphic transfers for some units, while a number of prospective buyers have made arrangements to conduct on-site visits,” said CDL’s spokesperson.
The group, which expects to do roadshows in Jakarta and Shanghai in the next few weeks, refused to give sales updates in the meantime.
CDL is selling the 99-year leasehold condo at $2,500 psf to $3,000 psf. Sales in Singapore are said to be tepid.