Mainboard-listed Lion Teck Chiang is set to soft launch Seven Crescent, a freehold cluster bungalow project, at Crescent Road in District 15 this weekend.
The $70-million project, comprising of 14 bungalows, which share common facilities, like playgrounds and a pool, sits on a 33,135-sq-ft site. With each unit costing from $4.6 million to $5 million, the four-bedroom units, ranging from 4,618 sq ft to 5,177 sq ft, are selling at an average price of $1,000 psf to $1,200 psf. Given that the development is in a mature neighbourhood just off Meyer and Mountbatten roads, industry observers believe that these prices are keen enough to draw good interest.
Lion Teck Chiang bought the land parcel for $28.5 million a couple of years ago, but it is unclear how much the project will contribute to its bottom line.
Although Lion Teck Chiang is mainly a steel player, it has gradually built up a reputation as a boutique developer in the bungalow segment. While it has built and sold such homes in different parts of District 15, this will be its first cluster bungalow project. Its other property projects include mass market developments in the Klang Valley near Kuala Lumpur and apartments in various key locations around Singapore.
It will put any unsold bungalows on the market for sale next week after the soft launch this weekend. DTZ is responsible for marketing the project, which is designed by MKPL Architects.