Developers are continuously releasing new projects despite a more subdued outlook in the real estate market.
Property developer Kheng Leong group is launching a preview for The Minton at Lorong Ah Soo/Hougang St 11 at an average price of $850 psf. It is expected to release an initial batch of 300 units in the 1,145-unit project being developed on a 99-year leasehold land site.
The company said it is offering a mix of different unit types, ranging from one-room units to penthouses and prices at the preview will work out to around $770 psf to $960 psf.
The Minton project comprises 121 one-room units, ranging from 550 sq ft to 700 sq ft, 335 two-room units from 940 sq ft to 990 sq ft, 158 two-roomers with study units and 44 dual key units with a two-room apartment and a one-room unit. The remaining unit types in the project include three- and four-room units. There will also be 24 penthouses with sizes ranging from 2,000 sq ft to 3,500 sq ft.
The Minton project will have 18 blocks, ranging from 15 storeys and 17 storeys in height. It is expected to be completed in 2014.
Meanwhile, homebuyers who are looking for completed properties could consider the 72-unit Cassia View, built by Melodies Limited. It has been on the market for two weeks and so far, 16 units have already been snapped up.
Last year, Melodies Limited, which is being controlled by Hotel Royal’s Lee family, tried to sell the 20-storey block of 72 units on a collective sale basis. The average selling price for the property was $70 million of strata area or about $783 psf.
Some 67 units of the 72-unit property are three-room apartments ranging from 1,100 sq ft to 1,200 sq ft, with an average selling price of between $1 million and $1.3 million. The Cassia View project has only one 900-sq-ft one-room unit and four penthouses with sizes of 2,300 sq ft each.
"The units comprise almost 100 percent net useable space as they do not have bomb shelters, bay windows or balconies," said Liang Thow Ming, head of residential services at Credo Real Estate, the marketing agent of Cassia View.
Several market watchers said that visitorship at showflats slowed last week attributed to the weak stock market, the rising tension on the Korean Peninsula, the eurozone debt fears and the government announcement that it will release more supply of private residential land in the second half of 2010 to meet the demand.
Additionally, Frasers Centrepoint has already sold 40 units for its freehold project at Flamingo Valley in Siglap, with prices ranging from $900 psf to $1,580 psf.
Allgreen Properties also sold 50 units at Cascadia condo at Bukit Timah Road during its preview last week, with one- and two-room units making up most of the sales. Units for the freehold project are priced between $1,400 psf and $1,600 psf.