Property developer Far East Organization will launch six residential projects in the second half of 2010, with over 1,500 residential units, said Chia Boon Kuah, COO of FEO.
Mr. Chia, who is optimistic on the mass and high-end market sectors of the private property market here, said that most – if not all – of the projects could be pushed out by year-end.
“On the ground, the sentiment is quite good,” he said. “The demand factors are there, with the positive economic situation in Singapore and the low interest rate environment.”
Out of the six projects, two are being developed as joint ventures with Frasers Centrepoint, the Waterfront Isle with 556 units and the Waterfront Gold project with 361 units.
These two projects are on the third and fourth phases of the two companies’ Waterfront Collection along Bedok Reservoir.
The four remaining projects are fully owned by FEO — the 319-unit Greenwich project located at the corner of Yio Chu Kang and Seletar roads; the 72-unit Horizon Residences on Pasir Panjang Hill; the 40-apartment unit at luxury Skyline @ Orchard Boulevard; and the 214-unit Lanai in the Hillview area.
Altogether, the six projects comprise 1,562 units, but not all the units will be released during the initial launch.
Far East – the country’s biggest private property group – has already launched two residential projects this year: The Shore Residences opposite Katong Shopping Centre, which has 408 units, and the Altez in Enggor Street with 280 units.
And the four upcoming projects will be launched within four months.
The Waterfront Gold will yield smaller units to cater to the current market demand.
Compared with the first two phases of the Waterfront Collection, Waterfront Waves and Waterfront Key, units at the project will be sold at a much higher psf price.
According to Mr. Chia, the Skyline @ Orchard Boulevard will “offer super high net worth individuals’ world-class residences”.
In addition, the property developer is looking for new residential sites.
“We are looking for land and when land is available, we will consider it carefully,” Mr. Chia added.