Two new condominiums – The Terrene @ Bukit Timah and 368 Thomson – are expected to be released for preview this week.
The Terrene, jointly developed by LaSalle Investment Management and UOL Group, is a 999-year leasehold, five-storey project with 172 units, ranging from one bedders to five-room penthouses.
Being developed on the former Rainbow Gardens site in the Toh Tuck/Jalan Jurong Kechil area, the development is close to Bukit Batok Nature Park and Bukit Timah Nature Reserve, and around half a kilometre away from the Beauty World MRT Station.
Typical unit prices at The Terrene are expected to range from $1,200 psf to $1,400 psf, while one-bedders could start from around $1,500 psf. Prices of a ground floor unit with private enclosed area could reach the $1,000 psf mark.
The preview of The Terrene comes after the virtual sell-out of UOL’s Waterbank at Dakota, a 616-unit condominium project facing Geylang River and located next to Dakota MRT Station. The launch of the 99-year leasehold condo in April was timed with the opening of the MRT station.
Over in the Balestier/Thomson Road area, City Developments Ltd is gearing up to preview 368 Thomson on the former Concorde Residence site.
The 36-storey freehold development features 157 units that range from one-bedders to penthouses, with unit sizes ranging between 689 sq ft and 3,391 sq ft and prices ranging from $1,300 psf to 1,500 psf.
According to several property consultants, home sales are still sluggish, with many potential homebuyers still glued to the World Cup. After that, more property developers are expected to start releasing projects again.
“Buyers will do their homework and evaluation, but the good thing is that the Singapore stock market has still fared relatively better than some overseas markets,” said Ong Choon Fah, executive director for consulting at DTZ.
“The underlying desire to buy a private residential property here is still there among owner occupiers and local investors, as there’s still a lot of liquidity. And our market is quite unique, with a large part of our population living in public housing, which provides a natural feed to the private housing market,” she added.