While the latest policy moves aimed at cooling the local property market have caused some “flux”, things should “settle” in a few months, said Wong Heang Fine, chief executive of the Singapore residential arm of CapitaLand.
“We think there is currently some flux in the (property) market,” said Mr. Wong. “People are not really sure what to expect from the recent government measures. But we think it will settle in a couple of months.”
CapitaLand will proceed to launch its condominium project located at the former site of Farrer Court in Farrer Road by the end of the year. The company, which paid a whopping $1.3 billion for the site in an en bloc sale in 2007, now plans to develop over 1,500 units on it, with unit prices yet to be fixed, said Mr. Wong.
Aside from the Farrer Road project, the developer is also preparing to launch the 55-unit The Nassim, which is located on the former ANA Hotel site in Nassim Hill, according to market sources.
CapitaLand also gave an update on its plans for a mixed-use site at Bedok Town Centre, which it acquired this month in a public tender.
The developer, along with its retail entity CapitaMalls Asia, submitted the highest bid of $788.9 million ($841 psf ppr), which is 21 percent higher compared to the second-highest bid of $650.9 million ($694 psf ppr).
The joint bid was bullish because the 99-year leasehold site has great potential, said Mr. Wong.
A condo with about 500 units and a three-storey shopping mall are being planned for the site.
The mall, which will be connected to Bedok MRT station and a bus interchange, is likely to have a capital value of about $3,000 psf of net lettable area when completed in 2014.
Meanwhile, the residential component, which will mainly have two- and three-bedroom apartments, could be launched next year.