View Full Version : 75% of The Boutiq units sold at soft launch
http://www.businesstimes.com.sg/sub/suite/story/0,4574,435771,00.html?
Published April 21, 2011
75% of The Boutiq units sold at soft launch
By UMA SHANKARI
HEETON Holdings, KSH Holdings and TEE International have sold 39 apartments at their high-end Killiney Road residential project, The Boutiq, at an average price of $2,350 per square foot (psf).
http://www.businesstimes.com.sg/mnt/media/image/launched/2011-04-21/BT_IMAGES_UMPROP21-JUG.jpg
The Boutiq: The residential project's architectural design draws inspiration from chic boutique hotels around the world
The companies said yesterday that 75 per cent of the 52 units released in the first phase of sales have been sold in a soft launch. The freehold District 9 project near Somerset MRT station has 130 units in all.
Heeton chief operating officer Danny Low said that the developers are now giving buyers a discount of about 10 per cent off the list price. Prices will go up when subsequent phases are launched as the discount is scaled back and more choice units are released.
'With its prime location, five-star hotel facilities such as porte-cochere (coach gate), concierge, welcome lounge, and well-designed lifestyle spaces, The Boutiq will be a compelling proposition for young professionals and cosmopolitan globe-trotters - anyone who appreciates the finest things in life,' said Mr Low.
The architectural design of The Boutiq draws inspiration from chic boutique hotels around the world. The project's architect is Broadway Malyan Asia.
Units in The Boutiq range from 506 sq ft to 2,853 sq ft in size. The bulk of the units are one and two-bedroom apartments.
Heeton, KSH and TEE hold stakes of 45 per cent, 35 per cent and 20 per cent respectively in the development project. The three partners bought the site of the former Mitre Hotel in 2009 for $121-122 million - or almost $1,100 psf of potential gross floor area including a development charge.
At Heeton's other high-end project, iLiv@ Grange, none of the 30 units on offer have been sold even though the project was unveiled in June last year. Units at the Grange Road condominium are expected to sell for above $3,000 psf.
Heeton began construction of the project last year. It will step up marketing efforts in the second half of 2011 once a new showflat is ready, Mr Low said.
The company also hopes to resume selling units in The Lumos in the second half of the year once the project is completed.
Sales of units in the Leonie Hill project have been put off since early 2008 as Heeton and its partner Koh Brothers waited for the luxury property market to recover. As at end-March 2011, 19 out of the project's 53 units have been sold.
stalingrad
22-04-11, 15:01
http://www.businesstimes.com.sg/sub/suite/story/0,4574,435771,00.html?
Published April 21, 2011
75% of The Boutiq units sold at soft launch
By UMA SHANKARI
HEETON Holdings, KSH Holdings and TEE International have sold 39 apartments at their high-end Killiney Road residential project, The Boutiq, at an average price of $2,350 per square foot (psf).
http://www.businesstimes.com.sg/mnt/media/image/launched/2011-04-21/BT_IMAGES_UMPROP21-JUG.jpg
The Boutiq: The residential project's architectural design draws inspiration from chic boutique hotels around the world
The companies said yesterday that 75 per cent of the 52 units released in the first phase of sales have been sold in a soft launch. The freehold District 9 project near Somerset MRT station has 130 units in all.
Heeton chief operating officer Danny Low said that the developers are now giving buyers a discount of about 10 per cent off the list price. Prices will go up when subsequent phases are launched as the discount is scaled back and more choice units are released.
'With its prime location, five-star hotel facilities such as porte-cochere (coach gate), concierge, welcome lounge, and well-designed lifestyle spaces, The Boutiq will be a compelling proposition for young professionals and cosmopolitan globe-trotters - anyone who appreciates the finest things in life,' said Mr Low.
The architectural design of The Boutiq draws inspiration from chic boutique hotels around the world. The project's architect is Broadway Malyan Asia.
Units in The Boutiq range from 506 sq ft to 2,853 sq ft in size. The bulk of the units are one and two-bedroom apartments.
Heeton, KSH and TEE hold stakes of 45 per cent, 35 per cent and 20 per cent respectively in the development project. The three partners bought the site of the former Mitre Hotel in 2009 for $121-122 million - or almost $1,100 psf of potential gross floor area including a development charge.
At Heeton's other high-end project, iLiv@ Grange, none of the 30 units on offer have been sold even though the project was unveiled in June last year. Units at the Grange Road condominium are expected to sell for above $3,000 psf.
Heeton began construction of the project last year. It will step up marketing efforts in the second half of 2011 once a new showflat is ready, Mr Low said.
The company also hopes to resume selling units in The Lumos in the second half of the year once the project is completed.
Sales of units in the Leonie Hill project have been put off since early 2008 as Heeton and its partner Koh Brothers waited for the luxury property market to recover. As at end-March 2011, 19 out of the project's 53 units have been sold.
52 units represent only 40% of the 130 units in the project. Is it really not? I think not.
39 units sold out of 52 = 75%
still strong demand? am surprised
interested to know if buyers are from china
devilplate
23-04-11, 09:39
39 units sold out of 52 = 75%
still strong demand? am surprised
interested to know if buyers are from china
it was mentioned smwhr tat mainly consists of msians
and above $2300psf...wow this is pushing the property mkt
even after elections IF government puts in additional cooling measures no impact...stretching the property tax.
if i m investor local/foreign, there wont be relaxation but furthening tightening going forward
is it better to grab now?
devilplate
23-04-11, 09:45
and above $2300psf...wow this is pushing the property mkt
even after elections IF government puts in additional cooling measures no impact...stretching the property tax.
if i m investor local/foreign, there wont be relaxation but furthening tightening going forward
is it better to grab now?
this is CCR....so dun tink govt cares much about it....nobody will complaint even if it shoots up to 5000psf
i am more concerned abt the OCR launches....volume up ok....but hopefully doesnt lead a spike in px....1-2% every qtr looks reasonable and not threatening
it was mentioned smwhr tat mainly consists of msians
Orchard holds a much dearer place in the hearts of Malaysians than it does in Singaporeans...
that's the impression i got talking to my msian friends - in SG, Orchard is as atas as you can get....
this is CCR....so dun tink govt cares much about it....nobody will complaint even if it shoots up to 5000psf
i am more concerned abt the OCR launches....volume up ok....but hopefully doesnt lead a spike in px....1-2% every qtr looks reasonable and not threatening
dubai is a classic example of prices shooting up too fast
foreigners geared up on borrowings within local and foreign banks
when prices dropped, they just run since they put in low downpayment
SG government is doing the proactive step by cooling the market with more downpmt from foreign investors
SG market will not be like Dubai. just like the car market minimal downpayment and off you drive with the car
After elections expect SG government to tighten with buyers putting more downpayment $$ on the table...reason why for scramble now?
CCR and OCR are interdependent
too many investors out there...can see from comments within this forum and the recent viewing activities. banks see slowdown in mortgage application but alot of interests on investment products
devilplate
23-04-11, 10:22
CCR and OCR are interdependent
too many investors out there...can see from comments within this forum and the recent viewing activities. banks see slowdown in mortgage application but alot of interests on investment products
yeah....ccr/ocr/rcr inter dependent....but cooling measures r due to spike in HDB and ocr condos prices....and not ccr....
in 2007, govt vy relax.....only slowly remove DPS.....
but latest measures affect CCR the most ironically(only shoebox CCR r spared).....lol
Latest Jan cooling measures not effective because not targeted. When the OCR prices and volumes spike and leaped tremendously, they come out with cooling measures in Jan 2011 that are suppose to target OCR but instead causes CCR sales to come to stand-still because foreigners stop and and wait to decide whether to buy CCR properties (that is what my agents told me - his foreigner clients all say cooling measure may cause CCR prices to drop, so all wait and see first. But now many are starting to request for house-viewing again). :D
yeah....ccr/ocr/rcr inter dependent....but cooling measures r due to spike in HDB and ocr condos prices....and not ccr....
in 2007, govt vy relax.....only slowly remove DPS.....
but latest measures affect CCR the most ironically(only shoebox CCR r spared).....lol
devilplate
23-04-11, 10:37
Latest Jan cooling measures not effective because not targeted. When the OCR prices and volumes spike and leaped tremendously, they come out with cooling measures in Jan 2011 that are suppose to target OCR but instead causes CCR sales to come to stand-still because foreigners stop and and wait to decide whether to buy CCR properties (that is what my agents told me - his foreigner clients all say cooling measure may cause CCR prices to drop, so all wait and see first. But now many are starting to request for house-viewing again). :D
some foreigners oredi offered record breaking psf lor.....hehe.....
bad news is....ocr condos volume picking up fast n furious too.....greedy developer definitely gona up their px:doh:
Maybe after election more CM again??? :doh:
hehe was lucky to have signed OTP last year just a few days before first round CM announced.
devilplate
23-04-11, 10:49
Maybe after election more CM again??? :doh:
hehe was lucky to have signed OTP last year just a few days before first round CM announced.
anything b4 14th Jan is good:cheers6:
anything b4 14th Jan is good:cheers6:
Signed in Aug 2010. Don't think I'm going to make another purchase again in near future.
devilplate
23-04-11, 11:48
if 4yrs SSD is removed....i bet many investor here will chiong in again?
i actually prefer a let say 20% capital gain tax den current hefty 4yrs SSD.....MBT power .....one time give jialat jialat measures
let say 1mil....make 20% within 2yrs....cash out 200k.....cap gain tax 20%....profit still attractive.....however 12% SSD for 2nd yr.....:doh:
That is why I said the Jan 2011 cooling measures not targeted and didn't achieve its supposed objectives. Isn't the policy suppose to cool the red hot OCR market? Why it didn't? (It can't be to cool CCR since CCR still haven't even surpass previous peak yet). Lowering LTV and increasing SSD also useless because the OCR speculators seem to be CASH RICH and has holding power, so reduce LTV to 30% and SSD to 6 years also useless. They seem to just want to find some place to park their CASH! Sound like some CASH RICH foreigners (non-citizens, including PRs, heard many China's Chinese and India's Indians) at work? Already the Jan 2011 cooling measures are hitting the genuine OCR buyers (mainly HDB upgraders) the hardest! That I believe probably cause the govt to LOSE many votes in this general election!
Solution? I think should just restrict non-citizens from buying properties at price < $1.5m. Ok if they want to play MMs (but don't think they so goondus buy >$1.5m MM at >$3000 psf in OCR!). This will probably solve the problem!
some foreigners oredi offered record breaking psf lor.....hehe.....
bad news is....ocr condos volume picking up fast n furious too.....greedy developer definitely gona up their px:doh:
It makes me wonder, even after the last CM, sales are still so robust. I cant imagine what happens when the 60% LTV on 2nd property n SSD is removed, more herds buying like no 2moro?
Don't worry, if they just regulate that non-citizens can only buy properties >$1.5m, sure cool down one for OCR mass market properties even if they restore LTV to 80% and SSD to 1 year! :cheers1:
It makes me wonder, even after the last CM, sales are still so robust. I cant imagine what happens when the 60% LTV on 2nd property n SSD is removed, more herds buying like no 2moro?
paperplate888
23-04-11, 15:05
Don't worry, if they just regulate that non-citizens can only buy properties >$1.5m, sure cool down one for OCR mass market properties even if they restore LTV to 80% and SSD to 1 year! :cheers1:
Recent 8courtyard, reported 90% buyers r singka....
Cannot stop foreigners from buying pte ppty regardless ocr or ccr lah... Can only further reduce foreigners on ltv ratio
paperplate888
23-04-11, 15:12
Measures shd b focusing on HDB resale.... If hdb resale cools down, ocr ppty will aso cool down.... If u suspect rich foreigners speculate ocr condos.... Y not as long majority r protected.... Still got EC for hdb upgradders
It is so obvious. MBT wants more people to stay happy as it has great implication on GE coupled with growth angpao. One should ask MBT why relax the ruling on renting out of HDB flats. Otherwise, condo rental will be even higher. Why have MUP and IUP for HDB flats. All these boils down to keeping HDB dwellers who are 85% of people happy. It is only recent years that they did upgrading to private estates as they heard too much noise from the ground.
Don't worry, if they just regulate that non-citizens can only buy properties >$1.5m, sure cool down one for OCR mass market properties even if they restore LTV to 80% and SSD to 1 year! :cheers1:
devilplate
23-04-11, 16:04
not sure any ST reporters reading....
i wud love to make a suggestion...
PR should pay extra 'premium' when buying HDB resale flats. meaning to say, PRs goto top up another sum on top of COV....and the amount will be held by the govt for let say 5yrs.....the $$ will be returned back to the PRs on top of the housing grant if they decide to take up citizenship within the 5yrs....beyond tat, this extra premium will be transferred to our national reserves. i wud suggest the sum to be like 30k for 3rm flat, 40k for 4rm, 50k for 5rm and/or bigger....
can cool down resale flats, make PRs(foreigners) pay more for our entitlement and 'forced' them to convert...;)
i am sure can win MANY VOTES!!!
Damage is done and too late to revert. Heard a lot of recent graduates who are quite upset on this matter. They are a young and frustrated lot who cannot own a lot of things (good house, car, etc.) but got to squeeze in mrt trains and compete with foreign talents even with with a good honours degree. It is simply beyond their reach.To make matter worst, could see foreign talents parachuting in on top of them.
not sure any ST reporters reading....
i wud love to make a suggestion...
PR should pay extra 'premium' when buying HDB resale flats. meaning to say, PRs goto top up another sum on top of COV....and the amount will be held by the govt for let say 5yrs.....the $$ will be returned back to the PRs on top of the housing grant if they decide to take up citizenship within the 5yrs....beyond tat, this extra premium will be transferred to our national reserves. i wud suggest the sum to be like 30k for 3rm flat, 40k for 4rm, 50k for 5rm and/or bigger....
can cool down resale flats, make PRs(foreigners) pay more for our entitlement and 'forced' them to convert...;)
i am sure can win MANY VOTES!!!
Don't think they make many Singapore citizens happy with their jan cooling measures (except those waiting to buy one). Instead, they make many potential hdb up graders very unhappy! These make up of a big % of the 85% currently living in hdbs.
It is so obvious. MBT wants more people to stay happy as it has great implication on GE coupled with growth angpao. One should ask MBT why relax the ruling on renting out of HDB flats. Otherwise, condo rental will be even higher. Why have MUP and IUP for HDB flats. All these boils down to keeping HDB dwellers who are 85% of people happy. It is only recent years that they did upgrading to private estates as they heard too much noise from the ground.
You don't know that almost all statistics on "singaporeans" include PRs? :doh:
Recent 8courtyard, reported 90% buyers r singka....
Cannot stop foreigners from buying pte ppty regardless ocr or ccr lah... Can only further reduce foreigners on ltv ratio
As I have said younger voters are more tempremental. HDB upgraders are ah jek or baby boomers who have higher threshold.
Don't think they make many Singapore citizens happy with their jan cooling measures (except those waiting to buy one). Instead, they make many potential hdb up graders very unhappy! These make up of a big % of the 85% currently living in hdbs.
dubai is a classic example of prices shooting up too fast
foreigners geared up on borrowings within local and foreign banks
No Dubai is a very special case. Not comparable with SG market.
At one stage, paying CASH to buy a pty in Dubai is MORE expensive than taking loans. I leave this to your imagination why this is the case. ;)
SG market is not so mysterious. It's very straightforward. The thing is massive liquidity is a global problem. Compounded with the unique HDB upgrade "phenomenon".
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