mr funny
23-06-11, 11:54
http://www.businesstimes.com.sg/sub/news/story/0,4574,444443,00.html?
Published June 23, 2011
Cheung Kong unveils 361-unit Thomson Grand
Prices start at $1,400 psf, project to be launched in July
By NICHOLAS YEO
CHEUNG Kong (Holdings) Ltd unveiled its latest project, Thomson Grand, yesterday at Singapore Island Country Club's (SICC) Island Location. The project will be launched in July once the sales office is completed.
Sitting on a 224,402 square foot site, 99-year leasehold Thomson Grand consists of nine high-rise towers with 339 apartments and 22 strata terrace units.
Thirty per cent of the units will be two-bedroom units (904 to 1,044 sq ft) and 47 per cent three-bedroom units (1,346 to 1,421 sq ft). The remaining 23 per cent consists of four- bedroom units, garden units, penthouses and strata terrace houses.
'Priced at $1,400 per sq ft (psf) and above, there will be about 50 units allotted in the first phase,' said Cannas Ho, Cheung Kong's sales manager. 'However, we have not decided which units will be released.'
According to Ms Ho, a large majority of units will have commanding views of the Island Golf Course, Lower Pierce Reservoir, the Central Catchment Nature Reserve and Bishan Park, with the exception of those on the lower floors. The project is designed by Singapore's DP Architects.
Ms Ho elaborated on the potential purchasers of the project: 'I spoke to the agents and we had very good response - they were very excited.' She mentioned that Cheung Kong will be targeting local upgraders as Thomson Grand is the only new development within the Thomson area.
Ms Ho believes that at $1,400 psf, Thomson Grand would make a good investment proposition, as 'Sentosa apartments with a similar view start at $2,500 psf'. The possibility of launching this project overseas to foreign buyers is also being explored.
Also present at the unveiling was Justin Chiu, executive director of Cheung Kong Holdings. When asked why Thomson Grand would be launched only more than 18 months after the plot purchase in a government land sale - in the face of increased government land sales and a greater supply of residential units in the market - Mr Chiu said: 'We don't speculate on the market. We don't time the market. If we think it's workable and feasible, we will just go ahead. We have a long-term view of Singapore.'
On the topic of Cheung Kong's general strategy in Singapore, Mr Chiu said that it is interested in good- quality land and, in particular, large commercial projects of at least a million square feet in gross floor area. However, it would not like to participate in the mass-market residential sector.
Mr Chiu remains confident about the fundamentals of Singapore's economy, despite increased government measures to clamp down on speculation and to cool prices. 'There may be a correction in the market, but it won't lead to a major collapse. A recurrence of the Asian financial crisis is not likely,' he said.
'In Singapore, the government has always been paying attention to the housing market. I would say the fluctuations would be in the single-digit range. And if it were to come down, it will probably be 5-6 per cent maximum.'
He believes activity will slow down due to official policies to curb speculative demand. 'Nonetheless, the demand is still firm.'
Mr Chiu believes that interest rates are a key determinant of the property market. 'If interest rates remain below inflation rates, property will remain an enticing investment proposition that will stimulate people to buy.'
In November 2009, Cheung Kong unit Treasure Well Investments paid $251.3 million or about $533 per square foot per plot ratio (psf ppr) for the site. The expected date of vacant possession is November 2015.
Published June 23, 2011
Cheung Kong unveils 361-unit Thomson Grand
Prices start at $1,400 psf, project to be launched in July
By NICHOLAS YEO
CHEUNG Kong (Holdings) Ltd unveiled its latest project, Thomson Grand, yesterday at Singapore Island Country Club's (SICC) Island Location. The project will be launched in July once the sales office is completed.
Sitting on a 224,402 square foot site, 99-year leasehold Thomson Grand consists of nine high-rise towers with 339 apartments and 22 strata terrace units.
Thirty per cent of the units will be two-bedroom units (904 to 1,044 sq ft) and 47 per cent three-bedroom units (1,346 to 1,421 sq ft). The remaining 23 per cent consists of four- bedroom units, garden units, penthouses and strata terrace houses.
'Priced at $1,400 per sq ft (psf) and above, there will be about 50 units allotted in the first phase,' said Cannas Ho, Cheung Kong's sales manager. 'However, we have not decided which units will be released.'
According to Ms Ho, a large majority of units will have commanding views of the Island Golf Course, Lower Pierce Reservoir, the Central Catchment Nature Reserve and Bishan Park, with the exception of those on the lower floors. The project is designed by Singapore's DP Architects.
Ms Ho elaborated on the potential purchasers of the project: 'I spoke to the agents and we had very good response - they were very excited.' She mentioned that Cheung Kong will be targeting local upgraders as Thomson Grand is the only new development within the Thomson area.
Ms Ho believes that at $1,400 psf, Thomson Grand would make a good investment proposition, as 'Sentosa apartments with a similar view start at $2,500 psf'. The possibility of launching this project overseas to foreign buyers is also being explored.
Also present at the unveiling was Justin Chiu, executive director of Cheung Kong Holdings. When asked why Thomson Grand would be launched only more than 18 months after the plot purchase in a government land sale - in the face of increased government land sales and a greater supply of residential units in the market - Mr Chiu said: 'We don't speculate on the market. We don't time the market. If we think it's workable and feasible, we will just go ahead. We have a long-term view of Singapore.'
On the topic of Cheung Kong's general strategy in Singapore, Mr Chiu said that it is interested in good- quality land and, in particular, large commercial projects of at least a million square feet in gross floor area. However, it would not like to participate in the mass-market residential sector.
Mr Chiu remains confident about the fundamentals of Singapore's economy, despite increased government measures to clamp down on speculation and to cool prices. 'There may be a correction in the market, but it won't lead to a major collapse. A recurrence of the Asian financial crisis is not likely,' he said.
'In Singapore, the government has always been paying attention to the housing market. I would say the fluctuations would be in the single-digit range. And if it were to come down, it will probably be 5-6 per cent maximum.'
He believes activity will slow down due to official policies to curb speculative demand. 'Nonetheless, the demand is still firm.'
Mr Chiu believes that interest rates are a key determinant of the property market. 'If interest rates remain below inflation rates, property will remain an enticing investment proposition that will stimulate people to buy.'
In November 2009, Cheung Kong unit Treasure Well Investments paid $251.3 million or about $533 per square foot per plot ratio (psf ppr) for the site. The expected date of vacant possession is November 2015.