PDA

View Full Version : Cluny Park Residence (D10, Freehold, Tuan Sing)



reporter2
10-03-14, 14:27
http://www.businesstimes.com.sg/archive/tuesday/specials/property/buy-pledges-bagged-40-cluny-park-residence-20140307

Published March 07, 2014

Buy pledges bagged for 40% of Cluny Park Residence

Developer Tuan Sing attributes interest to project's location, investment potential

By lee meixian [email protected]

http://i.imgur.com/5SDHbTU.jpg
Deluxe feature: Each ground floor unit of Cluny Park Residence comes with a private pool

CLOSE to 40 per cent of the 52 units at upmarket freehold condominium Cluny Park Residence have received purchase commitments ahead of its official launch tomorrow.

These commitments - by mainly professionals and businessmen - were made at private previews since its soft launch last August. Of the buyers, 70 per cent are Singaporeans, William Liem, chief executive officer of the developer Tuan Sing Holdings, told reporters at a media preview yesterday.

The strong interest comes amid an uncertain residential property market still reeling from cooling measures implemented last year.

Mr Liem attributed this to the development's excellent location and long-term investment potential, thanks to its freehold status at a prime location.

The District 10 condominium, nestled in an enclave of good class bungalows in Bukit Timah, overlooks the Singapore Botanic Gardens and is next to the French Embassy.

Incidentally, this brought about several development and design constraints as the embassy was "very strict" about the facing of its units.

As a result, a "really painful" compromise was made to do away with balconies for certain units overlooking the embassy, Mr Liem said.

Cluny Park Residence is also within close proximity to popular schools such as Nanyang Primary School, Raffles Girls' Primary School, Singapore Chinese Girls' School and Hwa Chong Institution.

The development sits on a 49,000 square foot plot of freehold land and houses two to four-bedroom units, including eight penthouses.

Each unit comes with a private entrance foyer, and every ground floor unit also has a private pool.

Units are priced from $2.3 million for an 800 sq ft two-bedder to $4.5 million for a 1,400 sq ft four-bedder. Penthouse units come in compact (about 1,200 sq ft) and large (about 2,800 sq ft) sizes, costing about $5 million and $8 million, respectively.

All these work out to a price range of about $2,860 to $4,170 per square foot.

Mr Liem, who lives in a ground floor unit of Botanika, a Holland Road condominium also developed by Tuan Sing, revealed that he has also bought "one of the bigger" units at Cluny Park Residence.

"I like to stay at our own condos to experience and see what we can do to improve. Certainly, I will stay here (at Cluny Park Residence) when it is completed.

Chief financial officer Chong Chou Yuen said: "We want to sell and design our property to the extent that we ourselves feel comfortable (in them). We will not sell a property that is not comfortable, too restrictive or too cramped."

The project is expected to receive its temporary occupation permit in the third quarter of 2016.

Its showflat at Dempsey Road will be open from Saturday between 10am and 7pm daily.

reporter2
13-03-14, 13:41
http://www.straitstimes.com/archive/friday/premium/money/story/condo-40-sold-launch-20140307

Condo 40% sold before launch

Published on Mar 07, 2014

http://i.imgur.com/gPUB3FM.jpg
An artist's impression of the 52-unit freehold Cluny Park Residence, which will be launched for sale tomorrow. The high-end condo's location - it faces the Botanic Gardens - is a major selling point. -- PHOTO: TUAN SING

A NEW condominium project in the tony Cluny Park area could be a breath of fresh air for the moribund high-end market when it is launched for sale tomorrow.

The 52-unit freehold Cluny Park Residence opened for preview late last year and has received commitments for 20 units so far, its developer Tuan Sing told a briefing yesterday.

Consultants said the take-up rate of nearly 40 per cent was strong and signalled that the ultra-rich were still keen on projects with attractive locations.

Calling it a "surprisingly strong performance", Savills Singapore research head Alan Cheong said the healthy sales reflected the project's plum Cluny Park Road location.

"You're looking at the ultra rich, who are masters of being able to read the market. They could be buying because they read it as bottoming or close to bottoming out," he added.

The condo faces the Botanic Gardens and is next to the French embassy. It is near prestigious schools such as Nanyang Primary School and Singapore Chinese Girls' School. Prices begin from $2.3 million for a 754 sq ft two-bedder and go up to $8.3 million for a 2,842 sq ft four-bedroom penthouse - or a price range of $2,920 per sq ft (psf) to $3,050 psf. The project has only two-bedders and four-bedders.

Chief executive William Liem said at the project's Dempsey Road showflat yesterday that the four-bedroom units were more popular, "which we didn't expect". Of the 20 units sold, six are two-bedders and the rest are four-bedders. He added he himself had picked up a four-bedder.

R'ST Research director Ong Kah Seng said the project's price point of about $3,000 psf was attractive, given its location and exclusivity. Although smaller units with cheaper total prices may be generally selling faster now, "buyers with strong financing capacity will still prefer quality large units in well-conceptualised projects and localities", he said.

"They understand that in the longer term, it will be easier to extract intrinsic resale value from these units, but this is not quite so for small units in high-end projects or prime projects with too many units."

Cluny Park Residence is designed by SCDA Architects, which is behind other posh freehold projects such as The Marq on Paterson Hill and Botanika at Holland Road. It is expected to be completed in September 2016.

Another small mixed-use project on Balestier Road will also open for preview tomorrow. Ascent @ 456, developed by TA Corp, has 28 residential units. These are all three-bedders ranging from 689 sq ft to 829 sq ft.

Agents said they could be priced from more than $900,000 to around $1.2 million, or more than $1,400 psf.

MELISSA TAN

trump7
13-03-14, 14:55
There have been a number of signs that high-end is slowly bottoming out.
Don`t sell your high-end properties until 2016.



http://www.straitstimes.com/archive/friday/premium/money/story/condo-40-sold-launch-20140307

Condo 40% sold before launch

Published on Mar 07, 2014

http://i.imgur.com/gPUB3FM.jpg
An artist's impression of the 52-unit freehold Cluny Park Residence, which will be launched for sale tomorrow. The high-end condo's location - it faces the Botanic Gardens - is a major selling point. -- PHOTO: TUAN SING

A NEW condominium project in the tony Cluny Park area could be a breath of fresh air for the moribund high-end market when it is launched for sale tomorrow.

The 52-unit freehold Cluny Park Residence opened for preview late last year and has received commitments for 20 units so far, its developer Tuan Sing told a briefing yesterday.

Consultants said the take-up rate of nearly 40 per cent was strong and signalled that the ultra-rich were still keen on projects with attractive locations.

Calling it a "surprisingly strong performance", Savills Singapore research head Alan Cheong said the healthy sales reflected the project's plum Cluny Park Road location.

"You're looking at the ultra rich, who are masters of being able to read the market. They could be buying because they read it as bottoming or close to bottoming out," he added.

The condo faces the Botanic Gardens and is next to the French embassy. It is near prestigious schools such as Nanyang Primary School and Singapore Chinese Girls' School. Prices begin from $2.3 million for a 754 sq ft two-bedder and go up to $8.3 million for a 2,842 sq ft four-bedroom penthouse - or a price range of $2,920 per sq ft (psf) to $3,050 psf. The project has only two-bedders and four-bedders.

Chief executive William Liem said at the project's Dempsey Road showflat yesterday that the four-bedroom units were more popular, "which we didn't expect". Of the 20 units sold, six are two-bedders and the rest are four-bedders. He added he himself had picked up a four-bedder.

R'ST Research director Ong Kah Seng said the project's price point of about $3,000 psf was attractive, given its location and exclusivity. Although smaller units with cheaper total prices may be generally selling faster now, "buyers with strong financing capacity will still prefer quality large units in well-conceptualised projects and localities", he said.

"They understand that in the longer term, it will be easier to extract intrinsic resale value from these units, but this is not quite so for small units in high-end projects or prime projects with too many units."

Cluny Park Residence is designed by SCDA Architects, which is behind other posh freehold projects such as The Marq on Paterson Hill and Botanika at Holland Road. It is expected to be completed in September 2016.

Another small mixed-use project on Balestier Road will also open for preview tomorrow. Ascent @ 456, developed by TA Corp, has 28 residential units. These are all three-bedders ranging from 689 sq ft to 829 sq ft.

Agents said they could be priced from more than $900,000 to around $1.2 million, or more than $1,400 psf.

MELISSA TAN

Ringo33
13-03-14, 19:08
There have been a number of signs that high-end is slowly bottoming out.
Don`t sell your high-end properties until 2016.

Obviously Tuan Sing is trying to use the 20 blank cheque to convince the market that is true. Then again, for people who are wiling to spend this kind of money, their objective of buying might be different. Perhaps buying them for their children so that they can live close to their parents' GCB along Cluny Road