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05-01-15, 16:49
http://www.straitstimes.com/archive/saturday/premium/money/story/property-launches-last-year-whats-hot-whats-not-20150103
Property launches last year: What's hot, what's not
Published on Jan 3, 2015 1:12 AM
A DIFFICULT year for property developers has likely resulted in new home sales last year sinking to their lowest level in six years.
Consultants who spoke to The Straits Times said only 8,000 to 9,000 new units were likely to have been sold last year, well below the 17,590 deals in 2013.
Buyers stayed away as cooling measures hammered sentiment, dragging the property price index down 4 per cent for the full year, flash estimates for the fourth quarter showed yesterday. Still, some new condominiums beat expectations - and the gloomy market - to deliver healthy sales.
Here is a list of how some notable projects fared last year:
Hot
Lake Life at Yuan Ching Road
Crowds flocked to the first executive condominium to be built in the Jurong area in 17 years, snapping up 534 out of the project's 546 apartments on the first weekend of its launch in November.
The developer, Evia Real Estate, sold units at an average of $857 per sq ft (psf), lower than its indicative market price of $880 to $890 psf. Before sales started, it had received a record 1,853 applications for its apartments.
Mr Vincent Ong, managing partner of Evia, said the lower prices likely drew buyers.
The Hillford at Jalan Jurong Kechil
World Class Land's 281-unit project was another sell-out success last year, clearing all its units on the day that sales began last January.
It was touted as Singapore's first "retirement village".
While there is no age restriction on buyers, the Urban Redevelopment Authority (URA) recommended providing space for elder-friendly services, such as medical clinics, when it tendered out the site.
The Hillford is also the first 60-year leasehold condominium, which allowed the developer to price units more cheaply, at an average of $1,100 psf.
Healthy
Coco Palms in Pasir Ris
City Developments (CDL) managed to rack up healthy sales at its 944-unit condominium after lowering prices below their initial expectations.
Caveats lodged with the URA showed that 740 out of the 944 units at the project have been sold. At its launch, more than 490 units were snapped up at an average price of $980 psf in May.
CDL said at that time that the firm had intended to sell units at between $1,100 psf and $1,200 psf but lowered prices because it had acquired the site for a historically low price. Its one-bedder units - about 463 sq ft - were the most popular.
Seventy Saint Patrick's in East Coast
The 186-unit freehold condo by UOL Group sold 100 units during its weekend launch, at an average price of $1,630 psf.
About 16 of its 36 penthouses were sold, and 52 units were unsold as at November.
Lukewarm
Highline Residences in Kim Tian Road
Keppel Land released 160 units out of the project's total 500 in a closed-door sales event over a weekend in mid-September, and sold about 130.
The units went for an average price of $1,900 psf after discounts of $28,000 to $68,000 were offered. It had 353 unsold units by November. Before Highline was launched, nearby project The Crest had also seen sluggish sales, with just 63 out of 469 units pushed within months of its launch.
Cluny Park Residence in Bukit Timah
With just 52 units available at this freehold project facing the Botanic Gardens, analysts had expected it to do well enough to lift the moribund high-end market when it was launched in March. However, by November, it still had 34 units unsold.
Still, the fact that it had sold 20 units before its official launch was seen as a "surprisingly strong" performance by analysts, who said the project likely drew ultra-rich buyers looking to invest in a bottoming market.
Prices at the luxe development began at $2.3 million for a 754 sq ft two-bedder and went up to $8.3 million for a 2,842 sq ft four-bedroom penthouse.
Cool
Bellewoods in Woodlands
The executive condo drew 1,000 e-applications for its 561 units before its launch on Nov 1, as developer Qingjian Realty offered 20 one-carat diamonds in a lucky draw for valid e-applicants.
By the end of the month, however, the project had sold only 79 units, at $800 psf on average.
Sophia Hills in Dhoby Ghaut
The condo sold only nine of its 493 units in November when it was launched, at S$2,292 psf.
Its units range from 463 sq ft one-bedders to 1,539 sq ft four-bedders. The project also includes dual-key apartments.
CHERYL ONG
Property launches last year: What's hot, what's not
Published on Jan 3, 2015 1:12 AM
A DIFFICULT year for property developers has likely resulted in new home sales last year sinking to their lowest level in six years.
Consultants who spoke to The Straits Times said only 8,000 to 9,000 new units were likely to have been sold last year, well below the 17,590 deals in 2013.
Buyers stayed away as cooling measures hammered sentiment, dragging the property price index down 4 per cent for the full year, flash estimates for the fourth quarter showed yesterday. Still, some new condominiums beat expectations - and the gloomy market - to deliver healthy sales.
Here is a list of how some notable projects fared last year:
Hot
Lake Life at Yuan Ching Road
Crowds flocked to the first executive condominium to be built in the Jurong area in 17 years, snapping up 534 out of the project's 546 apartments on the first weekend of its launch in November.
The developer, Evia Real Estate, sold units at an average of $857 per sq ft (psf), lower than its indicative market price of $880 to $890 psf. Before sales started, it had received a record 1,853 applications for its apartments.
Mr Vincent Ong, managing partner of Evia, said the lower prices likely drew buyers.
The Hillford at Jalan Jurong Kechil
World Class Land's 281-unit project was another sell-out success last year, clearing all its units on the day that sales began last January.
It was touted as Singapore's first "retirement village".
While there is no age restriction on buyers, the Urban Redevelopment Authority (URA) recommended providing space for elder-friendly services, such as medical clinics, when it tendered out the site.
The Hillford is also the first 60-year leasehold condominium, which allowed the developer to price units more cheaply, at an average of $1,100 psf.
Healthy
Coco Palms in Pasir Ris
City Developments (CDL) managed to rack up healthy sales at its 944-unit condominium after lowering prices below their initial expectations.
Caveats lodged with the URA showed that 740 out of the 944 units at the project have been sold. At its launch, more than 490 units were snapped up at an average price of $980 psf in May.
CDL said at that time that the firm had intended to sell units at between $1,100 psf and $1,200 psf but lowered prices because it had acquired the site for a historically low price. Its one-bedder units - about 463 sq ft - were the most popular.
Seventy Saint Patrick's in East Coast
The 186-unit freehold condo by UOL Group sold 100 units during its weekend launch, at an average price of $1,630 psf.
About 16 of its 36 penthouses were sold, and 52 units were unsold as at November.
Lukewarm
Highline Residences in Kim Tian Road
Keppel Land released 160 units out of the project's total 500 in a closed-door sales event over a weekend in mid-September, and sold about 130.
The units went for an average price of $1,900 psf after discounts of $28,000 to $68,000 were offered. It had 353 unsold units by November. Before Highline was launched, nearby project The Crest had also seen sluggish sales, with just 63 out of 469 units pushed within months of its launch.
Cluny Park Residence in Bukit Timah
With just 52 units available at this freehold project facing the Botanic Gardens, analysts had expected it to do well enough to lift the moribund high-end market when it was launched in March. However, by November, it still had 34 units unsold.
Still, the fact that it had sold 20 units before its official launch was seen as a "surprisingly strong" performance by analysts, who said the project likely drew ultra-rich buyers looking to invest in a bottoming market.
Prices at the luxe development began at $2.3 million for a 754 sq ft two-bedder and went up to $8.3 million for a 2,842 sq ft four-bedroom penthouse.
Cool
Bellewoods in Woodlands
The executive condo drew 1,000 e-applications for its 561 units before its launch on Nov 1, as developer Qingjian Realty offered 20 one-carat diamonds in a lucky draw for valid e-applicants.
By the end of the month, however, the project had sold only 79 units, at $800 psf on average.
Sophia Hills in Dhoby Ghaut
The condo sold only nine of its 493 units in November when it was launched, at S$2,292 psf.
Its units range from 463 sq ft one-bedders to 1,539 sq ft four-bedders. The project also includes dual-key apartments.
CHERYL ONG