Hoi Hup, Sunway sell close to 90 units of Vacanza @ East

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Published September 28, 2010

Condo in Kembangan launches preview

Average price for freehold Vacanza units expected to top $1,000 psf


A JOINT venture between Hoi Hup Realty and Malaysia's Sunway group is previewing Vacanza @ East, a freehold condo in the Kembangan area, today.

The average price is expected to be slightly over $1,000 per square foot for the 141 units being released in two blocks of the 12-storey project. The project will have a total 473 units in seven blocks.

The project comprises one to four-bedroom units as well as penthouses.

About 39 per cent of units have either two bedrooms or two bedrooms with a study. Another 30 per cent are three bedders.

Last week, Roxy-Pacific group previewed Jupiter 18 at Lorong 102 Changi. So far it has sold more than 70 per cent of the 53 units in the freehold project, which range from one bedders of 388 sq ft to two-bedroom penthouses of 1,119 sq ft.

The average price is about $1,100 psf. In absolute quantum, prices start from slightly over $500,000 for a one-bedder.

Meanwhile, City Developments found buyers for another 35 units at NV Residences in Pasir Ris, taking total sales to 335 units out of 380 launched units in the 642-unit development.

It previewed the 99-year leasehold development on Sept 8 at an average price of $830 psf but later raised prices by about 1-2 per cent.

Meanwhile, Far East Organization sold 23 units last week across its residential portfolio, down from 32 units the preceding week.

In the latest week, it sold units at projects like Floridian, Waterfront Key, Waterfront Gold, The Greenwood, Hillview Regency, Hillvista, Silversea, The Shore Residences, Centro Residences and The Greenwich.

DTZ Research said yesterday that the average capital value of 99-year leasehold suburban private apartments/condos in the resale market rose 2 per cent quarter-on-quarter to $660 psf in Q3.

This is a smaller increase than the 4 per cent rise seen in Q2 this year.

The average cap value of luxury condos also saw a slower 1.6 per cent quarter-on-quarter increase to $2,630 psf in Q3.

In the landed segment, the average capital value of freehold homes in the prime districts 9, 10 and 11 have crept up 2 per cent Q-on-Q to $1,611 psf in the third quarter after rising 3.3 per cent in Q2.

'The slow growth in prices is likely to come to a halt for the rest of the year following the recent implementation of a slew of government measures to cool the residential market. Sales volume is expected to be lower as sellers continue to maintain their asking prices while potential buyers hold out for lower prices,' DTZ said in its release.

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Published September 30, 2010

Hoi Hup, Sunway sell close to 90 units of Vacanza @ East

Majority of buyers S'poreans; most popular were 2- and 3-bedroom units

By KALPANA RASHIWALA


HOI HUP and Sunway sold nearly 90 units at their Vacanza @ East condo by the end of Tuesday, when the project previewed to those who had registered interest with the appointed marketing agents DTZ and Huttons. A VVIP preview was held on Monday for staff/directors of Hoi Hup and Sunway as well as their special guests.

The average price for the 12-storey freehold project is about $1,090 per square foot.

Buyers were mostly Singaporeans and the most popular units were two- and three-bedroom units, said Hoi Hup Realty director Wong Sjew Hung. 'The majority of buyers are Singaporeans looking for a home for their own occupation or as long-term investment. This is a freehold project in a quiet estate amidst a landed housing enclave,' Ms Wong added.

In absolute-price terms, units sold range from nearly $550,000 for a 484 sq ft one bedder to slightly above $2 million for a three bedder penthouse of over 1,900 sq ft.

Initially two blocks comprising 141 units were released but as potential buyers started requesting for apartments in other stacks in the 473-unit project, the developers began releasing more units.

The project comprises one- to four-bedroom units as well as penthouses. It will have a clubhouse, gymnasium, a tennis court, a lap pool, fitness station and lawn.

Market watchers point out that the project, located at Lengkong Tujoh, is next to the Pan Island Expressway, near the Singatronics Building and Bedok Industrial Estate. It is about a kilometre away from Kembangan MRT Station.

Hoi Hup and Sunway are developing Vacanza on a 207,000 sq ft site which they bought in October last year for $158 million, or about $445 per square foot of potential gross floor area, including an estimated development charge of about $36 million at the time.

The site, which was vacant at the time, was sold by Lee Tat Development. The residential site has a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and a 12-storey maximum height under Master Plan 2008.