250 units of Lakeside project sold

[mr funny]

http://www.businesstimes.com.sg/sub/...78340,00.html?

Published November 13, 2010

250 units of Lakeside project sold

By KALPANA RASHIWALA


KEPPEL Land sold about 250 units of The Lakefront Residences at the project's preview yesterday.


HOT SPOT
KepLand's special preview of The Lakefront Residences drew hordes of buyers who paid a new record average price of $1,020 psf

The units sold in the 99-year leasehold condo - next to Lakeside MRT Station and near Jurong Lake - were priced at about $1,020 psf on average - a new record for the location.

Next door, units at Caspian have been changing hands mostly at $700-800 psf in the subsale market since August .

Caspian - which was the first major property launch in Singapore after Lehman's collapse - was previewed in February last year by developer Frasers Centrepoint at the carefully researched average price of $580 psf; it sold like hot cakes, drawing out pent-up demand and sparking a revival in home sales.

This means prices in the location are now about 1.75 times what they were 21 months ago.

KepLand's The Lakefront Residences is a 629-unit development comprising three 18-storey blocks. Unit sizes range from 484 sq ft for a one-bedder to about 3,000 sq ft for a penthouse. The project includes 69 one-bedders, 158 two-bedders, 255 three-bedders and 98 three-bedroom-plus-study units. There are also 32 four-bedroom apartments and 17 penthouses.

Keppel Land said it sold a range of unit types yesterday.

Augustine Tan, president (Singapore residential) at KepLand, said: 'We have been receiving enquiries for The Lakefront Residences from Singaporean homebuyers/investors as well as permanent residents and foreigners from China and Malaysia.'

He credited the positive response to the project's choice location next to an MRT Station, unique lifestyle and recreational amenities in the upcoming Jurong Lake District as well as KepLand's expertise in developing waterfront homes.

The Jurong Lake District is planned as a commercial, leisure and residential hub by the Urban Redevelopment Authority. In addition, the project is close to the Canadian International School, which is slated to open next year.

While some analysts suggested the strong response for The Lakefront Residences could be a sign that the initial effects of the Aug 30 property cooling measures could be wearing off, others said it is erroneous to draw this conclusion as The Lakefront has two big pluses - a plum location next to an MRT Station and the exciting plans for Jurong. 'The sales result reinforces the thinking that projects next to MRT stations will always be more highly sought after,' said CB Richard Ellis executive director (residential) Joseph Tan.

Over in the Tanjong Pagar area, where UOL is marketing Spottiswoode Residences, about 70 cheques were said to have been received by agents ahead of the freehold condo's preview yesterday afternoon. UOL has so far released 100 units at $1,720-2,100 psf, and is expected to offer more units in the 351-unit project's main launch on Wednesday.

Another project that has just been previewed is World Class Land's Cavan Suites in the Lavender area. The freehold project has 36 apartments - located in conservation shophouses as well as a six-storey new extension at the rear. Units are small, ranging from about 452 to 549 sq ft and priced at about $1,300-$1,500 psf.

[mr funny]

http://www.straitstimes.com/Money/St...ry_602684.html

Nov 13, 2010

Strong take-up for Keppel's Lakefront Residences


KEPPEL Land's newest residential project, The Lakefront Residences, has seen strong take-up, with about 250 units sold within a day of its preview.

Located next to Lakeside MRT Station, in the Jurong Lake District - set to be a major regional centre and leisure destination - the 629-unit condo development was sold at an average price of $1,020 per sq ft (psf), Keppel said yesterday.

Apartments range from typical one-bedroom units of 500 sq ft to typical four-bedroom units of 1,400 sq ft. The project includes 17 penthouse units of between 2,000 sq ft and 3,000 sq ft, it added.

Keppel said that it had been receiving inquiries for The Lakefront Residences from both local home buyers and investors alike, including residents and foreigners from China and Malaysia.

'The positive take-up...reflects home buyers' confidence in (its) strong value offerings of a prime location next to the Lakeside MRT station (and) the unique lifestyle and recreational amenities in the upcoming Jurong Lake District,' said Mr Augustine Tan, Keppel Land's president of Singapore residential.

The 99-year leasehold project - expected to be completed by the end of 2013 - is also located close to several schools, including the Canadian International School slated to open next year.

Jurong General Hospital and Jurong Community Hospital are also set for completion in 2014 and early 2015 respectively.

Experts say the location might have attracted upgraders from nearby private and public housing estates as well as employees from surrounding industrial employment centres and Nanyang Technological University.

PropNex chief executive Mohamed Ismail said while the project has set a benchmark price in the area, it demonstrates that buyers are willing to purchase properties with a good location and where they see a potential for upside.

Despite the recent property market cooling measures, these buyers might be confident that the local property market would have further strengthened by the time the project is completed in three years, he said.

'The rental yield will also be strong here as multinational companies might move into the area once it becomes one of the largest commercial centres... and (these firms) will start looking to rent,' he said.

Keppel Land had put in the top bid of $499 per sq ft per plot ratio, or $302.98 million for the hotly contested 1.61ha plot in May, reflecting the growing popularity of the area.

Plans for Jurong Lake District, covering 360ha - about the size of Marina Bay - will be implemented over 10 to 15 years, with two precincts.

Jurong Gateway precinct will be the biggest commercial hub outside the city centre with many government agencies, such as the Ministry of National Development and the Ministry of the Environment and Water Resources, and private sector business enterprises setting up headquarters by 2015. Lakeside precinct is to be turned into a world-class leisure destination for residents and tourists.

ESTHER TEO