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Thread: 75% of The Boutiq units sold at soft launch

  1. #1
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    Default 75% of The Boutiq units sold at soft launch

    [url]http://www.businesstimes.com.sg/sub/suite/story/0,4574,435771,00.html?[/url]

    Published April 21, 2011

    [B][SIZE="5"]75% of The Boutiq units sold at soft launch[/SIZE][/B]

    By UMA SHANKARI


    HEETON Holdings, KSH Holdings and TEE International have sold 39 apartments at their high-end Killiney Road residential project, The Boutiq, at an average price of $2,350 per square foot (psf).


    [SIZE="1"]The Boutiq: The residential project's architectural design draws inspiration from chic boutique hotels around the world[/SIZE]

    The companies said yesterday that 75 per cent of the 52 units released in the first phase of sales have been sold in a soft launch. The freehold District 9 project near Somerset MRT station has 130 units in all.

    Heeton chief operating officer Danny Low said that the developers are now giving buyers a discount of about 10 per cent off the list price. Prices will go up when subsequent phases are launched as the discount is scaled back and more choice units are released.

    'With its prime location, five-star hotel facilities such as porte-cochere (coach gate), concierge, welcome lounge, and well-designed lifestyle spaces, The Boutiq will be a compelling proposition for young professionals and cosmopolitan globe-trotters - anyone who appreciates the finest things in life,' said Mr Low.

    The architectural design of The Boutiq draws inspiration from chic boutique hotels around the world. The project's architect is Broadway Malyan Asia.

    Units in The Boutiq range from 506 sq ft to 2,853 sq ft in size. The bulk of the units are one and two-bedroom apartments.

    Heeton, KSH and TEE hold stakes of 45 per cent, 35 per cent and 20 per cent respectively in the development project. The three partners bought the site of the former Mitre Hotel in 2009 for $121-122 million - or almost $1,100 psf of potential gross floor area including a development charge.

    At Heeton's other high-end project, [email protected] Grange, none of the 30 units on offer have been sold even though the project was unveiled in June last year. Units at the Grange Road condominium are expected to sell for above $3,000 psf.

    Heeton began construction of the project last year. It will step up marketing efforts in the second half of 2011 once a new showflat is ready, Mr Low said.

    The company also hopes to resume selling units in The Lumos in the second half of the year once the project is completed.

    Sales of units in the Leonie Hill project have been put off since early 2008 as Heeton and its partner Koh Brothers waited for the luxury property market to recover. As at end-March 2011, 19 out of the project's 53 units have been sold.

  2. #2
    Junior

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    Quote Originally Posted by mr funny
    [URL="http://www.businesstimes.com.sg/sub/suite/story/0,4574,435771,00.html?"]http://www.businesstimes.com.sg/sub/suite/story/0,4574,435771,00.html?[/URL]

    Published April 21, 2011

    [B][SIZE=5]75% of The Boutiq units sold at soft launch[/SIZE][/B]

    By UMA SHANKARI


    HEETON Holdings, KSH Holdings and TEE International have sold 39 apartments at their high-end Killiney Road residential project, The Boutiq, at an average price of $2,350 per square foot (psf).


    [SIZE=1]The Boutiq: The residential project's architectural design draws inspiration from chic boutique hotels around the world[/SIZE]

    The companies said yesterday that 75 per cent of the 52 units released in the first phase of sales have been sold in a soft launch. The freehold District 9 project near Somerset MRT station has 130 units in all.

    Heeton chief operating officer Danny Low said that the developers are now giving buyers a discount of about 10 per cent off the list price. Prices will go up when subsequent phases are launched as the discount is scaled back and more choice units are released.

    'With its prime location, five-star hotel facilities such as porte-cochere (coach gate), concierge, welcome lounge, and well-designed lifestyle spaces, The Boutiq will be a compelling proposition for young professionals and cosmopolitan globe-trotters - anyone who appreciates the finest things in life,' said Mr Low.

    The architectural design of The Boutiq draws inspiration from chic boutique hotels around the world. The project's architect is Broadway Malyan Asia.

    Units in The Boutiq range from 506 sq ft to 2,853 sq ft in size. The bulk of the units are one and two-bedroom apartments.

    Heeton, KSH and TEE hold stakes of 45 per cent, 35 per cent and 20 per cent respectively in the development project. The three partners bought the site of the former Mitre Hotel in 2009 for $121-122 million - or almost $1,100 psf of potential gross floor area including a development charge.

    At Heeton's other high-end project, [email protected] Grange, none of the 30 units on offer have been sold even though the project was unveiled in June last year. Units at the Grange Road condominium are expected to sell for above $3,000 psf.

    Heeton began construction of the project last year. It will step up marketing efforts in the second half of 2011 once a new showflat is ready, Mr Low said.

    The company also hopes to resume selling units in The Lumos in the second half of the year once the project is completed.

    Sales of units in the Leonie Hill project have been put off since early 2008 as Heeton and its partner Koh Brothers waited for the luxury property market to recover. As at end-March 2011, 19 out of the project's 53 units have been sold.
    52 units represent only 40% of the 130 units in the project. Is it really not? I think not.

  3. #3
    Junior

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    39 units sold out of 52 = 75%
    still strong demand? am surprised
    interested to know if buyers are from china

  4. #4
    Exalted

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    Quote Originally Posted by dmonddd
    39 units sold out of 52 = 75%
    still strong demand? am surprised
    interested to know if buyers are from china
    it was mentioned smwhr tat mainly consists of msians

  5. #5
    Junior

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    and above $2300psf...wow this is pushing the property mkt
    even after elections IF government puts in additional cooling measures no impact...stretching the property tax.

    if i m investor local/foreign, there wont be relaxation but furthening tightening going forward
    is it better to grab now?

  6. #6
    Exalted

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    Quote Originally Posted by dmonddd
    and above $2300psf...wow this is pushing the property mkt
    even after elections IF government puts in additional cooling measures no impact...stretching the property tax.

    if i m investor local/foreign, there wont be relaxation but furthening tightening going forward
    is it better to grab now?
    this is CCR....so dun tink govt cares much about it....nobody will complaint even if it shoots up to 5000psf

    i am more concerned abt the OCR launches....volume up ok....but hopefully doesnt lead a spike in px....1-2% every qtr looks reasonable and not threatening

  7. #7
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    Quote Originally Posted by devilplate
    it was mentioned smwhr tat mainly consists of msians
    Orchard holds a much dearer place in the hearts of Malaysians than it does in Singaporeans...

    that's the impression i got talking to my msian friends - in SG, Orchard is as atas as you can get....

  8. #8
    Junior

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    Quote Originally Posted by devilplate
    this is CCR....so dun tink govt cares much about it....nobody will complaint even if it shoots up to 5000psf

    i am more concerned abt the OCR launches....volume up ok....but hopefully doesnt lead a spike in px....1-2% every qtr looks reasonable and not threatening
    dubai is a classic example of prices shooting up too fast
    foreigners geared up on borrowings within local and foreign banks
    when prices dropped, they just run since they put in low downpayment

    SG government is doing the proactive step by cooling the market with more downpmt from foreign investors
    SG market will not be like Dubai. just like the car market minimal downpayment and off you drive with the car


    After elections expect SG government to tighten with buyers putting more downpayment $$ on the table...reason why for scramble now?

    CCR and OCR are interdependent
    too many investors out there...can see from comments within this forum and the recent viewing activities. banks see slowdown in mortgage application but alot of interests on investment products

  9. #9
    Exalted

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    Quote Originally Posted by dmonddd
    CCR and OCR are interdependent
    too many investors out there...can see from comments within this forum and the recent viewing activities. banks see slowdown in mortgage application but alot of interests on investment products
    yeah....ccr/ocr/rcr inter dependent....but cooling measures r due to spike in HDB and ocr condos prices....and not ccr....
    in 2007, govt vy relax.....only slowly remove DPS.....

    but latest measures affect CCR the most ironically(only shoebox CCR r spared).....lol

  10. #10
    OCR properties going to crash!

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    Latest Jan cooling measures not effective because not targeted. When the OCR prices and volumes spike and leaped tremendously, they come out with cooling measures in Jan 2011 that are suppose to target OCR but instead causes CCR sales to come to stand-still because foreigners stop and and wait to decide whether to buy CCR properties (that is what my agents told me - his foreigner clients all say cooling measure may cause CCR prices to drop, so all wait and see first. But now many are starting to request for house-viewing again).

    Quote Originally Posted by devilplate
    yeah....ccr/ocr/rcr inter dependent....but cooling measures r due to spike in HDB and ocr condos prices....and not ccr....
    in 2007, govt vy relax.....only slowly remove DPS.....

    but latest measures affect CCR the most ironically(only shoebox CCR r spared).....lol

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