Cheung Kong unveils 361-unit Thomson Grand

[mr funny]

http://www.businesstimes.com.sg/sub/...44443,00.html?

Published June 23, 2011

Cheung Kong unveils 361-unit Thomson Grand

Prices start at $1,400 psf, project to be launched in July

By NICHOLAS YEO


CHEUNG Kong (Holdings) Ltd unveiled its latest project, Thomson Grand, yesterday at Singapore Island Country Club's (SICC) Island Location. The project will be launched in July once the sales office is completed.

Sitting on a 224,402 square foot site, 99-year leasehold Thomson Grand consists of nine high-rise towers with 339 apartments and 22 strata terrace units.

Thirty per cent of the units will be two-bedroom units (904 to 1,044 sq ft) and 47 per cent three-bedroom units (1,346 to 1,421 sq ft). The remaining 23 per cent consists of four- bedroom units, garden units, penthouses and strata terrace houses.

'Priced at $1,400 per sq ft (psf) and above, there will be about 50 units allotted in the first phase,' said Cannas Ho, Cheung Kong's sales manager. 'However, we have not decided which units will be released.'

According to Ms Ho, a large majority of units will have commanding views of the Island Golf Course, Lower Pierce Reservoir, the Central Catchment Nature Reserve and Bishan Park, with the exception of those on the lower floors. The project is designed by Singapore's DP Architects.

Ms Ho elaborated on the potential purchasers of the project: 'I spoke to the agents and we had very good response - they were very excited.' She mentioned that Cheung Kong will be targeting local upgraders as Thomson Grand is the only new development within the Thomson area.

Ms Ho believes that at $1,400 psf, Thomson Grand would make a good investment proposition, as 'Sentosa apartments with a similar view start at $2,500 psf'. The possibility of launching this project overseas to foreign buyers is also being explored.

Also present at the unveiling was Justin Chiu, executive director of Cheung Kong Holdings. When asked why Thomson Grand would be launched only more than 18 months after the plot purchase in a government land sale - in the face of increased government land sales and a greater supply of residential units in the market - Mr Chiu said: 'We don't speculate on the market. We don't time the market. If we think it's workable and feasible, we will just go ahead. We have a long-term view of Singapore.'

On the topic of Cheung Kong's general strategy in Singapore, Mr Chiu said that it is interested in good- quality land and, in particular, large commercial projects of at least a million square feet in gross floor area. However, it would not like to participate in the mass-market residential sector.

Mr Chiu remains confident about the fundamentals of Singapore's economy, despite increased government measures to clamp down on speculation and to cool prices. 'There may be a correction in the market, but it won't lead to a major collapse. A recurrence of the Asian financial crisis is not likely,' he said.

'In Singapore, the government has always been paying attention to the housing market. I would say the fluctuations would be in the single-digit range. And if it were to come down, it will probably be 5-6 per cent maximum.'

He believes activity will slow down due to official policies to curb speculative demand. 'Nonetheless, the demand is still firm.'

Mr Chiu believes that interest rates are a key determinant of the property market. 'If interest rates remain below inflation rates, property will remain an enticing investment proposition that will stimulate people to buy.'

In November 2009, Cheung Kong unit Treasure Well Investments paid $251.3 million or about $533 per square foot per plot ratio (psf ppr) for the site. The expected date of vacant possession is November 2015.

[mr funny]

http://www.straitstimes.com/Money/St...ry_682839.html

Jun 23, 2011

Commercial property gaining favour

Investors deterred by Asian govts' moves to cool housing markets

By Esther Teo, Property Reporter


Cheung Kong's newest project, Thomson Grand in Upper Thomson, will have 339 apartments and 22 strata-titled terraced units. -- PHOTO: CHEUNG KONG HOLDINGS

THE heavy hand of the government in some Asian housing markets has made commercial property look more attractive, Cheung Kong Holdings executive director Justin Chiu said yesterday.

Governments in countries like Malaysia, Singapore and China have already introduced measures to cool the housing market, which they are 'bound to do' when it gets too heated, he said.

'So of course if you're talking about short-term investment, then the commercial sector should perform better because it is more or less policy-free to a certain extent,' Mr Chiu added.

Even if the office market gets too hot, the Government intervenes by releasing more land, rather than putting a cap on land prices or rents, he said. While he expects housing markets to cool, however, he does not foresee a collapse.

The senior executive added that home prices here might also fall by up to 6 per cent should interest rates rise.

'In Singapore, because the Government has always been paying attention to the housing market, I would say the fluctuations would be much smaller, in the single-digit range,' he said, adding that sale volumes have already fallen.

If the 'market gets very hot, or if prices run again', then additional measures here will not be surprising, Mr Chiu said.

He was speaking at the unveiling of Cheung Kong's newest project, Thomson Grand in Upper Thomson, which will have 339 apartments and 22 strata-titled terraced units. The apartments will be priced at an average of $1,400 per sq ft for the initial launch of about 50 units next month. The prices of the terraced homes have not been finalised.

Mr Chiu stressed, however, that Hong Kong-based Cheung Kong will continue looking across all property sectors here - apart from the industrial sector - for good opportunities.

Cheung Kong Real Estate director Francis Wong added that good-quality residential sites and larger commercial projects in prime locations are preferred, as the company's relatively small size here compels it to be selective.

But as a foreign developer, smaller projects are unsuitable as they would mean higher overheads, making the project economically unsound.

Instead, commercial sites of about 1 million sq ft of gross floor area - such as the Tanjong Pagar mixed-use site recently won by Guocoland - and niche residential projects are more ideal.

Commercial sites near the Marina Bay Financial Centre - which Cheung Kong jointly developed with Keppel Land and Hong Kong Land - are also preferred, as they are in an area the company is already familiar with, Mr Chiu said.

But mass-market homes are not on the cards despite the Government's recent bumper release of suburban sites. 'We don't want to compete in the mass market with the local developers who have been doing a very good job in supplying such homes on a steady basis. We don't want to, and I think we cannot, compete with them,' he added.

Thomson Grand will feature larger-size apartments of from 904 sq ft to 2,314 sq ft, while its landed terraces will be up to 6,566 sq ft in size.

[email protected]

[mr funny]

http://www.todayonline.com/Business/...-Upper-Thomson

Hong Kong developer unveils 361-unit condo in Upper Thomson

by Linette Lim

04:47 AM Jun 23, 2011


SINGAPORE - A Hong Kong developer yesterday unveiled Thomson Grand, its latest residential property project here. The development, a 361-unit condominium, is located in Upper Thomson.

Cheung Kong Holdings is Hong Kong tycoon Li Ka-Shing's property development arm.

Thomson Grand is slated for completion in November 2018. Initial sales are expected early next month.

The condominium occupies a land area of about 225,000 sq ft. It will have 339 apartment units and 22 strata terrace units. Fifty apartment units will be released in its first phase of sales next month. The initial target price is S$1,400 per sq ft.

Some 64 per cent of the apartment units comprise three to four bedroom types. Cheung Kong said the rationale behind this is to "(satisfy) the pent-up demand for spacious and sizeable homes".

The developer said it is not concerned about the large supply of land coming on in the suburban areas here. This is because it is not competing with local developers in the mass market sector.

"We don't want to and I think we cannot compete with them for the local mass market," said Cheung Kong executive director Justin Chiu.

"So that is why every development we have on the residential side, we will go for the niche market. We hope that with our international experience and our expertise, we can contribute better to the Singapore community on the high-end residential market."

Cheung Kong says it is looking for opportunities in the office and retail property sector in Singapore. Analysts believe this is due to the higher returns in the office property sector.

"Some of the foreign developers have been fairly successful in converting its predominant sector from residential - a good example would be Lippo - and now moving into the commercial, office as well as the hospitality segment," said Cushman & Wakefield vice-chairman Donald Han.

"I suspect that is on the back of strong fundamentals for the office sector, because rents are moving upward and vacancy is close to about 3 per cent."

Analysts expect rents in the office property sector to go up by 15 per cent over the next twelve months.

[rockinsg]

Isnt that the developer who said price will falldown 6%
Do they still have fools lined up to buy from them?

[DC33_2008]

$1400psf is reasonable if FORESQUE RESIDENCES is closing at $1.1k. Location and view are not as good as the Thomson project.

[azeoprop]

This makes 368 Thomson and cube 8 looks so cheap now.

[wesing]

This makes 368 Thomson and cube 8 looks so cheap now.

[kane]

Isnt that the developer who said price will falldown 6%
Do they still have fools lined up to buy from them?

that was SHK walter kwok. this is li ka shing's camp.

[CCR]

Low floor dleedon almost same price..... I am sure capitaland will increase price when the release the other towers

[amk]

that was SHK walter kwok.

that was not even "SHK"'s kowk. that Kwok now hates every other Kwok in SHK, so he does not represent SHK at all.

HK developers really good at marketing. Today ST's "Golf course" story is like saying "look this IS the prestige u r getting".

Another Vision in the making ?

[minority]

aiyah.. any HK developer and FEO can skip... cannot buy. always over price and pass risk to buyer... for suckers only.

[Latio]

For 1.4 mil to buy a 2 bedder here might as well get Anchorage and still have change n can walk to MRT n many more. Xiao !

[kane]

that was not even "SHK"'s kowk. that Kwok now hates every other Kwok in SHK, so he does not represent SHK at all.

HK developers really good at marketing. Today ST's "Golf course" story is like saying "look this IS the prestige u r getting".

Another Vision in the making ?

That was one messy fallout.

So far the longer term price appreciation has rescued all of Hk developers' projects. Costa del sol, Thomson 800.