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Published March 27, 2012
Several housing projects this week
Some of them are likely to be priced slightly below nearby projects
By KALPANA RASHIWALA
(SINGAPORE) A string of projects is coming on the market this week, and some of them could be priced slightly below nearby projects as developers who fret about further cooling measures by the government try to boost sales following February's record developer home sales.
Coming up: Frasers Centrepoint's Palm Isles condo (above) will have 28 'garden homes', and MCL's Ripple Bay is within walking distance to Pasir Ris Beach
The projects expected to be rolled out this week include MCL's Ripple Bay condo, within walking distance to Pasir Ris Beach, and Frasers Centrepoint's Palm Isles condo at Flora Drive.
At Hillview Terrace, a consortium that includes Roxy-Pacific Holdings and Macly Group is getting ready to begin selling its Natura project.
Property giant Far East Organization could also release the 416-unit Hillsta project at Choa Chu Kang Road - which will have condo units, Soho-style apartments and strata townhouses - any day now, pending securing the necessary regulatory approvals. All these projects are 99-year-leasehold, except Natura, which is freehold.
Meanwhile, Tuan Sing has sold 90 units at Seletar Park Residence which it released last week. The average price of the five-storey, 99-year-leasehold condo is about $1,100 per square foot (psf). Excluding ground-floor units with private enclosed space and penthouses with roof terraces, the average price would be around $1,200 psf.
Buyers are mostly Singaporeans. The project's 276 units range from one to four bedders. Ground-floor units have higher-than-normal floor-to-floor height of 4.5 metres, making them much sought-after. Absolute prices start from $634,000 for a 528-sq-ft one-bedder on the third floor (reflecting $1,201 psf). Three penthouses have been sold; a typical penthouse of around 2,240 sq ft costs $1.9 million or $840 psf.
Over at the East Village, a freehold mixed development in the Bedok/Upper Changi Road locale, World Class Land is said to have found buyers for nearly all of the 90 apartments and 96 of the 108 shop units.
The apartments are priced at about $1,400 psf on average. Shop units are said to have fetched around $5,000 psf or more.
Investors seeking freehold properties can also consider Natura, a 10-storey freehold residential project at Hillview Terrace said to be priced at about $1,250 psf on average. The project, which will comprise one, two and three-bedroom units and penthouses, has been in the limelight for its smaller-than-usual three bedroom units, which start at 635 sq ft.
Those looking for a dream apartment near the beach may want to check out MCL Land's preview on Thursday of the Ripple Bay, a short walk from Pasir Ris Beach. The average selling price is tipped to be slightly above $850 psf after early-bird discounts, lower than Seastrand behind it. The latter project, which is further away from the beach, was released in June last year, with units sold in that month achieving a median price of $879 psf, according to government statistics based on developers' monthly sales declarations. The following month, the median price rose to $935 psf and the project continues to trade at above $900 psf on average currently.
MCL's Ripple Bay comprises 679 units in four blocks of 12 storeys and three blocks of 13 storeys. One-bedders will make up 18 per cent of units and two-bedders 42 per cent. Facilities will include a tennis court and 50-metre lap pool. Absolute prices start from $415,130 for a 484-sq-ft one-bedder (which works out to $858 psf). Three-bedders begin from $795,500 for a 990-sq-ft unit ($805 psf).
Over at Flora Drive, Frasers Centrepoint is expected to price its Palm Isles project at $850-$880 psf on average. Hedges Park nearby was released in April last year, achieving an $889 psf median price that month. Developer Tripartite last month disposed of eight units at $873 psf median price. Palm Isles' 429 residences will include a low-rise block with 28 'garden homes' each with its own private carpark lots and garden.
SLP International managing director Peter Ow said developers are launching projects as soon as possible as some worry that the authorities may come up with fresh cooling measures following the record number of private homes sold in the primary market last month. 'To ensure a good take-up rate, developers are likely to price new mass market condo launches say about $10-15 psf below existing nearby projects,' said Mr Ow.
Mr Ow said there is no necessity for the government to come up with further cooling measures currently as the speculation has been taken care of by the seller's stamp duty, and foreign buying has also come off significantly following the introduction of the 10 per cent additional buyer's stamp duty. There's also plenty of supply.
DTZ's Asia Pacific research head Chua Chor Hoon reckons that there will be buyers for new residential project launches on the back of ample liquidity, low interest rates and continued inflation fears.
'Demand will be stronger for small units as there are many investors with sizeable bank balances looking to park their money in property,' she said.
At Robinson Road, the freehold Oxley Tower, offering strata office and shop units, could go on the market as early as this week, while the 99-year EON Shenton is slated for release next month, offering apartments, strata shops and offices.
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