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Published March 29, 2012

Frasers' Palm Isles previews at $830 psf average

By KALPANA RASHIWALA


FRASERS Centrepoint had sold 50 units at its Palm Isles condo project in the Upper Changi location by 11pm last night.

The developer began previewing the project at its showflat at Flora Drive at 6pm, releasing an initial batch of 100 of the 429 residential units in the 99-year leasehold condo.

The average price after discounts is $830 per square foot (psf), below the $870 psf at which Hedges Park Condominium nearby is said to be selling at currently.

The 501-unit Hedges Park, being developed by Tripartite Developers, was released in April last year and as at the end of last month, had 157 unsold units, according to government figures.

Palm Isles' $830 psf average pricing is below the $850-880 psf that Frasers Centrepoint was expected to release the project at.

Palm Isles will have a mix of five to seven storey blocks in a resort-style ambience.

Market watchers reckon that the developer would have taken into account competition from MCL's Ripple Bay condo, within walking distance of Pasir Ris Beach, which goes on the market today.

Ripple Bay is tipped to be priced at slightly above $850 psf on average - lower than the Seastrand condo behind it.

As for Palm Isles at Flora Drive, buyers are mostly Singaporeans, some of whom are living in rented premises nearby.

'The two- and three-bedroom units are doing well. We've also sold two garden homes,' said Frasers Centrepoint Homes chief executive officer Cheang Kok Kheong.

The developer has included 28 'garden homes' in a low-rise block; each unit has its own private carpark space and garden.

The developer minted this new concept riding on the site's sloped terrain. Garden homes have either four or five bedrooms.

Palm Isles will have a mix of five to seven storey blocks in a resort-style ambience that will include lush landscaping, two tennis courts, and a 50-metre lap pool.

The rest of the residential units in the condo will comprise one to four bedders.

Absolute prices for one bedders start from $460,000 for a 506-sq-ft unit (or $909 psf).

Two-bedders start from $660,000 for a 786-sq-ft unit (or $839 psf) and three bedders from $760,000 for a 990-sq-ft unit ($767 psf). A 3,014-sq-ft garden home is priced from $2.2 million (or $730 psf).