http://www.straitstimes.com/archive/...ction-20130713

New property projects to test market reaction

Published on Jul 13, 2013


THIS weekend's upcoming projects will be one test of market sentiment since the Monetary Authority of Singapore (MAS) announced restrictions on mortgages late last month.

One project being launched today is the 99-year leasehold Vue 8 Residence condominium in Pasir Ris Drive 3 that is marketing its sea views.

The indicative price range is $900 to $1,200 per sq ft (psf). This will be slightly lower than the $1,300 psf that similar new launches in the area have commanded, consultants said.

The 463-unit development by Capital Development and ZACD Investments consists of eight 16-storey towers. Sizes range from 474 sq ft for a one-bedroom unit to 1,701 sq ft for a five-bedroom unit.

Vue 8 Residence also includes penthouses ranging from 1,873 sq ft to 3,391 sq ft in size.

Over at Fernvale Close, City Developments' (CDL) 380-unit executive condominium (EC) called Lush Acres will open for e-applications today.

No official prices have been released yet but the project will be "competitively priced with affordability in mind", said CDL.

Units at the Topiary EC nearby sold for $677 psf to $818 psf, while units at CDL's own H2O Residences condominium sold for $897 psf to $977 psf.

Lush Acres is set in the up-and-coming area of Sengkang. It is sited near Layar LRT station and is close to amenities such as the Fernvale Point shopping mall, and Seletar Mall, which is being developed. Nearby, there is also the Seletar Aerospace Park.

Covering an area of 150,000 sq ft, Lush Acres will have four towers of up to 25 storeys. The project will have 380 units with sizes starting from 915 sq ft for a three-bedroom apartment to up to 1,722 sq ft for a five-bedroom apartment.

An unusual design feature will be the balcony entrance for some units.

E-applications will close on July 21. Bookings will be conducted on Aug 17.

The response to these projects will be a sign of buying demand after MAS imposed a total debt servicing ratio framework late last month that capped how much property buyers can borrow if they are already in debt.

Other upcoming launches expected over the next two to three months include the freehold Liv on Wilkie at Wilkie Terrace, which is being developed by Roxy-Pacific.

That is the only upcoming project in the central areas.

Another suburban project is the 99-year leasehold condominium The Glades, which is near Tanah Merah MRT Station. The developer is Keppel Land.