Wheelock to unveil condo project in AMK

[reporter2]

http://www.businesstimes.com.sg/arch...t-amk-20140103

Published January 03, 2014

Wheelock to unveil condo project in AMK

Prices expected to start from under $700,000 for one-bedder

By Kalpana Rashiwala [email protected]


Live it up: Besides 96,000 sq ft of landscaped garden at ground level, there will be another 10,000 sq ft of rooftop greenery. The 21st floor skypark will include a gym

WHEELOCK Properties unveils tomorrow The Panorama in Ang Mo Kio Avenue 2, its first 99-year suburban condo project in Singapore in nearly two decades. The showflat will open with sales bookings expected to begin around Jan 17/18, BT understands.

The developer declined to reveal prices. Agents have been quoting absolute prices from under $700,000 for a one-bedroom apartment of about 430 square feet on the ground floor to more than $3 million for a five-bedroom penthouse of around 2,400 sq ft boasting nice views of Lower Peirce Reservoir.

In all, the development has 698 units housed in six blocks. It will have two 20-storey blocks, four 17-storey blocks with two levels of basement car parks, and a three-level clubhouse. Agents say that a good number of units will enjoy panoramic views of Lower Peirce Reservoir as the area in-between is low rise - comprising landed homes in the Thomson Hills area and Sembawang Hills estate.

Wheelock clinched the site at a state tender a year ago. Its winning bid of $550 million works out to nearly $790 per square foot per plot ratio. Located close to CHIJ St Nicholas Girls' School, the project will be near the future Mayflower MRT Station on the Thomson Line that is expected to be operational around 2020, Wheelock said.

Market watchers suggest that for Wheelock to move units in the 698-unit project, a realistic pricing could be $1,350-1,400 psf on average. The developer is said to be aiming higher: $1,400-1,600 psf.

A Wheelock spokesman said: "We are mindful of the impact of the TDSR (total debt servicing ratio) framework, especially for the suburban property market and our price will reflect this."

The Panorama will offer a range of unit types. One-bedroom apartments make up 13 per cent of the development; two-bedders, 28 per cent; three-bedders, 45 per cent; four-bedders, 10 per cent; five-bedders, 3 per cent; and penthouses, one per cent.

"Sizes vary from 430 sq ft for a single-bedroom unit to 2,400 sq ft for the penthouses," Wheelock said.

Tan Bee Kim, senior executive director of Wheelock Properties Singapore, said: "This is a much coveted site as the tender attracted bids from 12 developers. The potential to attract owner occupied buyers as well as investors is high as the location is excellent."

There are a number of premium schools catering to different education levels - St Nicholas Girls' School, Anderson Junior College, Nanyang Polytechnic, James Cook University and Australian International School.

The project will bear a number of "premium quality features". Living and dining rooms of all units will have marble flooring and kitchens will be fitted with Miele appliances.

MKPL Architects has optimised and enhanced the undulating terrain of the 198,942 sq ft site with a "thoughtful design to connect residents with nature".

Landscape architect Sitetectonix has earmarked a large central open space that offers greenery and grounds for facilities. A 247-metre-long panoramic trail walk among trees will be built across this central open space.

Besides 96,000 sq ft of landscaped garden at ground level, there will be another 10,000 sq ft of rooftop greenery. The 21st floor skypark will include a gym.

The last 99-year suburban project Wheelock developed was Parc Oasis in Jurong, which was completed in 1995.

ERA and Knight Frank are the marketing agents for The Panorama.

[leesg123]

Copy cat name of KLCC's Panorama luxury condo at Hampshire vicinity:

[reporter2]

http://www.straitstimes.com/archive/...erest-20140104

HOT SPOT

Wheelock's condo project in Ang Mo Kio stirs interest

Published on Jan 04, 2014

By Melissa Tan


ANG Mo Kio has missed out on much of the property buzz that took hold in neighbouring Bishan and Thomson in recent years but that is about to change.

The 698-unit The Panorama at Ang Mo Kio Avenue 2 has buyers and consultants talking.

The 99-year leasehold project, which is being developed by Wheelock Properties, is near prominent schools such as CHIJ St Nicholas Girls' School, which could provide a pool of potential tenants.

Although prices for The Panorama have not been revealed, The Straits Times understands that its units will sell at the levels of the J Gateway project in Jurong East or higher.

This could translate to prices of between $1,400 per sq ft (psf) and $1,600 psf.

The Panorama is Wheelock's first 99-year suburban condominium project in Singapore in nearly two decades.

The 99-year leasehold J Gateway was launched in June last year and sold at a median price of $1,486 psf that month, figures from the Urban Redevelopment Authority show.

Other projects in Ang Mo Kio launched in recent years include Centro Residences by Far East Organization and Grandeur 8 by NTUC Choice Homes. Both are on 99-year lease terms.

The 329-unit Centro Residences, which is next to the Ang Mo Kio bus interchange, went on sale in July 2009 at a median price of $1,174 psf. It is still under construction.

Centro Residences notched up the second-highest psf price for a suburban mass-market condo last year - $1,920 psf for a 1,001 sq ft unit bought in April, which worked out to $1.9 million.

The project's most recent transaction was in November last year, at $1,877 psf for a 1,206 sq ft unit.

Apart from that, transactions in the second half of last year have all been subsales at around the $1,550 psf level.

The 579-unit Grandeur 8 at Ang Mo Kio Central 3 near Anderson Junior College was completed in 2005.

Resale transactions mostly hovered around the $1,100 psf mark in the second half of last year.

Knight Frank research head Alice Tan said that since Ang Mo Kio is a mature estate, its Housing Board flat resale prices would likely be more stable compared with those in younger towns.

This means there may be more HDB upgraders in the area, which would help to cushion prices in Ang Mo Kio from the blow of a broader price correction in the private property market, she added.

ERA Realty key executive officer Eugene Lim said that Ang Mo Kio could also benefit from greater transport connectivity with the building of the Thomson MRT Line and the $8 billion North-South Expressway.

The planned expressway, which is due to be completed in 2020, will link Ang Mo Kio and other towns such as Woodlands, Sembawang, Yishun, Bishan and Toa Payoh to the city.

However, consultants also noted that Ang Mo Kio's downside was that it was relatively crowded, which could lead to traffic congestion.

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