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Thread: Condo Launches in the News

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    Exclamation Condo Launches in the News

    Published January 12, 2006


    Centrepoint's mass-market launch of Raintree tomorrow
    It will release more properties this year, with 1,500 units up for sale


    By ALEXANDRA HO

    CENTREPOINT Properties is kicking off the year with a mass-market project launch tomorrow of the Raintree, near the Bukit Timah Nature Reserve.


    Centrepoint is looking to release most of the unsold units from its soft launch in mid-November. Of the total of 315 units, 75 were previously released, with about 70 per cent, or 51 units, snapped up.

    Centrepoint's chief executive officer Lim Ee Seng said the price for the 99-year leasehold project will remain at $470 per square foot for the weekend and could be raised, depending on the response it receives.

    The prices for its wildly popular The Azure at Sentosa Cove last year started at around $950 psf, before eventually rising about 10 per cent to hit $1,020 psf. The project is fully sold.

    Centrepoint will release more properties this year - pegged at different market segments - with about 1,500 units available for sale.

    Last year, it moved 1,200 units, making it the No. 2 player in the local private residential property market in terms of volume, behind City Developments Ltd's 2,300 units, Mr Lim said.





    He hopes to exceed last year's sales figures this year. Over the longer term, he expects Centrepoint to sell an average of 1,200 units a year, capturing around 20 per cent of market share for private residential properties.

    For the first half of the year, Centrepoint will launch the freehold 18-storey, 194-unit project at Woodsville, called One Leicester, at the price range of about $600 psf.

    Another project planned for H1 at a similar price range is a 315-unit freehold condominium at Faber Hills.

    In the second half of the year, Centrepoint is rolling out the higher-end Jervois Road project. The freehold, 275-unit project is targeted at those seeking to invest, as well as to live there.

    Another luxurious property going on the market is at St Thomas Walk, near Killiney Road.

    The condominium is slated to have 160-170 large units, with the smallest one starting at nearly 1,800 sf.

    Japanese architect Miyake Masaki, an associate of the late Kenzo Tange, has been roped in to design the place that is targeted at both local and foreign buyers.

    Mr Lim, however, declined to indicate the prices for the two higher-end projects.

    Two other more modest projects in the $500-$600 psf price range to be launched in H2 are further north in Singapore - one at Ulu Sembawang and the other at the junction of St Michael's and Serangoon Roads, with the former being a 73-unit freehold project, while the latter is to comprise 140 freehold units.

    Centrepoint is not adopting a specific land banking strategy, according to Mr Lim, as 'the Singapore market is so small; we cannot afford to be too choosy because we're focusing both on the high-end as well as the middle (market). So whatever is available, we will take'.

    While reserving judgment on growth predictions for the high-end market, Mr Lim is expecting a growth of up to 10 per cent in the middle-tier residential market.

    'I'd rather see a more gradual increase rather than a sudden increase, because it's the bread and butter, it's for the masses, not for speculators,' he said. 'For such a market, we are in it for the long term.'

    Centrepoint has cast its eyes overseas and will be launching a Thai property here - its first - next month. Situated on the banks of Bangkok's Chao Praya river, The Pano is touted as the tallest condo development by the river with all units facing it.

    The project is a 50/50 joint venture between Centrepoint's overseas arm, Frasers Property Group, and Thai developer Krungthep Land.

    About 60 out of Phase 1's 397 units were sold in a recent soft launch, at a price of 87,000 Thai baht (S$3,570) per suare metre.

    The target is to grow the development income from overseas projects to half of its total income by 2010, from last year's 20 per cent.

    Source: Business Times

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    Default Draycott condo prices upped to $1,800 psf

    Draycott condo prices upped to $1,800 psf

    9 Mar 06

    The Arc sees strong foreign interest; Yishun houses also launched this week

    BS Capital's The Arc at Draycott luxury apartment project and Allgreen Properties' The Shaughnessy cluster housing development in Yishun are being officially launched this weekend, marking the start of ad campaigns, following earlier previews.

    BS Capital has sold 39 of the total 58 units at its freehold project, The Arc at Draycott, for about $1,700 per sq ft on average since November/December last year when it first marketed the project in Hong Kong and Jakarta.

    It is now raising the average price for the remaining 19 units to about $1,800 psf.

    Foreigners are understood to have bought about 60 per cent of the units sold so far in the 36-storey development.

    The 4,144 sq ft duplex penthouse was sold for $7.25 million to a Pakistani investor, who also bought another apartment in the development. A Hong Kong family bought five units.

    The project has also seen strong interest from British, French, German, New Zealand and Indonesian buyers.

    'We have received a very encouraging response from buyers around the globe during our soft preview,' BS Capital's CEO Chin Teck Chuan said in a statement yesterday. CB Richard Ellis and Savills are jointly marketing The Arc.

    The remaining 19 apartments in the project are mostly two or three-bedroom units with prices ranging from $1.9 million to $2.5 million.

    BS Capital is developing The Arc at Draycott on the former Falcon Crest site which it bought in 2004 for $40 million through a collective sale.

    That price worked out to $671 psf of potential gross floor area inclusive of an estimated development charge of $11.25 million. The breakeven cost was reported at about $1,000 to $1,100 psf at the time.

    Over in the Yishun area, Allgreen is also raising the average price of The Shaughnessy, a 99-year leasehold strata terrace housing project, from $245 psf during the preview in October last year to $250 psf for this weekend's official launch.

    It is releasing another 28 units now after selling all 50 units which it had earlier released during the preview.

    The project comprises a total of 254 units of three-storey strata terrace houses which come with a roof garden plus a basement.

    The strata areas of the units range from 3,250 sq ft to 4,300 sq ft, says marketing agent DTZ Debenham Tie Leung. Prices range from $790,000 to $890,000 per unit. The developer is offering buyers a deferred payment scheme.

    BS Capital is also expected to release later this year a 43-storey development in the Shenton Way area called The Lumiere.

    The CBD apartments will offer a 'home-office living concept'. BS Capital will develop the project on the site currently occupied by the HMC Building at Mistri Road.

    By KALPANA RASHIWALA

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    Default Meyer, Pasir Panjang condos to be launched soon

    Property
    Published March 16, 2006


    Meyer, Pasir Panjang condos to be launched soon

    By ALEXANDRA HO


    PRIVATELY held developer Sing Holdings is launching its freehold residential project at Meyer Place this weekend.


    The project, Meyer Residence, a 19-storey development with 68 units, is located opposite Katong Park. Sing Holdings has set prices between $707 and $823 per sq ft, with prices starting from $667,152 for two and three-bedroom units from 904 to 1,152 sq ft.

    The developer declined to reveal if any units had been sold before the coming public launch.

    Meyer Residence is a tad more affordable than condos in the same vicinity. Nearby, Keppel Land's Belvedere condo, is priced between $750 and $850 psf.

    Sing Holdings managing director Lee Sze Hao believes both local and foreign buyers will be interested in the development. He also anticipates a good mix of people buying the apartments to live there and for investment purposes.

    Last May, Sing Holdings subsidiary Sing Development paid $26.9 million for the 34,470 sq ft site that used to house Mulan Court. The price worked out to $390 psf of potential gross floor area, including a $1.3 million development charge. Sing Development had said then that it would break even at around $635 psf. The group's last major residential project was 38 Draycott Drive, with 30 freehold apartments.





    Meanwhile, on the other end of the island, at Pasir Panjang, the Novelty Group is publicly launching its freehold project, the Murano. This project has 50 units, with one-bedrooms starting from 635 sq ft and four-bedroom penthouses going up to 2,034 sq ft.

    Novelty is asking for an average of $550 psf and the response has been 'very encouraging', said Margaret Thean, executive director of DTZ Debenham Tie Leung, which is the marketing agent.

    Ms Thean explained that the developer's reputation for high-quality furnishings is a selling point, adding that quite a few units, mostly the larger three and four-bedders, have already been sold.

    Most buyers are also likely to be owner-occupiers, Ms Thean said.

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    Default MCL launching Mera Spring

    Property
    Published March 30, 2006


    MCL launching Mera Spring



    LISTED MCL Land is officially launching its Mera Spring condominium project in Carlisle Road this weekend starting from $620 per sq ft.


    The group said in a press statement yesterday that the 129-unit freehold development is expected to attract young professionals who want to live close to the Central Business District.

    MCL Land began its preview of Mera Spring in the fourth quarter of 2005 at an average $700 psf, and by early January about 35 units were sold.

    Marketed by HSR International Realtors, the project is within walking distance of the Novena MRT station. In the vicinity are shopping centres and education facilities for young children.

    Mera Spring offers two, three and four-bedroom apartments with unit sizes ranging from 1,044 sq ft to 1,550 sq ft each. Facilities include a main pool and a children's pool, a jacuzzi with pavilion, pavilions with barbeque stations and a jogging track.

    Kellie Liew, HSR International's project director, expects good take-up for Mera Spring citing quality finishes and design.

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    Property
    Published April 6, 2006


    West Coast freehold condo set for launch
    The 12-storey Frasers Centrepoint project may be priced at $550 psf


    By KALPANA RASHIWALA



    FRASERS Centrepoint could this weekend preview The Infiniti, a 315-unit West Coast freehold condo it is developing on the former Faber Hills condo site. The average price for apartments in the 12-storey project is expected to be about $550-560 per sq ft.


    [URL=http://imageshack.us][/URL]
    The Infiniti: The 315-unit condo project has two, three and four-bedroom units and penthouses


    Also in the West Coast area, CapitaLand's Varsity Park, a five-storey condo, is selling for $460 psf on average for a 99-year lease.

    The Infiniti, being marketed by Colliers International, has two, three and four-bedroom units and penthouses.

    Meanwhile, over in the Katong area, a consortium of United Industrial Corp, Singapore Land and United Overseas Land which is developing the freehold One Amber condo on the former Maryland Park site, has sold about half of the 280 units it previewed on Wednesday last week, sources say. The average price is $720 psf.

    The developer is expected to release more units this weekend, when the project could be launched officially, marked by the start of an advertising campaign. In all, the project has 562 units in four blocks, each 23 storeys high.

    One Amber is being marketed by CB Richard Ellis and Knight Frank.

    Next door, on the former Maryland Point site, MCL Land is developing a 400-unit condo, The Esta, which it began selling in December. The project is more than 85 per cent sold. It is priced at $710 psf on average.

    Another project that is expected to be released this month is Kheng Leong's freehold apartment development, The Chuan. The 24-storey project comprises 106 apartments. The price is yet to be fixed.

    Units at the nearby Goldenhill Condominium, a completed freehold project, have been changing hands in the resale market lately at about $690 and $700 psf.

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    Property
    Published April 13, 2006


    Official launch of east coast projects


    OVER the Easter weekend, two developments in the east are set to be officially launched.


    The first is D'Gallery, a freehold boutique condominium with 21 units located across Kembangan MRT Station, along Jalan Masjid. The project, developed by privately held Monfort Land, has units of between 500 and 1,000 square feet, averaging $590 per square foot (psf).

    D'Gallery's marketing agent Savills Singapore sold nine of the 21 units over the past few weeks.

    At Katong, One Amber's marketing agent CB Richard Ellis (CBRE) will officially launch the project this weekend.

    Last weekend, CBRE soft-launched 280 units of the freehold development on the site of the former Maryland Park. Sixty per cent, or around 170 units, were sold.

    CBRE said new units, possibly an entire block, will be released this weekend at an average price of $730 psf.

    One Amber is jointly developed by United Industrial Corp, Singapore Land and United Overseas Land.

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    Singapore Companies
    Published May 19, 2006


    Several housing projects to enter market this week
    Among them are GuocoLand's The Quartz and Lippo's Newton One


    By KALPANA RASHIWALA


    SEVERAL projects are being put on the market this week.


    [URL=http://imageshack.us][/URL]
    Up for preview: The Quartz (above) boasts a sky gym and a raised glass clubhouse above the pool. The sole penthouse in Newton One (next) costs about $9.6 million


    These include at least two project previews - The Quartz, GuocoLand's 99-year leasehold project next to Buangkok MRT Station which is being offered at about $490 per square foot on average, and Lippo's freehold Newton One, which has an average price of about $1,250 psf.

    Developers of two other projects are marking their official launches this weekend with the start of ad campaigns - Phase 4 of Mimosa Terrace in the Seletar Hills area and The Modules in Joo Chiat.

    Property market watchers have been awaiting the release of The Quartz, hoping it will provide a gauge of demand in the 99-year leasehold suburban private residential market.

    'This is the first mass-market private housing project being offered in a while,' a seasoned property industry observer notes. 'While the luxury residential sector has sparkled over the past 18 months, helped by strong demand from foreigners, the mass market has been lacklustre.'

    Only about a fifth of the 9,000 private homes that developers are expected to launch this year are expected to be projects aimed at the mass market.

    The cheapest three-bedroom unit at The Quartz costs about $500,000. The three-bedders are on average about 1,100 sq ft.

    The project boasts a sky gym and a raised glass clubhouse above the swimming pool. CB Richard Ellis is marketing the project jointly with ERA. This week's preview is for those who have registered interest in the project since this January, when the Buangkok MRT Station opened.

    At Newton Road, 26 of the 91 units at Lippo's Newton One condo were booked before the start of the preview tomorrow.

    This is Lippo's first Singapore residential development.

    Unit prices range from about $1.4 million for a 1,200-sq-ft two-bedroom unit with study to about $3 million for a five-bedder of about 2,400 sq ft.

    The sole penthouse in the project - a 6,000-sq-ft apartment occupying the entire 29th floor - costs about $9.6 million.

    Lippo seems to have spared no effort in the design and finishes.

    'This is going to be a lifestyle design. Most of the units in the project will have two balconies, each with through-ventilation so you don't have to live in air-conditioning all the time.

    The units have both dry and wet kitchens with the dry kitchen incorporated as part of the living/entertainment area,' says Lippo Realty (Singapore) executive director Thio Gim Hock, formerly of Hotel Properties and City Developments.

    'Another unique feature of our project is that the five-bedroom units incorporate a granny flat,' says Mr Thio. These have been especially popular, with seven of the total eight units already booked

    The group, controlled by Indonesia's Riady family, is developing Newton One on the former Newton Heights site which it clinched through a collective sale.

    Lippo is also working on two more Singapore residential projects. One is a 406-unit condo it is developing jointly with CapitaLand on a 99-year leasehold site at Alexandra/ Tiong Bahru roads.

    Early next year, Lippo should be ready to launch a freehold 36-storey condo with possibly 300 units on a site at Kim Seng Road that it bought from OCBC in April.

    In the Seletar Hills area, Bukit Sembawang Estates is this weekend officially launching phase four of Mimosa Terrace, which has 39 freehold terrace homes.

    About a quarter of these have already been sold since the project was soft launched about a month ago. Prices start from $1.26 million. The project is being marketed by DTZ Debenham Tie Leung.

    Over at Joo Chiat Road, Shining Holdings is having an official launch for its small office, home office (Soho) project, The Modules. It has sold about 10 of the total 48 units in the four-storey freehold development since it began previews about a fortnight ago.

    Unit sizes range from 355 sq ft to 1,346 sq ft. The average price is about $700 psf. Prices start from $289,000.

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    Property
    Published May 23, 2006


    Recent launches see encouraging weekend sales
    Some 70 units of GuocoLand's The Quartz sold since its preview on May 17


    By KALPANA RASHIWALA


    DEVELOPERS seem to have made encouraging sales of recently launched projects at the weekend - despite the stock market plunge.


    [URL=http://imageshack.us][/URL]
    Upmarket condo: Lippo Group has sold 36 units in its 29-storey Newton One condo, with commitments from buyers for another six units


    GuocoLand is understood to have sold close to 70 units in The Quartz next to Buangkok MRT Station since it began previewing the 99-year leasehold project on May 17. The average price is about $490 per square foot (psf).

    And in the more upmarket segment, Indonesia's Lippo Group has sold a total of 36 units in the freehold Newton One condo, with commitments for another half a dozen units from buyers who are expected to sign deals by tomorrow.

    BT reported last week that 26 units had been booked before the start of the project's preview on Saturday. This suggests Lippo has since found confirmed buyers for a further 10 units.

    The average price is around $1,250 psf. About 30 per cent of buyers are foreigners, including Indonesians. Units sold are mostly on the upper floors of the 29-storey development, which has 91 units. The 5,899-sq-ft penthhouse, priced at about $1,600 psf or a total of $9.6 million, is still available. Knight Frank is marketing the project.

    Also in the luxury segment, market watchers say SC Global Developments has begun to market some of the 13 apartments it bought earlier this year at the completed The Tomlinson project developed by Wing Tai and AIG. SC Global's asking prices range from $1,800 to $2,000 psf - compared with its average cost of around $1,500 psf. SC Global's units are spread throughout the 20-storey freehold project.

    For a start, SC Global is offering six units it restyled recently. 'Interest has been pretty good and a couple of units have been reserved,' an SC Global spokesman said yesterday. The company's remaining seven units in the project are also being restyled.

    Over in the Seletar Hills area, Bukit Sembawang Estates sold another five terrace houses during the weekend at Mimosa Terrace (Phase 4), taking sales to 15 of the 39 units in this phase of the freehold development. Prices start at $1.26 million.

    In the Bukit Timah area at the weekend, Wing Tai and Orchard Parade Holdings marked the official launch of The Nexus with the start of an ad campaign, but were tight-lipped about sales in the 242-unit freehold project. Prices range from $750 psf to $880 psf.

    Over in the Jervois Road area, Frasers Centrepoint sold almost 10 units at the weekend in One Jervois, a 12-storey freehold condo. This takes sales to almost 50 units since the developer, part of listed Fraser & Neave group, began previewing the project in Singapore and Hong Kong two weekends ago on May 13.

    The average price is $950 psf and Frasers Centrepoint has so far released about 100 of the project's total 275 apartments.

    At Joo Chiat Road, Shining Holdings sold eight units at its small office, home office (Soho) project The Modules at the weekend when it officially launched the freehold development. This takes sales to 18 units since the group began previewing the 48-unit project earlier this month. A further 13 units occupying the entire third level of the four-storey development are the subject of sale negotiations involving a mainland China investor.

    The average price is about $700 psf.

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    Singapore
    Published May 26, 2006


    CDL to launch St Regis Residences next week

    By ARTHUR SIM


    CITY Developments Ltd (CDL) has finally set the date for the launch of its luxury condominium St Regis Residences on June 1.


    But the market was rife with talk yesterday that a new record price of $3,000 per square foot had been reached at a preview sale. For now, the group will only say it has engaged the real estate arm of prestigious auction house Christie's to sell the project overseas.

    'We have come to an agreement with Christie's to market this top-end product to select customers in the UK and Europe,' said Gerry de Silva, spokesman for the Hong Leong Group, parent of CDL.

    The development, located between Tanglin Road and Cuscaden Road, will comprise 173 apartments in two 23-storey towers. A third 20-storey tower will be a six-star St Regis Hotel.

    The well-heeled have been counting down the days before they can whip out their cheque books, but sources say a very select group of investors have already been invited to buy with a record price of $3,000 psf said to have been attained.

    CDL is keeping mum on details ahead of the official launch next week but a buyer, who did not want to be named, said he had been invited to view the two showflats on Wednesday and was offered units priced between $2,300 and $2,800 psf, with mid-floor units going for about $2,600.

    The buyer, who walked away with a three-bedroom apartment for around $2,600 psf, was also told that none of the penthouses were available. Describing the showflats, the buyer said one of the unusual design features was a raised bathtub. He also noticed the kitchen had been fitted out with high-end Miele appliances but said: 'This is to be expected.'

    Commenting on the range of prices, Knight Frank's director of consultancy and research, Nicholas Mak said he expects St Regis Residences to set a new benchmark as it will come with extras, including the services of the hotel's concierge.

    Savills Singapore head of research Wallace Chu said that if the development is launched at around $2,600, the prices of choice units will probably exceed similar developments sold during the previous peak 10 years ago.

    In 1997, an apartment at Ardmore Park sold for about $2,400 psf.

    The impact of the prices fetched at St Regis Residences will not be known for some time but prices of high-end developments are likely to be bolstered. Mr Chu said: 'Market sentiment will pick up and people will be more accepting of a new range of pricing.'

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    Property
    Published June 1, 2006

    CityDev sells 50 units in its Newton condo
    [email protected] also previewed in HK, expected to be marketed in Jakarta


    By KALPANA RASHIWALA


    KWEK Leng Beng's City Developments has sold close to 50 units at its Residences @ Evelyn freehold condominium since it began previewing the Newton area freehold project last weekend.


    [URL=http://imageshack.us][/URL]
    [email protected]: The 50 units sold so far include both penthouses measuring about 3,500 sq ft each and priced at about $4.5 million per unit


    The average price is $1,225 per square foot.

    So far, the listed property group has released only one tower, with 106 units.

    The 50 units sold so far include both penthouses measuring about 3,500 square feet each and priced at about $4.5 million per unit.

    The project, which is being marketed by CB Richard Ellis and ERA, has 208 units in two 33-storey towers.

    Two-bedroom apartments of about 1,200 sq ft cost about $1.35 million on average, while three-bedder units of about 1,600 sq ft are priced at around $1.85 million.

    Four-bedroom apartments of 2,250 sq ft cost $2.7 million each.

    Residences @ Evelyn was also previewed in Hong Kong last weekend and the project is expected to be marketed in Jakarta this weekend.

    Nearby, Lippo has sold 53 units in its freehold Newton One condo since it previewed the development two weeks ago.

    The average price is $1,250 psf.

    The 29-storey project has 91 units in total and is the Indonesian group's first residential development in Singapore.

    City Developments is developing Residences @ Evelyn on a 116,508 sq ft freehold site.

    The listed property company is expected to launch more than 1,000 residential units this year.

    Besides Residences @ Evelyn, its other project launches this year include the high-end St Regis Residences with 173 units, which it has begun selling, a 264-unit condo at Sentosa Cove and 100 units of the 175-unit Kings Centre Plot 3 condo.

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