Lincoln Suites (D11, Freehold, Koh Brothers / Heeton / KSH / Lian Beng)

[mr funny]

http://www.businesstimes.com.sg/sub/...96625,00.html?

Published September 12, 2008

High-end home market going off the boil

Developers are testing the market to see if their projects will sell

By UMA SHANKARI


MOST developers are still holding off launching luxury condominiums, but a few projects are slowly being put on the market.

Frasers Centrepoint has launched and sold about 30 units at its 302-unit Martin Place Residences, with apartments going for about $1,800 per square foot (psf) on average.

Martin Place Residences is in the River Valley neighbourhood in District 9.

And nearby, SC Global Developments said last week it had released and sold 30 apartments in its Martin No 38, which has 91 units in total.

The average price fetched was $2,130 psf, with sales coming at $1,881-$2,494 psf.

Developers are pushing out luxury condo projects cautiously, with most releasing them in small phases.

Many are also trying to test the market to see if their high-end homes will sell and gauge how much buyers will be willing to pay.

Yesterday, the en-bloc purchasers of Lincoln Lodge said they will be launching the new development on the site - Lincoln Suites - by early next year.

But the developers - Koh Brothers, Heeton Holdings, KSH Holdings and Lian Beng Group, which each have an equal stake in the project - will only release some of the project's 175 units in the first phase.

And current residents of Lincoln Lodge will probably be allowed to stay in their homes well into next year.

'We are not going to launch all the units at one go,' said Francis Koh, chief executive of Koh Brothers. 'The price will be determined by buyers' willingness to buy.'

Prices will be similar to or 'even lower than' comparable projects nearby, Mr Koh said.

Units in the newly-built nearby development, Park Infinia at Wee Nam, are going for $1,300-$1,600, property consultants said.

The consortium bought Lincoln Lodge for $243 million, or $1,449 psf per plot ratio, including an estimated development charge of $413,000, in June last year at the height of the en bloc frenzy.

They then decided to hold off tearing down the existing project, and have instead allowed occupants to keep renting apartments for at least six months from the sale completion date in July this year.

Now, the showflat for Lincoln Suites will be built with Lincoln Lodge still standing.

Depending on the market response, the leases of the tenants could be extended past January next year.

[break even?]

they bought at 1446 psf.
given construction cost of 400 psf,
they have to break even around 1900psf,
don't they?

[break even]

sorry, 1449 psf.

so if they don't sell at least 1900 psf,

they will lose money?
what is an estimated construction cost for
a condo like lincoln suites?
I heard high end construction cost is like 500 - 600psf
am I right?

[Confused]

Really confused.

How can they sell at 2k+ psf?

Now I have a philosophical question:

If developers hold tight to their high prices and do not lower then does it mean that market prices cannot drop - for new apts at least?

[Real Estate Pundit]

Any developer can ask for whatever price they want......it is up to the general public to determine if they want to buy from the developer.

Why bother with an unknown, unseen, unbuilt development when you can find sellers trying to hawk off units at Park Infinia that will give you immediate occupation? Some sellers are only asking around $1350psf mid floor while high floors are transacting at $1550psf.

Don't forget that a lot of owners bought units here at around $850 to $1100psf in 2006 and early 2007. Even if they unload now at a depressed market....they will still pocket a tidy sum.

[cherrycreek]

Nowadays when u go to c showflats in newton (or anywhere), agts will tell u that the nearby plots like lincoln lodge was sold at 1400+ and have to be launched 1800 to 2000 psf to be breakeven. i will tell them that is of no relevance to me cos pricing is based on demand and supply and if supply around the area is 1300 psf to 1500 psf, there is no reason i hv to buy above 1600 psf for new launches because of the developers' cost. similarly for other areas, its not what the developer asking, it is what the true value of the area based on current price of old projects nearby, just top -ed projects etc.

[mr funny]

http://www.straitstimes.com/Money/St...ry_367769.html

April 24, 2009 Friday

Koh Brothers targets Kovan condo at HDB upgraders

By Joyce Teo, Property Correspondent


The five-storey Fiorenza, which features an Italian theme, will have an imported glass jacuzzi on all the balconies. -- PHOTO: KOH BROTHERS

KOH Brothers Group hopes to tempt HDB upgraders with the release of a small Kovan project this weekend while it holds off launching high-end properties until the time is ripe.

The freehold Fiorenza in Florence Road has 28 units and will be priced at $790 per sq ft, or between $749,000 and $1.2 million per unit.

There are two- and three-bedroom units ranging from 840 to 1,442 sq ft in the five-storey block as well as penthouses of 1,378 to 1,851 sq ft each.

In the same area, the 521-unit Kovan Residences, which is nearer the Kovan MRT station than Fiorenza, still has unlaunched units. The 99-year leasehold project went for about $880 psf last year but those levels have since been cut. Last month, 56 units were sold at a median price of $705 psf.

Koh Brothers is offering the interest absorption scheme at a 2 per cent premium for Fiorenza.

Chief executive and managing director Francis Koh said the project would feature a glass jacuzzi imported from Italy on all the balconies. Each unit will also get a multi-room digital music system.

Koh Brothers had planned to release Fiorenza in the second quarter of last year. It was also hoping to launch the high-end Lincoln Suites off Newton Road by early this year, but the market has not been in its favour.

With high-end demand still muted, the launch is unlikely anytime soon.

Mr Koh said the consortium would continue to lease out Lincoln Lodge - which is the site for Lincoln Suites - right into next year. It had, together with Heeton Holdings, KSH Holdings and Lian Beng Group, bought Lincoln Lodge at the height of the property boom in 2007 for $1,449.30 psf per plot ratio.

Koh Brothers has other development projects in the pipeline which it is holding until an appropriate time.

'The market may change very quickly. It can go up quickly, it can also come down quickly,' said Mr Koh.

[Wee Teck]

Lincoln Suites VVIP Preview Soon (Former Site of Lincoln Lodge)

Register with me now! Appointed Marketing Agent for Lincoln Suites

Lincoln Suites is just behind VIVA located along Khiang Guan Avenue, directly opposite Goldhill Plaza and United Square shopping mall.

Novena Square and Novena MRT Station is situated opposite the road.

Only ten minutes' drive from Orchard,the major shopping and entertainment belt. Lincoln Suites provides excellent accessibility to other parts of the island, served by the Central Expressway (CTE), the Pan Island Expressway (PIE) and Bukit Timah Road, Newton Road and Scotts Road.

NEAREST MRT STATIONS

Novena MRT Station (NS20)from Lincon Suites
0.39 km

Newton MRT Station (NS21)from Lincoln Suites
0.76 km

NEAREST SHOPPING CENTRES to Lincoln Suites

United Square/Goldhill Plaza
0.10 km

NOVENA SQUARE
0.34km

SQUARE 2
0.43km

Nearest School to Lincoln Suites

ETONHOUSE INTERNATIONAL SCHOOL NEWTON
Blk 39 Newton Road Singapore 307966
Distance : 192.13 m

ALLIANCE FRANCAISE DE SINGAPOUR
Blk 1 Sarkies Road Singapore 258130
Distance : 694.44 m

ANGLO-CHINESE PRIMARY SCHOOL (ACSP BARKER ROAD)
Blk 50 Barker Road Singapore 309918
Distance : 785.38 m

RAFFLES GIRLS' SECONDARY SCHOOL
Blk 20 Anderson Road Singapore 259978
Distance : 1.62 km

Contact me for more information on Lincoln Suites

[Allthepies]

how much 2000psf?

[amk]

gd luck to Koh Brothers! enbloc at $1500 cost

ViVa, better location, bigger land, is selling NOW at $1500.

How on earth can Koh Bro make any profit out of this ?