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Thread: CapitaLand plans up to 960 new high-end homes

  1. #1
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    Default CapitaLand plans up to 960 new high-end homes

    Jan 30, 2007

    CapitaLand plans up to 960 new high-end homes

    It expects average prices of between $1,800 and $2,500 psf by year-end

    By Fiona Chan

    CONDOS GALORE: CapitaLand is planning several launches this year, including residences on the collective sale sites of Dragon View Park (above) in River Valley and Silver Tower in Cairnhill.

    PRICES of luxury homes may have surged last year, but CapitaLand is banking on them rising even further this year.

    The developer plans to launch up to 1,200 new homes this year, of which about 80 per cent, or as many as 960 units, will be in the high-end segment.

    By the end of the year, CapitaLand expects most high-end homes to reach average prices of between $1,800 per sq ft (psf) and $2,500 psf, Ms Patricia Chia, chief executive of CapitaLand Residential Singapore, said yesterday.

    Ms Chia even expects a few 'super luxury' developments to command more than $3,000 psf as an average price.

    CapitaLand itself has at least two developments in the pipeline that can be classified in the 'super luxury' category, she said.

    These are the Orchard Turn condominium above Orchard MRT Station and another at the former ANA Hotel site at 1 Nassim Hill.

    'Within what we have today, I would say that Orchard Turn and the ANA Hotel site will fall into this category of super luxury,' said Ms Chia. 'This is because the location is very unique, the address is a very desired one.'

    Most importantly, these homes are 'very limited edition, we're talking about very few units in the market'.

    The Orchard Turn condominium is expected to have about 170 units, while the ANA Hotel site will host 'way below 100 units'.

    To date, only a handful of units at two upscale projects - Marina Bay Residences and St Regis Residences - have breached the price level of $3,000 psf.

    CapitaLand's most expensive unit on a psf basis - a home at Scotts HighPark - went for only $2,500 psf.

    Apart from these two developments, CapitaLand has lined up other projects for launch soon.

    These include new residences on the collective sale sites of Dragon View Park in River Valley and Silver Tower in Cairnhill.

    The developer is also ready to launch a new condominium in Meyer Road, built on the former Meyer Tower/First Mansion sites that were bought by DBS Land in 1999, before it merged with Pidemco Land to form CapitaLand.

    CapitaLand expects to launch between 1,000 and 1,200 new homes in total this year - around 25 per cent more than the total number it sold last year.

    The developer sold 954 units last year for a total of $1.23 billion, up from 882 units worth $1.09 billion in 2005.

    Only 11.6 per cent of its total stock remains unsold, said Ms Chia.

    The counters of CapitaLand and its group of real estate investment trusts went up yesterday following the media conference.

    CapitaLand shares gained 25 cents to close at $6.90, while CapitaCommercial Trust units rose 15 cents to close at $2.74.

    Units of CapitaMall Trust went up four cents to $3.28, and those of CapitaRetail China Trust rose 14 cents to close at $2.91.

    Ascott Residence Trust was the only CapitaLand-related Reit to close lower. Its units eased one cent to close at $1.74.

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  2. #2
    Window Shopper

    Default Re: CapitaLand plans up to 960 new high-end homes

    Orchard Residences: expected $3,200-3,900 psf.
    Get your cheque ready.

    Seafront @ Meyer:
    - Normal: $1,400-1,800 psf.
    - Penthouse: $2,200 psf.
    Preview starts. Go grab an unit now!

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