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Thread: Ascentia Sky (D3, 99 years, Wing Tai / United Engineers)

  1. #1
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    Default Ascentia Sky (D3, 99 years, Wing Tai / United Engineers)

    [url]http://www.businesstimes.com.sg/sub/news/story/0,4574,318454,00.html?[/url]

    Published February 11, 2009

    [B][SIZE="5"]Launch of 6 more condos likely in next few months[/SIZE][/B]

    [B]All but one of these private condo projects are on 99-yr-leasehold sites[/B]

    By KALPANA RASHIWALA


    DEVELOPERS of at least six mass-market private condos could release their projects in the next few months, riding on buying momentum generated lately by the Caspian condo near Jurong Lake - despite the recession.

    Property consultancy CB Richard Ellis (CBRE) tips Oasis @ Elias, The Gale on Flora Road in Upper Changi and Ascentia Sky on Alexandra Road among projects for possible launch in the next two quarters.

    Others include UOL's 646-unit condo at Simei Street 4, Frasers Centrepoint's project in Woodleigh Close and a 571-unit condo by NTUC Choice Homes at Lor 2/3 Toa Payoh near Braddell MRT Station.

    All but one of these projects are on 99-year-leasehold sites bought through government land tenders in the past 14 months. The exception is The Gale, a freehold condo to be developed by Tripartite Developers as the latest in its series of condo projects in the Upper Changi location.

    Frasers Centrepoint's recent sales spurt for Caspian has shown where the base price is for the mass market.

    The developer released the first 250 units of the 99-year-leasehold condo during a preview last week, at an average price of $580 per square foot (psf), followed by a second batch of about 130 better-facing units at $600 psf. So far, more than 330 units have been sold in the development, which is next to Lakeside MRT Station.

    BT understands the developer is likely to offer a further 150 units during a public launch this weekend - and that pricing is likely to be calibrated upwards.

    CBRE executive director Joseph Tan attributes the good response to Caspian partly to its timely launch, coinciding with the government's announcement in Parliament that it will upgrade, expand and transform Jurong into a business and recreational hub.

    'The project is also priced competitively, within the affordability of HDB upgraders,' he said. 'The sales momentum seen at Caspian is an encouragement to developers to get their projects ready for launch in the second and third quarters of 2009.'

    Knight Frank executive director Peter Ow said that in current conditions, mass-market suburban projects aimed at HDB upgraders are more likely to sell than projects in other segments.

    'After all, HDB upgraders buying private homes for their own occupation are the core group of buyers left today,' he said. 'Investors and 'specu-vestors' are lying low. And as for foreign buyers, investing in overseas properties might not be a priority right now.'

    Amid today's tight lending climate, owner-occupiers are also more likely to secure finance from banks than investors, provided they have the means to service their loans, Mr Ow said.

    He reckons that for condos in outlying areas near MRT stations, the price resistance for a new launch in today's market would probably be in the $600-650 psf range on average.

    Another analyst put a price resistance in a higher band of $750-$850 psf for condos in mature HDB estates such as Toa Payoh and Ang Mo Kio.


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    Anyone have any idea what will be the indicative pricing for this project? Location is excellent. Bigger plot of land than neighbouring Metropolitan, away from MRT noise but still near enough (2 minutes walk). Orchard facing side has unblocked views though Harbourfront side is blocked I believe (partly by Metropolitan). Con is obviously the 99 yr leasehold.

    If I am not wrong, the land was acquired in 2007 at a very high price. Reports at that time indicated > 750psf to break even. The pricing of this project will be rather interesting.

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    Quote Originally Posted by propertyguru
    Anyone have any idea what will be the indicative pricing for this project? Location is excellent. Bigger plot of land than neighbouring Metropolitan, away from MRT noise but still near enough (2 minutes walk). Orchard facing side has unblocked views though Harbourfront side is blocked I believe (partly by Metropolitan). Con is obviously the 99 yr leasehold.

    If I am not wrong, the land was acquired in 2007 at a very high price. Reports at that time indicated > 750psf to break even. The pricing of this project will be rather interesting.
    Hi, I am also interested in this project due to its location. But looking at the breakeven price of 750psf, I would think the launch price would be around 800-900psf which IMO is too high at current situation. Anyway, it would be interesting to see how much they would sell for this project.

  4. #4
    Junior

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    neighboring metropolitan, a very similar condo soon to TOP, is transacting at around 800psf now... wonder what will the selling point for this wing tai project.

  5. #5
    Junior

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    Quote Originally Posted by teresa
    Hi, I am also interested in this project due to its location. But looking at the breakeven price of 750psf, I would think the launch price would be around 800-900psf which IMO is too high at current situation. Anyway, it would be interesting to see how much they would sell for this project.
    Indeed I agree that the pricing will be interesting for this development.

    Seems that Wing Tai bidded quite high for this land, heard the break even is at $1000psf , read below

    [URL="http://www.sghousing.com/2007/12/28/wing-tai-unit-makes-top-bid-for-alexandra-plot/"]http://www.sghousing.com/2007/12/28/wing-tai-unit-makes-top-bid-for-alexandra-plot/[/URL]

    alexis has set a price ceiling at 1100psf. But that's a FH.. guess the developer will have a hard time deciding the price for this one..

  6. #6
    Junior

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    Yes break even is over $1k psf.. it would be an interesting development to see how WT will price these units considering it is a 99LH

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    I think the location is very good in that:-

    - travelling to Orchard rd is just a mere 5 min. drive from Tanglin rd.
    - going towards CBD/IR/ECP/AYE is a breeze
    - it is sitting on a very prime location which is also near amenities such as
    Redhill MRT, hawker centres, wet markets etc etc

    Unfortunately, its a 99 leasehold which can be a turnoff for potential buyer.

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    Quote Originally Posted by teresa
    I think the location is very good in that:-

    - travelling to Orchard rd is just a mere 5 min. drive from Tanglin rd.
    - going towards CBD/IR/ECP/AYE is a breeze
    - it is sitting on a very prime location which is also near amenities such as
    Redhill MRT, hawker centres, wet markets etc etc

    Unfortunately, its a 99 leasehold which can be a turnoff for potential buyer.
    I agree about the location. Prefer it to Tiong Bahru, which is nearer to town, but more crowded. Redhill is still quiet for now. Would consider paying 700 to 800 psf for the development, even if 99 yr leasehold, but I doubt it will be launched for anything near that price.

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    Quote Originally Posted by propertyguru
    I agree about the location. Prefer it to Tiong Bahru, which is nearer to town, but more crowded. Redhill is still quiet for now. Would consider paying 700 to 800 psf for the development, even if 99 yr leasehold, but I doubt it will be launched for anything near that price.
    For 700 to 800pdf, you should consider Metropolitan now as currently, there are fire sales in some of the units as TOP is near. But for Wingtai, it should launch around $900-$1K psf.

    And when that happened, Metropolitan price will be at least be holding at $850psf.

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    Unfortunately, I am not that keen on Metropolitan's location so near the train track. The plot of land also looks awfully small compared to Ascentia's. Plus, once the latter is built, Metropolitan will be hemmed in by the tall HDB on one side and Ascentia on the other. Unless you take up one of the very high units.

    Of course, if Metropolitan's price is sufficiently low, I might consider. When you speak of fire sale, how low is the psf? These days, there are plenty of "fire sales" in the Classifieds, but when you call up, the prices are never fire sale prices. Haha.

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