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Thread: Good response to new condos 368 Thomson, The Terrene

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    Default Good response to new condos 368 Thomson, The Terrene

    http://www.businesstimes.com.sg/sub/...91940,00.html?

    Published July 10, 2010

    Good response to new condos 368 Thomson, The Terrene

    By KALPANA RASHIWALA


    CITY Developments Ltd (CDL) and UOL Group seem to have struck a chord with home buyers with their latest condo previews.


    368 THOMSON
    CDL has sold 96 units (of the 120 released in the first phase) of the 36- storey freehold condo in District 11 at an average price of $1,350 psf


    CDL has sold 96 of the 120 units released in the first phase of its 368 Thomson condo, as at 5pm yesterday. The average price is $1,350 per square foot for the 36-storey freehold condo in District 11. The project comprises 157 units. CDL said it is releasing more units progressively to cater to demand.

    Over in the Toh Tuck/Jalan Jurong Kechil area, UOL released 85 units at The Terrene on the former Rainbow Gardens site and as at 10pm yesterday, had sold about 50 units. The average selling price for the five-storey, 999-year leasehold condo is about $1,250 psf. The project comprises 172 units. UOL is developing the condo jointly with LaSalle Investment Management.

    Developers of both projects began sales to their respective staff/directors and former owners of the sites on Thursday, followed by previews to other buyers yesterday.

    CDL said prices of 368 Thomson range, in absolute dollar quantum, from $918,000 for the 689 sq ft one-plus-study units to $4.4 million for the 3,391 sq ft, five-bedroom penthouses.

    The 96 units sold include all 62 two-bedders in the development and about 12-15 one-bedders as well as one of the condo's two penthouses.

    DMG & Partners analyst Brandon Lee described CDL's pricing as 'reasonable and in line with current prices in the area', given that newish projects in the area are fetching between $1,250 and $1,450 psf.

    Agreeing, a seasoned property consultant noted that prices of new condos in the Newton area, which is closer to Orchard, are hovering around the $1,700-2,000 psf range.

    A back-of-the-envelope calculation shows CDL stands to book pre-tax profit of about $70 million from 368 Thomson. This is the third condo the group is developing in the location. Its first, The Arte at Thomson, was previewed in March last year at an average price of $880 psf, followed by Cube 8 in January this year at $1,250 psf on average.

    CDL said that about 75 per cent of buyers at 368 Thomson were Singaporeans, with the rest comprising permanent residents and other foreigners - mainly from Malaysia, Indonesia, China and Hong Kong.

    'With its prime District 11 location, freehold status and attractive pricing, 368 Thomson represents an excellent investment opportunity and also good rental potential,' said CDL's group general manager Chia Ngiang Hong.

    UOL and La Salle Investment Management on the other hand are targeting primarily owner-occupiers for The Terrene.

    'The majority of units sold are two-bedroom apartments, followed by three bedders. Seven penthouses have also been sold,' said Knight Frank managing director (residential services) Peter Ow. Buyers mostly have addresses in the surrounding area - districts 21 (such as Upper Bukit Timah) and 23 (which includes Bukit Batok and Toh Tuck) and comprise a mix of HDB flat dwellers and private home dwellers.

    'Most of the buyers are locals,' he added. The 85 units released are priced between $920 psf and $1,480 psf. Knight Frank is marketing Terrene jointly with Jones Lang LaSalle.

    The project's 172 units range from one bedders (starting from 506 sq ft) to five-bedroom penthouses (up to 3,025 sq ft).

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    http://www.straitstimes.com/Money/St...ry_551756.html

    Jul 10, 2010

    New Thomson condo units selling well

    By Esther Teo


    BUYERS have snapped up 96 of the 120 units launched at the 368 Thomson condominium since previews began on Thursday.

    The District 11 development was priced at an average of $1,350 per sq ft (psf).

    Sale prices ranged from $918,000 for a 689 sq ft one-plus-study flat to $4.4 million for the 3,391 sq ft five-bedroom penthouses.

    The 36-storey tower, which will be built on the former Concorde Residences site in Thomson Road, will have 157 units. They comprise 31 one-plus-study flats, 62 two-bedroom units, 31 three-bedders, 31 four-bedroom units and two penthouses.

    City Developments (CDL) said it will release more units to cater to demand.

    The private preview - for former owners of Concorde Residences, Balestier Court and Bright Building, as well as CDL directors and staff - started on Thursday. The public were admitted yesterday.

    Most of the buyers were Singaporeans, with permanent residents and foreigners - mainly from Malaysia, Indonesia, China and Hong Kong - making up 25 per cent, CDL said.

    Its general manager, Mr Chia Ngiang Hong, said the strong demand for the project is testament to the popularity of the prime District 11 vicinity.

    Buyers will also benefit from the growth cluster in the area, he said.

    The developer launched Cube 8, a 36-storey condo comprising 177 units, in January in Thomson Road, on the site of the former The Albany and Thomson Mansion.

    The Cube 8 project is next to CDL's The Arte in Thomson, which it began selling in March last year at an average price of $880 psf.

    The 368 Thomson estate is expected to be completed in 2015.

    Terrene at Bukit Timah has also sold well. More than 50 out of the 85 units launched at the preview sale for developers UOL and La Salle's business associates and staff were taken.

    The average selling price for the 999-year leasehold condominium was $1,250 psf.

    The project offers over 140 one- to four-bedroom apartments, and 30 three- to five-bedroom penthouses, all with rooftop jacuzzis.

    Sizes vary from 506 sq ft for a one-bedder to 3,025 sq ft for a five-bedroom penthouse. The development is expected to be ready by April 2014.

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