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06 April 2013

6th April 2013, Saturday




Brisk sales at new Serangoon condo

Source: Business Times

Roxy-Pacific Holdings began sales at its Jade Residences condo in the Lorong Lew Lian area Friday, and had moved close to 60 units by 6pm.

Located about 400 m from Serangoon MRT Station, the five-storey freehold development will have 171 apartments and two shop units. As of Friday, the group had released 80 apartments and the average price after discounts (inclusive of a 3 per cent early bird discount) works out to $1,416 per sq ft (psf), Roxy-Pacific executive chairman Teo Hong Lim told The Business Times.

Jade Residences comprises two, three- and four-bedroom units as well as penthouses. All ground-floor units have high ceilings (up to 4.8 metres) and come with a jacuzzi and a furniture deck, which provides a raised platform that can accommodate a mattress or be used as a study.

Absolute prices of units in the development range from around $845,000 for a 527 sq ft two-bedroom apartment to $2.65 million for a 1,927 sq ft-duplex, four-bedroom penthouse which comes with a roof terrace, attic and private pool.

Pricing for the two shop units of 215 sq ft each has yet to be finalised but they will cost below $1 million each, said Mr Teo.

So far, the project has attracted mostly "local buyers, predominantly first-timers and second-timers", said Mr Teo. "Previously we used to see those investing in their third or subsequent property, but following the latest January 2013 cooling measures the incidence of such buyers is much lower."

Roxy-Pacific hopes to release later this month its 121-unit condo along Pasir Panjang Road. Named Whitehaven, this development is also a five-storey freehold project and likely to be priced around $1,400 psf on average, said Mr Teo. This is likely to be followed by the launch next month of the group's residential development at Adis Road, on the former Sophia Mansions site.


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Few new condo launches see 100% sales

Source: The Straits Times

New projects usually debut with a bang, but few last year have been completely sold out.

A Straits Times check of the private homes and executive condominium (EC) projects launched since January last year shows that most are above 90 per cent sold.

Of the 40 condo developments launched last year that had more than 100 units, half had sold at least 90 per cent of their units by the close of the year. But only a quarter, or 10 projects, were fully taken up by the end of the year.

Most of these 10 projects that sold out fully were launched in the first quarter of last year and rode on the shoebox craze.

These include the 689-unit Parc Rosewood condo in Woodlands launched in January at an average price of $980 psf, the 275-unit Guillemard Edge in Geylang and the 198-unit Casa Cambio at Lim Tua Tow Road in Upper Serangoon. Guillemard Edge was launched at an average price of $1,215 psf and Casa Cambio at $1,400 psf on average. The 193-unit Natura @ Hillview, a private apartment project where small units make up more than half of all units, launched at $1,335 psf on average and was also sold out by December. The remaining six were The Promenade @ Pelikat in Upper Serangoon, Katong Regency at Tanjong Katong Road, Stella RV at River Valley, Sea Esta in Pasir Ris, Parc Centros in Punggol and One Dusun Residences in Balestier.

At the other end of the spectrum, some projects launched last year have not fared as well.

Two condo projects at Fort Road near Katong, the 128-unit Fulcrum and 130-unit The Line, have sold 12 per cent and 25 per cent respectively as at February this year. Fulcrum was launched in May and The Line in August. Leedon Residence in District 10 has also sold 26 per cent of its 381 units since its August launch. The 509-unit Sky Habitat condo in Bishan, which launched in April last year at $1,580 psf on average, was 29.5 per cent sold as at February this year.

As for executive condominiums, most of the nine projects that were launched last year were at least 95 per cent sold by end-February.

The exceptions include the 665-unit 1 Canberra in Yishun, which was launched at $710 psf on average in April last year and was 64 per cent sold as at February.

Watercolours in Pasir Ris, which was also launched last April at $735 psf, had sold 78 per cent of its 416 units by the end of February.


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Interest still cool in Grange Road properties

Source: The Straits Times

News that the Spring Grove condominium in Grange Road could undergo a $1.045 billion collective sale has put the spotlight on other residential blocks in the same street.

The high-end sector has been down in the dumps for months, so the prospect of a big payday for Spring Grove owners has raised eyebrows among property experts.

Grange Road, like many other prime city neighbourhoods, has come under the pressures of the additional buyer's stamp duty and the risk of more cooling measures.

Some developers have found it challenging to move new units along the stretch.

The Twin Peaks project has released 70 of its 462 units, with sales of 68 as of February at a median price of $3,157 per sq ft.

Some completed projects still have apartments for sale.

Only 18 units at The Lumos have found owners. The neighbouring Cliveden at Grange, has sold about 80 per cent of its 110 units since its 2007 launch. The surplus of new homes will increase with the launch of at least three new projects in the area - iLiv@Grange, Ferra and Opus at Grange.

Developers have yet to announce launch dates but it is estimated that the new projects could add just over 300 new homes to the neighbourhood.

Resale activity in Grange Road has also slowed, with decreases in both prices and transaction numbers.

An analyst said there were around 10 to 20 resales in the area per quarter in 2010 and 2011 but that fell to fewer than 10 transactions per quarter last year.

Analysts still predict it is not going to be all doom and gloom for the area in the near future. An analyst said: "Investors and home buyers are constantly on the lookout for value buys in prime districts. Therefore, private homes in this locality still hold potential for improvement in demand."


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