Today: Marina Bay Suites may be delayed

Marina Bay Suites may be delayed

 

Maintaining target price of $3000 psf, project may only launch in 2012

 

IF THE market for luxury homes fails to pick up, the launch of Marina Bay Suites may be held off until 2012 when the project is completed, Mr Wilson Kwong, the general manager of Raffles Quay Asset Management said in an interview with Lianhe Zaobao yesterday.

 

Marina Bay Suites was scheduled for launch during Chinese New Year this year but the date has since been put off indefinitely amid softening property market sentiment in the wake of the United States sub-prime mortgage crisis that has sent markets plunging worldwide.

 

Marina Bay Suites, located near One Raffles Quay, will feature 218 three- and four-bedroom apartments, and three penthouse units.

 

The project, which is part of the Marina Bay Financial Centre, is a joint venture between three developers — Cheung Kong/Hutchison Whampoa, Hongkong Land and Keppel Land.

 

Raffles Quay Asset Management oversees the asset management aspects of the project.

 

Mr Kwong said it would not be lowering prices in order to boost sales. Maintaining its target price of $3,000 or more per square foot for Marina Bay Suites, it will wait for the most opportune time to launch the project.

 

At present, it is keeping all options open, and these include launching the development after it is completed.

 

Mr Nicholas Mak, consultancy and research director of property firm Knight Frank, said: “It is a wise and prudent move. The market is going through a period of uncertainty now, but the chances of the market picking up in the next four years is quite high.”

 

Mr Kwong said the three joint developers have a robust capital base that will allow them to hold back the launch until market sentiment improves.

 

“They certainly have the capacity to wait it out and the four years gives them theoption of working out the best possible strategy,” Mr Mak said.

 

Marina Bay Suites’ sister project Marina Bay Residences attracted strong interest when it was launched towards the end of 2006 in the midst of the property market boom, with all units sold within three days.

 

Although some property analysts expect the luxury segment of the market to fall by as much as 40 per cent from its highs last year, Raffles Quay Asset Management points out that there are only three luxury developments — Marina Bay Suites, Marina Bay Residences and The Sail @ Marina Bay — in the area.

 

So, compared to Districts 9, 10 and 11, prices will remain relatively firm in the foreseeable future.

 

Units in the Marina Bay Residences and The Sail achieved prices exceeding $3,000 psf at the peak of the market but have since retreated to around $2,000 psf in recent months.

 

Source: Today Newspaper

BT: SC Global to launch Martin No38

SC Global to launch Martin No38

 

 

SC GLOBAL will launch Martin No 38 next month at an average price close to $2,000 per square foot.

 

 

 

Sleek beauty: Artist’s impression of the development, designed by award-winning architect Kerry Hill. It will launch at an average price close to $2,000 psf. 

 

 

The company said in a statement yesterday that the 91-unit development in Martin Road, near Mohammed Sultan Road and Clarke Quay, will mostly comprise one-plus-one bedroom and two-bedroom apartments ranging from 969-1,130 sq ft. There will be a limited number of larger two-plus-one and three-bedroom apartments, ranging from 1,335-1,485 sq ft.

 

Knight Frank director (research and consultancy) Nicholas Mak said the pricing appears a little ‘bullish’ but the developer may feel the project’s ‘design’ merits this.

 

A unit in nearby Robertson Blue sold recently for around $1,800 psf, he said.

 

And in March, it was reported that about 30 units at Martin Place Residences in Kim Yam Road sold for an average price of of about $1,800 psf after discounts.

 

SC Global is best known for developing high-end niche projects. And according to its chairman and chief executive officer Simon Cheong: ‘There is always room for the right product. Martin No 38, with the SC Global reputation for quality, will be unique and original. We are confident it will be well received.’

 

The development is designed by award-winning architect Kerry Hill. It is based on warehouse lofts in New York and London and features high ceilings and seamless interior spaces.

 

SC Global says: ‘An austere and beguiling industrial aestheticism pervades the details of this development, from the blackened tap fittings to the sheet-metal panels in the bathrooms, with their exposed bolt heads, unplastered interior concrete walls, exposed plywood edges of the cabinetry and acres of unvarnished timber.’

 

SC Global bought the site in 1999 but deferred development until the area had ‘rejuvenated itself and the context for this housing concept became ripe’.

 

SC Global projects under construction include The Marq on Paterson Hill and Hilltops at Cairnhill. The group has a landbank of more than 1.1 million sq ft of gross floor area in the Orchard Road and at Sentosa Cove.

 

Source: Business Times

ST: SC Global offers NY-warehouse living at Martin Rd

SC Global offers NY-warehouse living at Martin Rd 

  

The warehouse flats will boast a more rugged design. — SC GLOBAL

 

SC GLOBAL is introducing New York-style warehouse living to Martin Road – a first for Singapore – with prices that will be set above the market average.

Like warehouse lofts in Lower Manhattan, the flats will feature high ceilings and seamless interior spaces that can be separated at will, using walls that slide and hide away.

 

And unlike traditional high-end developments here, Martin No. 38, as the project is called, will have a more rugged design of raw concrete, base metal finishes and unvarnished timbers.

 

Australian architect Kerry Hill is designing the project, which is on the site of a former warehouse near the Singapore River.

 

The freehold development, which will be launched later this year, will be 15 storeys high with 91 units, including four penthouses with pools.

 

Most of the units will be small – from 969 to 1,130 sq ft each – but there will be some larger ones of 1,335 to 1,495 sq ft each.

 

SC Global is aiming to sell the units at an average of $2,000 per sq ft (psf).

 

Prices of projects in the same area are around $1,200 to $1,850 psf, according to Knight Frank. Newer projects like 8 Rodyk cost more – a 721 sq ft apartment sold at $1,800 psf last month.

 

But market sentiment remains weak, with buyers staying away, especially from the high-end sector, which surged dramatically last year.

 

Prices have since slipped while activity has slowed considerably. But there is always room for the right product, said SC Global chairman and chief executive Simon Cheong, who is confident Martin No. 38 will be well-received.

 

SC Global bought the site in 1999 but said it deferred development until the area was rejuvenated and the concept of warehouse lofts became viable.

 

Source: Straits Times

Biz Times: CapitaLand plans condo launch

CapitaLand plans condo launch

 

CapitaLand plans to launch in second-half 2008 a freehold condo named Urban Resort with about 70 units on the Silver Tower site in Cairnhill. The average price will definitely be above S$3,000 psf, CapitaLand Residential Singapore CEO Patricia Chia told reporters after the group announced Q2 net earnings.

 

‘I will be quite disappointed if it’s below S$3,000 psf,’ CapitaLand Group president and CEO Liew Mun Leong said.

 

The property giant has also sold 11 of the 40 units released so far at Latitude at Jalan Mutiara in the River Valley area at an average price of S$2,400 to S$2,500 psf. Over at Tong Watt Road, it has sold close to 30 of 80 units released recently at The Wharf Residence; prices range from S$1,500 to S$1,900 psf.

 

The project has a total 127 units. Latitude comprises 127 units in total.

 

CapitaLand leads a consortium that will redevelop Farrer Court. — KALPANA RASHIWALA BT NEWSROOM

 

 

Source: Business Times

New Project Launch by Developer: Scotts Tower

New Project Launch by Developer: Scotts Tower

 

Developer: Far East

 

Location: Scotts Road

 

Tenure: Freehold

 

Site Area: 65,663sqft

 

Type of Developement: 1 block of High Rise Condominium 31-storey

 

Total Units: 67

 

Unit Types:

3 Bdrm – duplex unit

3 Bdrm + study (simplex unit)

4 Bdrm + study (duplex unit)

4 Bdrm + study (Penthouse Duplex Unit)

 

Parking Lots: 221 (3 lots per unit)

 

 

Please contact us if you need further details on the above-mentioned projects or any other projects’ details. We would be more than happy to be of assistance.

New Project Launch by Developer: Urban Resort

New Project Launch by Developer: Urban Resort

 

Developer: Capitaland

 

Location: 32 & 32A Cairnhill Road

 

Tenure: Freehold

 

Type of Developement: High Rise Condominium 1 Block of 18-storey & 1 Block of 20-storey Residential Area

 

Total Units: 64

 

Unit Types:

3 Bdrm – 2121 sqft (30 units)

4 Bdrm – 2530~2551 sqft (30 units)

Penthouse – 4370 sqft (1 unit)

Duplex Penthouse – 4693~4919 sqft (2 units)

 

Facilities:

1) 50m Lap Pool

2) Swimming Pool

3) Wading Pool

4) Childen’s Pool

5) Garden Pavilion

6) Pool Pavilion

7) Children Play Area

8) Sky Terrace (2nd Storey)

9) Gymnasium

10) Multi-purpose Room

11) Changng Rooms

12) Steam Room

13) BBQ Area

14) Jacuzzi

 

 

Please contact us if you need further details on the above-mentioned projects or any other projects’ details. We would be more than happy to be of assistance.

New Project Launch by Developer: The Wharf Residence

New Project Launch by Developer: The Wharf Residence

 

Developer: CapitaLand

 

Address: Tong Watt Road, off Mohd Sultan Road

 

Tenure: 999 years

 

TOP: March 2013

 

Site Area: 76, 956 sq ft

 

Plot Ratio: 3.8

 

Type of Development: 4 tower blocks of 10/14/15/23 Storey and 13 retrofitted houses

 

Total units: 186

 

Unit Mix:

2 bedroom: 1012 to 1130 sq ft, 110 units

3 bedroom: 1313 to 1733 sq ft, 54 units

4 bedroom: 2196 sq ft, 4 units

Penthouse: 2745 to 5565 sq ft, 5 units

Houses: 4478 to 4930 sq ft, 13 units

 

Estimated $1500+

 

Special Feature: Situated on high ground, there are 13 Vintage Houses conserved in their entirety, providing a pleasant contrast to the contemporary structure of the apartment blocks sitting behind.

 

Facilities: sky terrace on the 24th floor, with outdoor cooking pavilion, overlooking the breathtaking city skyline.

 

Apartment furnished with branded kitchen & appliances

 

Interest absorption & Stamp duty reimbursement.

 

 

Please contact me if you need further details on the above-mentioned projects or any other projects’ details. I would be more than happy to be of assistance.

Biz Times: Hamilton Scotts offers a garage in the sky

Hamilton Scotts offers a garage in the sky

 

IF you are the sort who cannot bear to take your eyes off your beloved car when you are ensconced in your home, then make an appointment to view the apartment units at Hamilton Scotts.

 

Located at 37 Scotts Road, the 30-storey luxury development by developer Hayden Properties is the first in Asia to feature car parking within the apartment units, with the car parking area separated from the living space by double glazing.

 

Drivers stop their vehicles at a designated point in the basement, exit and undergo a biometric scan, whereupon elevators take the car up to the correct unit in an automated, driverless process.

 

The project is now open for preview by appointment only. It is understood the units will be priced at about $3,800 per square foot (psf).

 

The condominium consists of 56 units, including 52 three-bedroom units of 2,700 sq ft and two 3,200 sq ft junior penthouse units. Each of these has parking space for two cars.

 

The remaining two units are 7,100 sq ft triplex penthouses with interior customised to buyer specifications, serviced by an internal lift and come with a rooftop garden and swimming pool. They can accommodate four cars each.

 

Hamilton Scotts is slated for completion by 2011.

 

If living with your car is not your cup of tea, perhaps you might want to visit another luxury residential project: Signature at Lewis. It will be officially launched this Saturday by developer Hiap Hoe Group with a starting selling price of $1,670 psf.

 

Located at 1 Lewis Road, the 12-storey development comprises 10 studio units (635 sq ft each), 10 two-bedroom units (980 sq ft) and 10 four-bedroom units (1,841 sq ft), as well as two penthouses, with private pool and roof deck, occupying over 3,000 sq ft each.

 

So far, three units have been booked for an undisclosed price.

 

Source: Business Times

Straits Times: Posh condo on sale amid weak market

Posh condo on sale amid weak market

 

A LUXURY condominium that lets residents park their cars right in front of their high-rise units has been released for sale at a price analysts consider rather steep, given the quiet market.

The Hamilton Scotts project – it has special lifts to bring the cars to the desired floor – will likely be listed at an average of $3,800 per sq ft (psf), said developer Hayden Properties yesterday.

 

That will price the 52 regular units of about 2,700 sq ft at between $8 million and $12 million each. The 30-storey freehold condo in Scotts Road also has two junior penthouses of about 3,200 sq ft and two penthouses of around 7,100 sq ft.

 

Market insiders say the condo could be priced between just under $3,000 psf to over $4,000 psf, while one market watcher says it could have fetched between $3,500 and $4,500 psf last year.

 

However, the $3,800 psf average price is still relatively high given the cooling market for luxury homes.

 

There are several posh projects in the pipeline, but developers have been holding back launches amid the uncertain climate.

 

The luxury segment has taken a big hit after the dizzying highs hit last year. Prices are down about 10 per cent with falls of a further 5 to 10 per cent expected by the end of the year, said Savills Singapore.

 

The only other major luxury development released for sale this year was the 100-unit Nassim Park Residences. More than half the units have been sold since May, with prices averaging $3,000 psf.

 

‘Hayden is probably keen to take advantage of this quiet period to launch, after the release of Nassim Park Residences and before the Hungry Ghost Festival,’ said Savills director of marketing and business development Ku Swee Yong.

 

Knight Frank’s director of research and consultancy, Mr Nicholas Mak, believes The Hamilton Scotts has enough appeal to defy the trend somewhat: ‘There will still be takers as it is a unique product. But this is the time for mass market projects.’

 

The recent pickup in launches was almost all in the mass market or mid-tier segment.

 

Hayden managing director Ong Chih Ching said it should be able to get offers if the project is priced correctly. However, it would not sell if the price is not right.

 

‘We are previewing it and not launching it because this is not the right climate to launch,’ said Ms Ong, who added that Hayden has temporarily halted sales at its ultra- posh Ritz-Carlton Residences until the mood improves.

 

Source: Straits Times

Biz Times: Varying pace of sales at recently released projects

Varying pace of sales at recently released projects

 

DEVELOPERS selling private homes had a mixed bag of results at the weekend.

 

The 99-year-leasehold Livia in Pasir Ris, where previews started last Friday, has chalked up relatively strong sales of 160 units at an average of $650 per square foot (psf).

 

But sales were slower for most other recently released projects.

 

At Kovan Residences, another 20-plus units were sold at the weekend, taking total sales to more than 80 since the 99-year-leasehold project next to Kovan MRT Station was previewed at a private party on June 28.

 

The average price is between $870 and $900 psf.

 

Riding on the buying interest in Kovan Residences, MCL Land accelerated the preview of its 50-unit  D’Pavilion, a freehold condo on Upper Serangoon Road slightly further away from Kovan MRT. It sold 10 units on Saturday and Sunday at an average price of $900 psf.

 

In Bishan, Sim Lian found buyers for another 59 units last week at its Clover by the Park condo, taking total sales to 254 since it previewed the 616-unit project on June 25.

 

The average price for the 99-year-leasehold project is $750 psf. Sim Lian also sold four units at The Amery in Telok Kurau last week, taking the total to 31 of the 78 units in the freehold development. The average price is $860 psf.

 

NTUC Choice Homes and Ho Bee Investment sold another 10 units at the weekend at Dakota Residences. The sales tally is 161 for the 348-unit, 99-year condo that is currently selling at an average price of $980 psf.

 

Commenting on the varying pace of sales, a developer said it is not unusual for transactions to taper off after the first weekend or two weekends of a launch, after initial demand has expressed itself and choice units are taken up.

 

Another developer said: ‘I think potential buyers are nibbling. If they see a project they like and it’s priced attractively, they’ll go in. But buyers are very price-sensitive.’

 

Giving his take, a property consultant suggested: ‘I’ve got the feeling these developers may be slowly pushing up prices; so demand has been tapering off.

 

‘Once a developer has sold at least 30-40 per cent of units in a project, it may be slightly more comfortable with cash flow.

 

‘It may then be prepared to sell the rest of the project at a slower pace if it can achieve higher prices.’

 

A more worrying reason could simply be that demand has dropped.

 

‘People ask themselves: ‘With all the global economic uncertainty, do I really need to buy a new home now?’ said a market watcher.

 

City Developments Ltd said yesterday that most of the buyers at Livia are Singaporeans, while foreign buyers come from China, Indonesia, India, Malaysia and the Philippines.

 

Most people bought for owner occupation. The 160 units sold so far achieved prices of between $570 psf and $740 psf.

 

Prices start from $597,000 for a two-bedroom unit, $793,000 for a three-bedder and $991,000 for a four-bedder.

 

Hayden Properties starts to preview The Hamilton Scotts this week.

 

Prices are expected to start below $3,000 psf, though the average price is expected to be around $3,500 psf.

 

The freehold project comprises 54 apartments and two penthouses.

 

Source: Business Times