CDL opens Livia condo at Pasir Ris for preview

CDL opens Livia condo at Pasir Ris for preview

Initial units are priced at $650 psf on average; Kovan Residences launched

 

 

CITY Developments Ltd (CDL) has begun to preview its much-awaited Livia condo at Pasir Ris at an average price of about $650 psf for the initial batch of units, BT understands.

 

 

And next to Kovan MRT Station, the 512-unit Kovan Residences is being soft launched today and the average price is said to be $870 psf. Both projects are 99-year leasehold.

 

Market watchers reckon that the $650 psf average pricing for the initial phase of Livia’s marketing effort is about 10 per cent lower than what the developer could have fetched 12 months ago. ‘It might have been priced at $730-750 psf last year,’ an industry observer suggested. The 724-unit condo is being developed at Pasir Ris Drive 1 on a plot that is part of the group’s historical Pasir Ris landbank acquired decades ago.

 

CDL is developing Livia jointly with Hong Leong Holdings and Hong Realty. All three companies are part of Singapore’s Hong Leong Group. Livia will have a total of 10 blocks, either 15 or 16 storeys high with units ranging from two-bedroom apartments to four bedders. There are also 12 penthouses.

 

Next to Kovan MRT Station, Centurion Kovan, controlled by UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh Kim Kang, has been testing the waters for its 512-unit Kovan Residences. The average price is believed to be around $870 psf and industry talk is that some 20 cheques were offered to the developer after a well-attended dinner preview for Messrs Han’s and Loh’s stockbroking community contacts last Saturday. It is not known if options have been issued.

 

‘Perhaps some of the potential buyers may have found the developer’s proposed price a little challenging and made their counter offers with cheques,’ a market watcher suggested.

 

Kovan Residences’ soft launch begins today, BT understands. Officials from Centurion Kovan, part of the Duchess Development group, have not been returning BT’s calls over the past few days.

 

Meanwhile, the project that started the current home buying wave, Ho Bee’s 99-year leasehold Dakota Residences, is said to have sold 150 units since sales began a fortnight ago.

 

Source: Straits Times

Prices of some new properties coming down

Prices of some new properties coming down 

Move may signal end of months-long stand-off between buyers and sellers

By Fiona Chan, Property Reporter 

 

GOOD news for homebuyers: The prices of some new developments are finally starting to come down.

At least two new projects have been tagged with prices below what they were expected to fetch just months ago.

 

This may be because developers are faced with no sign of improvement in the cooling property market, consultants say. They may be choosing to move units by making their projects more affordable rather than continuing to wait out the gloomy sentiment.

 

One example is Dakota Residences in Dakota Crescent, a 99-year leasehold project by Ho Bee Investment and NTUC Choice Homes.

 

Sales of its 348 units will start next Saturday at an average of about $950 per sq ft (psf) – below the $1,000 psf to $1,100 psf that Ho Bee had previously targeted.

 

This means a 1,300 sq ft three-bedroom unit would cost about $1.24 million, down from as much as $1.43 million previously.

 

‘After the land cost and building cost, the break-even price is actually almost $900 psf,’ said a property agent, who asked not to be named.

 

The Straits Times understands that about 120 units will be released in the first phase, and prices may go up by at least 5 per cent for the remaining units, depending on demand.

 

For now, the two- and three-bedroom units that face away from Geylang River are said to cost $950 psf to $970 psf, while the bigger four-bedroom units facing the river will go for $1,000 psf.

 

City Developments’ (CDL) Shelford Suites in Shelford Road has also started previews for its 77 units at about $1,600 psf on average.

 

Market watchers said this was lower than expected, as two units were sold in March for $1,869 psf and $1,905 psf.

 

Shelford Suites’ launch had been delayed for months as CDL waited for sentiment to improve.

 

Property consultants say the act of lowering prices may be the beginning of the end of a months-long stand-off between homebuyers and home sellers that has led to a slump in transactions.

 

Would-be buyers have proved strongly resistant to current property prices, which have jumped 36 per cent in the last five quarters, while sellers have refused to reduce their prices until now.

 

But while lowering prices may jump-start the market, a one-off reduction may not be enough to sustain sales, said Mr Colin Tan, the head of research and consultancy at Chesterton International.

 

‘Developers will have to continue to reduce prices if they want to maintain sales, as many projects are still out of the reach of owner-occupiers,’ he said.

 

Meanwhile, developers are gearing up to launch more mid-tier projects for an increasingly price-sensitive market.

 

East Bay, a 40-unit condominium at Tay Lian Teck Road off Upper East Coast Road, will be on sale in the coming weeks. Prices average $1,100 psf, starting at about $600,000.

 

Also in the east, Ivory at Ceylon Road has sold about five of its 28 units. Prices start at $558,000 for a 640 sq ft two-bedroom apartment, averaging $800 psf.

 

At 353 Pasir Panjang Road, a 19-unit boutique project will be completed soon, though sales have just started. A handful of units have been sold so far, with one-bedroom apartments going for $550,000, and three-bedroom units priced at $1.4 million to $1.5 million.

 

ONE-TIME PRICE CUT NOT ENOUGH

 

‘Developers will have to continue to reduce prices if they want to maintain sales, as many projects are still out of the reach of owner-occupiers.’

 

MR COLIN TAN, head of research and consultancy at Chesterton International, who thinks one-off price reductions may not be enough to sustain sales

 

 

Shelford Suites

Sold in March for: $1,869 psf – $1,905 psf

Current price: $1,600 psf

 

Dakota Residences

Planned price: $1,000 psf – $1,100 psf

Current price: $950 psf

 

 

 

 

 

 

 

 

Source: Straits Times

Developers to unveil more modestly-priced condos

Developers to unveil more modestly-priced condos

Dakota slated for preview this month at under $1,000 psf average, lower than earlier indicated

 

(SINGAPORE) Developers are getting ready to release mass- to mid-market condos, encouraged by the response to modestly-priced developments recently.

 

City Developments Ltd (CDL) previewed Shelford Suites about a week ago at an average price believed to be around $1,550 psf, although CDL’s spokeswoman said the average price for the five-storey freehold project in the Shelford/Adam roads vicinity is in the $1,500 to $1,700 psf range.

 

The property giant is also aiming to preview by the end of this month or early July the first phase of Livia, a 724-unit condo at Pasir Ris Drive 1.

 

The 99-year leasehold condo, near Pasir Ris MRT Station, is being developed by a joint venture involving CDL, Hong Realty and Hong Leong Holdings.

 

‘The average price will be revealed closer to the preview,’ CDL’s spokeswoman said.

 

However, market expectation is that CDL will price the project attractively, at below $700 psf for the initial phase.

 

Those taken in by the charms of riverfront-living close to the city can look forward to Ho Bee’s and NTUC Choice Homes’ preview of The Dakota later this month.

 

The average price of the 99-year leasehold condo is expected to be ‘under $1,000 psf’, BT understands. This is lower than than the $1,000-1,100 psf average price expectation Ho Bee had indicated in June last year when the developers emerged as the top bidder for the plot at a state tender.

 

The 348-unit project is expected to be 20 storeys high and will front Geylang River. It will also be close to Dakota MRT Station, which opens on the Circle Line next year. The Dakota will comprise six blocks with a mix of two-, three- and four-bedroom apartments, and penthouses.

 

Over in Pasir Ris, CDL’s spokeswoman said that the company is in ‘in the final stage’ of preparing a phased soft launch of Livia. The condo is targeted at the mass market and will comprise several blocks of 15 to 16 storeys with two-, three- and four-bedroom apartments, and penthouses.

 

Elsewhere on the island, freehold projects with tiny studio units dubbed ‘shoebox apartments’ (ranging from under 400 sq ft to about 500 sq ft in size) in places like Sophia Road and Race Course Road, have been selling fairly quickly at around $1,100 to $1,400 psf in the past couple of months.

 

Over in the Botanic Gardens vicinity, UOL Group, Kheng Leong and Orix Corporation will officially launch today Nassim Park Residences condo.

 

Nearly 50 units have been sold at an average $3,000-3,200 psf since the preview began the week of Vesak Day, although this is expected to go up slightly from today.

 

 

Testing the market: CDL previewed Shelford Suites about a week ago at $1,500-$1,700 psf. The group is also aiming to preview the first phase of Livia, a condo in Pasir Ris, by month’s end or early July.

 

Source: Business Times

New Project Launch by Developer: Shelford Suites

New Project Launch by Developer

 

Address: 16, 16A & 16B Shelford Road

 

Tenure: Freehold

 

Type of Development: 3 blocks of 5-storey residential units with a basement car park, swimming pool and communal facilities

 

Total Unit: 77 units

 

Unit Mix: 2/3/3PH/4PH

 

Payment Scheme: Deferred and Progressive

 

Special Features: Private Lift Lobby for all residences

 

Selling Point:

          Panoramic vista of nature’s greenery and the city skyline

          Walking distance to Botanic Gardens and the future Botanic Gardens MRT Station

          Located within 1km of Nanyang Primary School and Raffles Girls’ Primary School

          Conferred the BCA Green Mark Gold award for integrating green innovations in the condominium

 

 

 

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.