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

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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

Homebuyers, get ready for more property launches

Homebuyers, get ready for more property launches 

Developers will release projects to capitalise on recent healthy home sales

 

A STRING of new private residential projects is hitting the market as developers move quickly to capitalise on encouraging recent home sales.

In the Kovan area alone, two new projects – Kovan Residences and D’Pavilion – are holding previews this weekend.

 

The 99-year leasehold Kovan Residences, which has 521 apartments ranging in size from 883 sq ft to about 1,700 sq ft, is next to Kovan MRT station. Prices range from just below $800 per sq ft (psf) to more than $900 psf.

 

More than 50 units have already been sold, said Mr Tony Bin, the chief executive of Centurion Properties, known until recently as Duchess Development.

 

Centurion is largely owned by well-known UOB-Kay Hian stockbroker pair Han Seng Juan and David Loh. The rest is held by private investors and Lian Beng Group.

 

Not far from Kovan Residences is another new project, D’Pavilion, priced at an average of $895 psf for the preview. This freehold 50-unit project in Upper Serangoon Road is within walking distance of Kovan MRT station. It has two- to four-bedroom apartments and six penthouses.

 

Over in Pasir Ris, the preview for 724-unit Livia has already started. It is priced at $650 psf on average, or from $597,000 to $636,000 for the two-bedroom units and $793,000 to $835,000 for the three-bedroom units. Some have been sold, sources said.

 

These launches come in the wake of healthy sales at the 348-unit Dakota Residences in Dakota Road. The developers, Ho Bee and ChoiceHomes, have sold about 150 units of the 99-year leasehold property for between $940,000 and about $3.38 million since they went on sale a fortnight ago.

 

The Sim Lian Group has also sold more than 200 units of the 308 launched units of Clover by the Park since its preview late last month. Transacted prices ranged from $582 psf to $877 psf. It has just launched for sale the remaining units at the 616-unit 99-year leasehold project in Bishan.

 

United Engineers is also ready to launch its condo-like Housing Board project in Ang Mo Kio Street 52, but it has yet to commit to a date.

 

Called Park Central, the project will have more than 550 units and comes under the HDB’s Design, Build and Sell Scheme (DBSS).

 

A market watcher said the firm will have to launch it below the prices of the previous DBSS project in Boon Keng.

 

‘They will have to learn from the Boon Keng project, which still has leftover units. When it was launched, many people came but not all later bought,’ he said.

 

The 714-unit City View@Boon Keng, which was launched in January, had 474 five-room flats priced from $536,000 to $727,000, a range that some considered too high.

 

Launches will not be confined to mass- and mid-tier properties for long.

 

Next Tuesday, Hayden Properties will launch The Hamilton Scotts, its luxurious Scotts Road project with 54 apartments and two penthouses, which all come with private car porches.

 

Still, this new project and a few others such as the freehold 100-unit Newton Road project L’VIV, were already expected.

On the market

 

Kovan Residences

Units: 521 apartments

Prices: From below $800 psf to more than $900 psf

 

 

Livia

Units: 724

Prices: $650 psf on average

 

 

Clover by the Park

Units: 616 units, of which 308 were launched earlier

Prices: Transacted prices for launched units ranged from $582 psf to $877 psf

 

 

 

Source: Straits Times