Condo launching in Pasir Ris, price likely at S$900 psf

Stratum, a near residential development along Elias Road in Pasir Ris will be launched this Saturday (18 May).

Offering a resort-style concept, the 380-unit project comprises apartments ranging from studios to five-bedroom units and penthouses. Dual-key homes will also be available.

Developed by Elitist Development, the condominium will also come with full facilities including two large swimming pools, a gymnasium, tennis court and floating cabanas.

According to marketing agent HSR International Realtors, Phase 1 will likely be offered at an average psf price of S$900.

Alan Tan, Head of Local Projects at HSR, noted: “As Government Land Sales (GLS) bids for city fringe residential land parcels crossed S$1,100 psf ppr (the most recent being at Kim Tian Road, was priced at S$1,162 per plot ratio), it is inevitable that the prices of future residential projects would be launched at even higher price points in line with an overall increase in property prices. Pasir Ris’ private housing is affordable now, but not for long.”

Responding, Elaine Chow, Research Head at HSR, said: “We have conservatively assumed (in tandem with an economic outlook) that there will be a two percent to five percent increase in prices on a year-on-year basis. But even with this estimate, the median price for new private residential projects in Pasir Ris will certainly breach the S$1,000 psf by end-2013, if not earlier.”

Source – PropGuru – 16 May 2013