Tag Archives: 76 Shenton Way

Shenton Way project draws buyers early

Posted on 19 Mar 2010 | Comments Off on Shenton Way project draws buyers early

Agents collecting cheques even before next week’s preview

Prices of units at the 39-storey 76 Shenton condominium, seen here as an artist’s impression, range form just below $1,700 psf to $2,500 psf. — PHOTO: HONG LEONG HOLDINGS

BUYERS are said to be already showing interest in a condominium project in the Central Business District, although the preview will not be until next Thursday.

Property agents have apparently collected cheques from buyers for the 99-year leasehold development in Shenton Way, according to sources.

Pre-marketing is common these days, with agents busy drumming up interest before the preview, so some buyers try to get in early.

‘On the ground, there seems to be a lot of interest, but the real test will come next week when it is previewed,’ said one agent.

A property expert added: ‘New launches are hot today, but the older condos are forgotten.’

The 39-storey downtown condominium – called 76 Shenton – is being developed by Hong Leong Holdings. It is at 76 Shenton Way in Tanjong Pagar on the site that used to house the Ong Building, next to Lippo Centre.

Prices range from just below $1,700 per sq ft (psf) to $2,500 psf, with units on the 23rd to 27th floors being quoted at $1,900 psf to $2,200 psf.

It will have 202 units – all below 1,000 sq ft – and seven shops.

‘Smallish units are still in play and attracting strong buying support,’ said Mr Michael Ng, managing director of Savills Singapore, linked to one of the marketing agents, Huttons.

Knight Frank is the other marketing agent.

‘The bite-sized units are very palatable… City living is also finally taking off now that the Marina Bay Sands integrated resort will open soon.’

The project will have 134 one-bedders ranging in size from 592 sq ft to 624 sq ft and 68 two-bedroom units of 969 sq ft to 980 sq ft.

The Residences at W Singapore, being developed by City Developments in Sentosa Cove, will also be released for sale next week, as will Ho Bee’s Sentosa Cove project, Seascape.

Hong Leong is also in final preparations to launch the 65-unit Nathan Suites in the Bishopsgate area, said its spokesman.

Talk is that the freehold Nathan Suites – located next to Regency Park – will sell for around $2,000 psf.

Apart from these high-end projects, developers are also preparing to release mid-range residences.

These include Frasers Centre-point’s 393-unit project on the old Flamingo Valley site in Siglap and Far East Organization’s 104-unit freehold project, The Sound, in Telok Kurau.

The spate of launches comes amid a buoyant market, with sentiment especially high for new releases.

Developers sold 2,676 new private homes in the first two months of the year, more than the 2,552 homes sold in the first quarter of last year.

Cheung Kong (Holdings) sold at least 160 units of The Vision in West Coast Crescent recently for a whopping $1,000 psf to $1,200 psf after a few rounds of marketing.

Source : Straits Times – 19 Mar 2010

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Cheung Kong has a grand Vision for the West Coast

Posted on 11 Mar 2010 | Comments Off on Cheung Kong has a grand Vision for the West Coast

CHEUNG Kong has set its sights on building the tallest – and perhaps priciest – condominium project in the West Coast area.

The Hong Kong developer will launch The Vision at West Coast Crescent this weekend. It plans to release no more than 100 units at the 99-year leasehold project, and the average asking price will range from $1,000-$1,200 per sq ft (psf).

The Vision comprises 281 apartments and 14 strata terrace units. The apartments will be housed in two towers – one with 33 levels and the other with 32. The project will be the tallest residential development in the area, said Cheung Kong sales manager Cannas Ho yesterday.

It will have two-, three- and four-bedroom units ranging from 818-1,604 sq ft. There will also be two penthouses. Going by the average asking price cited, a four-bedder could cost about $1.9 million.

The target psf price tag for units at The Vision looks high compared with those at developments nearby. Just next door is the 99-year leasehold Blue Horizon, which was launched around 2001. Units there went for $764-$808 psf last month, as caveats lodged show.

Homes at ClementiWoods Condominium in the vicinity changed hands at $836-$957 psf last month. It has a 99-year lease and entered the market in 2007.

But Cheung Kong is marketing The Vision as a high-end project in the West Coast area – and that probably shows in the asking prices.

According to the developer, the construction cost is ‘high due to the quality finishes and high-end fittings used’.

For instance, Cheung Kong says it will cost about three times more to build a bathroom in The Vision than in a typical condominium.

The developer says it is confident there will be demand because of several factors. For one thing, the site is across the road from West Coast Park, and about 70 per cent of units will enjoy unblocked sea views.

The area is also popular with expatriates. And this is a group which The Vision is targeting, besides Singaporeans.

Ms Ho expects owner-occupiers to make up the majority of buyers, and says there have been plenty of enquiries. BT understands agents have collected cheques from potential buyers.

Chesterton Suntec International research and consultancy director Colin Tan reckons The Vision’s target pricing could be ‘a bit strong’ for owner-occupiers. Investors would not mind paying, if they believe property prices will continue rising, but they tend to be more interested in one- bedroom units, he said.

‘If the launch is successful, it will set the benchmark’ for developments in the West Coast area, he said.

Elsewhere, more property launches are on their way. Agents are gathering interest for Ho Bee’s Seascape and City Developments’ The Residences at W, both at Sentosa Cove.

Sources say Seascape could be launched towards the end of the month, at asking prices of $2,700-$3,000 psf.

Agents are also advertising for Hong Leong Group’s 76 Shenton Way, said to comprise mostly one and two-bedders. BT understands it could be previewed at month-end, and agents are quoting prices above $2,000 psf.

Source : Business Times – 11 Mar 2010

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