Tag Archives: CDL

Time is ripe for Quayside Isle launch

Posted on 16 Oct 2009 | Comments Off on Time is ripe for Quayside Isle launch

Recent months have seen a return of buying interests to Sentosa Cove. Last week, SC Global announced that its residential project, Seven Palms Sentosa Cove sold 6 out of the 10 released units at an average selling price of S$3,300 psf. In the sub-sale and resale markets, prices of other condominium projects on Sentosa have also recovered firmly in 2H09. We think that the time is ripe for City Developments (CDL) to launch its Quayside Isle Collection project soon. While we previously assumed a bear-case scenario pricing of S$1,400 psf for the project, we are now raising our selling price estimate to S$1,900 psf. As such, our projected profit contribution from the residential component of the Quayside Isle Collection project has now been raised from S$209.7m to S$386.2m. Our fair value of CDL has now been raised to S$9.83. We maintain our HOLD rating on CDL.

Summary of caveats lodged for Sentosa Cove projects Continue reading →

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Posted in Developers, Luxury Property, Property Price, Sentosa Property

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Developers ready to launch, but may hold their fire

Posted on 3 Oct 2009 | Comments Off on Developers ready to launch, but may hold their fire

Many looking at market conditions, competition before deciding launch date

DEVELOPERS are busy getting projects launch ready. However, whether they release them by this year’s end or next year will depend on market conditions, ‘ground feedback’ from potential buyers and the segment of the market the projects are in.

Far East Organization began previewing its Alba condo at Cairnhill Rise this week. The property giant is believed to have released 18 units up to the seventh floor of the 18-storey freehold condo, which has a total 50 units. The 18 units range from 1,862 to 2,250 sq ft.

Under the project’s ‘white plan’, Far East can customise apartment layouts to suit buyers’ preferences. The developer told BT that prices start from $2,400 psf. Alba comprises a single Y-shaped tower; most floors will have three units per floor although there are two levels in the development with just one unit per floor.

Oxley Land also began previewing Suites@Guillemard at Lim Ah Woo Road yesterday. The five-storey freehold project comprises 72 units, of which 45 are smallish one-bedders of 258-527 sq ft. The smallest unit is said to have been snapped up at about $400,000. As of 6pm yesterday, more than 50 units in the project were said to have been sold. The average price is believed to be about $1,000 psf. No interest absorption scheme (IAS) was offered. Continue reading →

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Posted in Developers, New Launches, Property Price

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