Property counters hit, but several projects primed for launching
Some developers are proceeding with plans to launch their projects despite measures announced by the government on Monday to cool an overheating private housing market.
CapitaLand Residential yesterday began previewing at its office the Interlace condo to former owners of Gillman Heights from whom it bought the site for the 99-year leasehold project. Prices of units range from $850 to $1,150 per square foot, a CapitaLand spokeswoman told BT.
Likewise, GuocoLand is proceeding to preview its freehold Elliot at the East Coast project this weekend at an average price of about $950 psf. Prices of a typical three-bedroom apartment in the development will start from about $1.2 million. The low-rise condo, with a total 119 units, comprises eight blocks which will be five storeys high and a three-storey block.
City Developments is also understood to be rushing to get its showflat ready for a possible preview next weekend of its Hundred Trees condo on the former Hong Leong Gardens site in the West Coast area.
The government’s cooling measures include scrapping the interest absorption scheme (IAS) and restarting confirmed list land sales in first half 2010.
‘Knowing that the government is coming up with more land, developers who have even marginally profitable projects may want to clear the decks and launch their projects this year,’ said Knight Frank chairman Tan Tiong Cheng.
A developer said: ‘Most of us feel the impact on demand from the removal of IAS will be more psychological than real as only a minority of buyers have been opting for it in recent months in projects where we charge a price premium for the scheme.’ Continue reading
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