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All units in phase 1 of The Vision sold out

Posted on 13 Mar 2010 | Comments Off

HONG Kong developer Cheung Kong has set record selling prices for residential projects in the West Coast area.

MEETING DEMAND
The Vision will have 281 apartments and 14 strata terrace units altogether. In view of strong demand, the developer will release another 20 units of two to four-bedders for sale this weekend

It managed to sell all 100 units released in the first phase of sale for the 99-year-leasehold The Vision yesterday. Of these, two penthouses went for $3.6 million each, which works out to around $1,332 per square foot (psf).

Buyers paid around $1,000-$1,200 psf for two, three and four-bedroom units, which start from 818 sq ft in size. Cheung Kong also sold several strata terrace units, and the highest price fetched was $3.2 million.

According to the developer’s sales manager Cannas Ho, upgraders made up more than 60 per cent of the buyers, and investors accounted for the remainder.

The Vision will have 281 apartments and 14 strata terrace units altogether. In view of the strong demand, the developer will release another 20 units of two to four-bedders for sale this weekend. Cheung Kong had planned to start the second phase of sale by Q4 this year. Whether it brings the release forward will depend on market response to the project, Ms Ho said.

Take-up so far surprised some market watchers, given that The Vision’s asking prices are higher than those of other developments nearby.

One of the newer launches in the area, City Developments’ Hundred Trees, achieved prices of above $1,100 psf in recent months. But those transactions involved mainly smaller units measuring 484 sq ft, and the project has a 956-year lease.

The robust take-up of units at The Vision ’shows the strong underlying demand for mass-market homes’, said Colliers International research and advisory director Tay Huey Ying. The prices achieved could raise the value of homes in the vicinity, and provide a guide for future launches, she added.

Cheung Kong’s Ms Ho attributed The Vision’s attractiveness to ‘good location and first-class amenities’. The site is across the road from West Coast Park and the sea.

Another developer felt that prices at The Vision are not that staggering, considering the attributes of the site, and that West Coast is home to several private housing estates. The market should not see the prices as signs of a bubble forming, he said.

Nevertheless, observers will be keeping watch on prices of upcoming launches nearby. Far East Organization’s Horizon Residences, a freehold 72-unit project in the Pasir Panjang area, could be previewed in the next few weeks.

Elsewhere, the buzz is starting for property agents promoting 76 Shenton Way. Some will be presenting information on the 99-year-leasehold 202-unit project to potential buyers today. Asking prices are said to range from $1,600 psf to above $2,000 psf, depending on the level of the units.

Agents are also gathering interest for Fragrance Group’s 161-unit Parc Elegance in Telok Kurau and Novelty Group’s Primo Residences near Kovan MRT station.

Source : Business Times – 13 Mar 2010

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Posted in New Launches

Tagged Developer Sales, Horizon Residences, Hundred Trees, New Launches, Parc Elegance, Singapore Property, Singapore Property Market, The Vision, The Vision Singapore, The Vision West Coast

Record prices eyed for West Coast condo

Posted on 11 Mar 2010 | Comments Off

An artist’s impression of The Vision in West Coast Crescent. The apartments are mostly between 818 sq ft and 1,604 sq ft. — PHOTO: CHEUNG KONG

ONE of Hong Kong’s biggest developers, Cheung Kong, has made its intentions clear for a sleepy mass market corner of the West Coast. It is asking what would be – if achieved – record prices for the area at a preview for The Vision, on West Coast Crescent.

The preview, starting tomorrow, involves the release of up to 100 units mostly priced at $1,000 to $1,200 per sq ft (psf). This puts the starting price for an 818 sq ft two-bedder at nearly $900,000.

Cheung Kong’s vision is to develop a high-end project to be the area’s most luxurious building, said sales manager Cannas Ho at a media briefing yesterday: ‘We’re not building a mass product, we’re building a high-quality product.’

That may explain the relatively high pricing for a project in something of a backwater. A property expert noted there is no particular MRT advantage there.

Experts said if the units sell at the asking prices, it would be a record for the West Coast area.

Next door, Blue Horizon registered seven deals this year at $764 to $841 psf.

Last year, Far East Organization made the news when it launched the 329-unit Centro Residences in Ang Mo Kio at over $1,100 psf – a suburban record.

Ms Ho said it is targeting upgraders, families and expatriates, and has fielded more than 1,000 inquiries in the past fortnight.

A second phase will be offered by year-end. Pricing depends on the market then, ‘but we must adjust it upwards’, she said.

She said The Vision, to boast 281 apartments and 14 strata terrace units, is near the science and lifestyle hub one-north, and educational institutions.

The apartments are mostly between 818 sq ft and 1,604 sq ft, with two four-bedroom penthouses at 2,702 sq ft each. The two-bedder is the smallest unit.

Cheung Kong is packing The Vision with stylish fittings and branded appliances designed to give the 99-year leasehold project a luxurious vibe.

For instance, the kitchen comes with a Smeg induction cooker and electric oven and the bathroom has a Hansa rainforest shower with body jet.

A clubhouse, Sky Paragon, is on the top floor of the 33-storey building, with a gym, spa, bar and function room.

At the preview, Cheung Kong will release up to half of the 14 strata terrace units, each with a built-up area of about 5,000 sq ft. Interested parties will have to submit offers, said Ms Ho.

Cheung Kong clinched the site in a state tender in March 2008 with a bid of $305 psf per plot ratio (ppr). Last year, the developer paid a much higher than expected sum of about $533 psf ppr for an Upper Thomson Road plot.

Meanwhile, Sing Holdings will hold a preview of its 229-unit The Laurels at Cairnhill Road this weekend, concurrently in Singapore and Jakarta, while Tiong Aik will preview Coralis near Marine Parade tomorrow.

About 100 The Laurels units will be released with typical units priced at $2,600 to $3,050 psf.

Over 80 units have been sold since the first special sale to ex-owners, staff and business associates was held late last month at $2,500 to $2,900 psf.

Source : Straits Times – 11 Mar 2010