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Weekend launches draw big crowds

Posted on 2 Jul 2013 | Comments Off

New private residential projects launched over the weekend received healthy interest from potential buyers, according to media reports.

J Gateway in Jurong which is being developed by MCL Land received 1,400 blank cheques as of Saturday, while 1,500 people showed up for the balloting. Overall, 736 of the 738 available condo units were snapped up.

Koh Teck Chuan, Chief Executive Officer of MCL Land, said most buyers had local addresses around Jurong. They were especially drawn to the project due to its proximity to Jurong East MRT station and new amenities planned within the area.

On average, units were going for S$1,480 psf, Koh said. One-bedroom units were selling for about S$1,778 psf which was higher than the expected S$1,650 psf, while four-bedders were priced at S$1,400 psf.

While the psf prices were slightly high, they were worth it due to expected strong rental demand from expats, said buyer Shirlyn Ng.

MCC Land has also relaunched its Forestville EC after it was briefly halted due to unapproved development changes. The first day of sales for the Woodlands project ended with 210 of the 653 units sold as of 5pm.

Meanwhile, Hong Leong Holdings has unveiled One Balmoral in District 10. With prices starting at S$1.5 million, the 91-unit freehold project offers one- to four-bedroom unit types at between 592 to 1,657 sq ft.

Source – PropertyGury – 2 Jul 2013

Comments Off on Weekend launches draw big crowds

Posted in New Launches, Property Market / Real Estate

Tagged Hong Leong Holdings, J Gateway, MCL Land, One Balmoral, private residential projects

High prices at new condo will test buyer demand

Posted on 12 Jun 2013 | Comments Off

J Gateway, an upcoming condo in Jurong East, is expected to sell units for as much as S$1,600 psf — a price that will test buyer demand for suburban homes, according to analysts.

Developed by MCL Land, the 738-unit project is expected to sell a 474sq ft one-bedroom unit for as high as S$1,650 psf while a 1,163sq ft four- bedder could go for S$1,450 psf on average, said marketing agent Huttons.

While the S$1,650 psf selling price would be a record for Jurong East, International Property Advisor Chief Executive Ku Swee Yong said, buyers will likely be drawn to buy as J Gateway is the first condo near the Jurong East MRT station in 10 years. For instance, an agent said he has received 100 queries from interested buyers in just a matter of three weeks.

R’ST Research Director Ong Kah Seng agreed that the condo’s location is its strongest selling point. “A lot of buyers are excited about projects in new growth areas. I would suppose Jurong East is able to offer that.”

Meanwhile, Alan Cheong, Research Head at Savills Singapore, said: “If you adjust for J Gateway’s location within the new Jurong Lake District, the range of S$1,450 psf to S$1,650 psf is definitely expected.”

Cheong also noted that if J Gateway is well-received with its launching prices, it will likely create a ripple effect on the prices of other homes in the area.

“It’s like disturbing a quiet pond. With one mega launch like this, it will certainly create waves around the region,” added Choeng.

Source – PropGuru – 12 June