Tag Archives: Nathan Suites

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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Prices of new luxury homes surge

Posted on 4 Mar 2010 | Comments Off on Prices of new luxury homes surge

Upmarket residential property rentals could climb 5-10% this year: CBRE

LAUNCH prices of new luxury residential projects in Singapore rose about 20-25 per cent last year and could appreciate a further 10-15 per cent this year, says CB Richard Ellis.

Waterscape At Cavenagh: So far, Hiap Hoe has sold 96 units with average selling price at about $1,880 psf

Rentals of completed luxury homes, which slid 10.5 per cent in 2009, could increase 5-10 per cent this year, according to the property consulting group.

Already, in the first two months of this year, prices have been climbing steadily, CBRE said, citing sales of 88 units at Urban Suites at $2,500 psf on average and about 35 units at The Laurels at $2,500-2,900 psf, although the latter features smaller units. Both projects are in the Cairnhill area.

Other luxury projects that will be marketed in the first half of 2010 include Ardmore 3, Nassim 8 and those on the sites of Grangeford and Parisian, CBRE said.

The Singapore residential property launch meanwhile continues to teem with activity in various market segments.

At Meyer Road, Hong Leong Holdings is releasing this week close to 60 upper-floor units at Aalto, a 27-storey freehold condo with a total of 196 units. Prices will start from $2,000 psf.

‘Absolute pricing ranges from $3.1 million for a 1,442 sq ft three-bedder on the 18th floor to $5.3 million for a 24th level four-bedroom apartment of 1,959 sq ft,’ the company said in a statement yesterday. A handful of lower-floor units are also available, from $1,500 psf.

The project was first launched in early 2008 and as at end-January this year, 118 units had been sold. Aalto comprises three and four bedroom apartments and penthouses. It is expected to receive Temporary Occupation Permit in September this year.

Hiap Hoe is also doing an official launch of its 200-unit Waterscape At Cavenagh this week. So far, it has sold 96 units. The average selling price is about $1,880 psf. The seven-storey freehold condo comprises one-to-four-bedroom apartments, and penthouses.

Later this month, Hong Leong Group could release a 202-unit project on the former Ong Building site at 76 Shenton Way. TID Pte Ltd – a joint venture between Hong Leong and Mitsui Fudosan – is also expected to preview in a few weeks Nathan Suites, a 24-storey project at Nathan Road, opposite the Malaysian High Commission. The project’s 65 units comprise two, three and four-bedroom apartments as well as penthouses.

CBRE, in its release on the luxury residential market, said that recent sales activities point to the start of a revival in this market segment. ‘It is likely that this interest in luxury homes is sustainable given the low interest rates and improving economic environment,’ the firm’s executive director, Li Hiaw Ho, said.

However, he predicts that ‘we are unlikely to see runaway prices the way we did in 2007 as homebuyers will be less impulsive and more discerning following the latest government measures’ to cool the market.

Back then, average launch prices of new luxe projects jumped from $1,800-2,600 psf in 2006 to $2,000-4,000 psf in 2007.

Overseas buyers returned at upmarket property launches in Singapore in Q4, as seen at Marina Bay Suites, Urban Suites, and Kasara the Lake, a plush villa development at Sentosa Cove. This bodes well for the market segment.

Elsewhere in Asia, prices of luxury homes in the secondary market edged up in Beijing, Shanghai, Guangzhou and Hong Kong by 6-10 per cent in Q4 2009 over the preceding quarter while remaining largely stable in other markets.

Singapore saw a 2.7 per cent quarter-on-quarter gain in average prime residential price in the secondary market to $2,260 psf in the fourth quarter. Despite strong sales, leasing demand for luxury homes remained rather fragile in some cities, with Beijing, Guangzhou, KL and Ho Chi Minh City posting a modest rental drop in Q4.

Leasing markets in Hong Kong, Shanghai and Bangkok began to gradually recover, with rents for luxury homes rising by increments ranging from one per cent in Bangkok to 6 per cent in Hong Kong.

Looking ahead, CBRE forecasts that end-users and investors may adopt a more cautious approach in the next couple of months following the introduction of measures that tighten lending for property in certain markets.

Source : Business Times – 4 Mar 2010

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