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Cheung Kong launching luxury condominium at West Coast

Posted on 10 Mar 2010 | Comments Off

Hong Kong property giant Cheung Kong is launching a luxury condominium at West Coast.

It is hoping to ride on the bright outlook for the high-end residential property segment, with an expected pickup in the leasing market and demand from expatriates.

This latest project by Cheung Kong promises to stand out from neighbouring developments.

When completed, the waterfront condominium will be the only luxury residence in the area. And it will comprise an unusual mix of strata terrace homes and apartment units.

Cheung Kong is optimistic the project will attract interest.

Cannas Ho, sales manager, Cheung Kong, said: “We see this need and demand for high-end residences in this area. And also, there are new developments coming up, just like Sentosa Resorts World, which is just 10 minutes drive from our site, and also there will be a new commercial hub called One North nearby, and there are lot of international companies, IT companies.

“The leasing market is very strong in this area. There will also be the new Circle Line station just around, and this also further enhances the leasing value of this property.”

While small-sized units are popular among investors, they will not be found at the Vision. Cheung Kong has opted for relatively larger units with three to five bedrooms.

Some analysts said this may make it less attractive to investors.

Colin Tan, Head of Research and Consultancy, Chesterton Suntec International, said: “The market now is dominated by investors, so if your project is tailored towards investors, you will do well. In this market, I wouldn’t say the price is too much of a hurdle, but maybe the unit sizes.

“Normally for developers who are aiming at the investors market, they tend to make the unit smaller. In this case, these units are a bit larger than the usual sizes, so that may pose a problem for some investors. Investors generally tend to prefer smaller projects, because they feel that it is easier to flip over.”

The Vision is sold on a 99-year leasehold and will be initially priced at about S$1,000 to S$1,200 per square foot.

The strata terraces will be sold on a “best offer” basis from interested parties.

The first phase of some 100 units will be launched this Friday, and completion is scheduled for 2015.

Source : Channel NewsAsia – 10 Mar 2010

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Posted in Developers, New Launches

Tagged Cheung Kong, Developer Sales, New Launches, The Vision, The Vision Singapore, The Vision West Coast

Get first pick at condo previews

Posted on 7 Mar 2010 | Comments Off

Official property launches, often announced in full-page colour advertisements in newspapers, are for the masses.

That is when the public throngs the showflat. Individuals, couples and families with kids in tow turn up in full force. Many are not really buyers.

What can a keen buyer do to avoid the crowds? He can simply head for the VVIP preview – a preview for very, very important persons, or quite simply, a preview.

Contrary to what the name suggests, you become truly important to developers these days once you show keen interest. Gone are the days – at least for now – when some developers screened their potential buyers.

‘Previously, the VVIPs were bosses’ friends, business associates. Now, anybody with money to buy will become one,’ said a property agent who declined to be named.

‘The whole intention (of the VVIP preview) is for the property agency to assess interest, and accumulate names of potential buyers. Nowadays, we assess the interest first, before the launch.’

Indeed, previews or soft launches are a way for developers to test the market. If the preview response is strong, the developer will likely raise prices come launch time, experts said.

Take the latest mass market preview of the 608-unit The Estuary in Yishun, which was launched yesterday. During the preview, its units went for an initial average price of $750 per sq ft.

But following strong demand after a preview starting on Feb 25 for staff, business associates and its property agencies’ clients, developer MCL Land raised prices twice, by 2 per cent each time, for the new units released the following two days.

On Feb 25, about 150 units were snapped up. The next day, the figure was more than 200 units. By Feb 27, more than 300 of about 350 units that were released for sale were taken up.

For keen investors, attending a condo preview means getting the first bite of the cherry. ‘You don’t wait until the launch date to buy because the unit you want may not be available any more,’ said ERA Asia-Pacific associate director Eugene Lim. ‘Besides, the first day of the launch is usually packed.’

Buyers now do their homework way before the preview and why not, given the service property agents happily render these days? These agents now take a proactive approach and will even visit potential buyers’ homes to do presentations on a new launch.

Mr Lim said property agents started doing presentations at potential buyers’ homes last year.

Buyers can also get quite a lot of information these days on the Internet. ‘You look at the floor plans, identify which unit you want to buy, and book it with the agent, all before the preview,’ said Mr Lim.

Agents will give an indicative price range for the buyers to work with, as the property’s pricing will be announced only on the preview day.

On the day itself, the agent will book the unit for his client, as long as the client’s choice unit is available and it fits his budget, experts said.

‘There’s been a change of buying behaviour. Buyers used to want to see the showflat before they made a decision,’ said Mr Steven Tan, executive director of OrangeTee’s residential division. ‘But during the boom in 2007, they realised the units they wanted were sold by the time they arrived at the showflat.’

He added: ‘Buyers want to feel special. So agents now let them book the units first.’

Source : Sunday Times – 7 Mar 2010