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New curbs may delay January launches

A SLEW of new residential projects that were expected to be launched this month may be delayed as a result of new curbs announced by the Government yesterday.

Experts say the string of new launches this month caters to various budgets with both suburban and higher-end launches coming onto the market.

But one project is going ahead. EL Development’s 810-unit project La Fiesta, next to Sengkang MRT station, was launched in the evening of 11 Jan 2013, earlier than the scheduled 15 Jan (tuesday).

It will feature 13 blocks of 15 storeys comprising one- to five-bedroom units. Dual-key apartments will also be for sale.

Unit sizes at the 99-year leasehold development range from 431 sq ft for a one-bedroom unit to 1,765 sq ft for a ground-floor apartment while average prices are expected to be between $1,100 and $1,200 per sq ft (psf).

The 630-unit Q Bay Residences in Tampines Avenue 10, a joint venture by Frasers Centrepoint, Far East Organization and Sekisui House, is also expected to preview next Friday.

Agents say average prices are around $1,050 psf.

Spottiswood Suites @Outram

Spottiswood Suites @Outram

The freehold 183-unit Spottiswoode Suites also had its soft launch recently with about 110 units sold at average prices of $2,200 psf. The official launch by developers Lian Beng Group and Centurion Properties is expected this month.

Agents are also out drumming up interest for Urban Vista in Tanah Merah by Fragrance Group and World Class Land. The project will have 582 homes and three commercial units and is expected to preview at the end of this month or early next month.

Marketing material suggests that prices will start from $650,000 with agents giving an indicative price of more than $1,400 psf on average.

A three-bedroom apartment, for instance, of more than 800 sq ft is expected to cost between $1.2 million and $1.35 million.

Landed project The Whitley Residences, which will have 58 strata semi-detached and three strata terraces, will also be launched.

But some of this month’s launches have already done well.

The freehold 52-unit development SeaSuites in Pasir Panjang, launched earlier this month, is almost sold out. Prices were at an average of $1,650 psf.

Mr Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group, said that developers are pushing out new projects as they had held back many of their launches in November and last month.

The year-end school holiday period and Christmas festivities typically keep home buyers away from the market.

But experts say the total number of new home sales this year might not surpass the record number last year as a cap on the number of homes that can be built on a site – which limits the number of tiny shoebox homes that can be built in a project – takes effect.

(Source: The Straits Times)

 
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Posted by on January 15, 2013 in General, Residential

 

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Developers rolling out fresh projects as year ends

Liberte @ Sarkies Road - Freehold new launch next to Newton MRT

Liberte @ Sarkies Road – Freehold new launch next to Newton MRT

THE property market usually puts its feet up as Christmas and New Year approach, but this year looks to be an exception with a string of new launches planned.

Forget the school holidays and festive wind-down; developers are keen to push out their projects while the housing market is still healthy.

They have prepared landed and non-landed projects with thousands of units slated for release.

Launches that could be pushed out by the year end, market conditions willing, include The Whitley Residences in Whitley Road, Liberte in Sarkies Road, Kingsford @ Hillview Peak, Village @ Pasir Panjang, Echelon near Redhill MRT station, Michaels’ Residences in Chestnut Avenue, Trilinq in Clementi and Spottiswoode Suites in Spottiswoode Park Road.

At least three other executive condominium projects – CityLife @ Tampines, Forestville in Woodlands and The Topiary in Sengkang – are also expected this month alone.

The launches range from landed to non-landed homes, and mass market to high-end apartments, so home buyers with a range of budgets and preferences will be spoilt for choice.

Marketing materials for freehold strata-landed housing project The Whitley Residences in district 11, for instance, put prices at $850 per sq ft (psf) and above.

The Hoi Hup Realty development consists of 58 semi-detached homes of 5,199 sq ft to 7,104 sq ft and three terraced houses of between 4,801 sq ft and 6,620 sq ft.

The 700-unit suburban executive condominium project The Topiary will have units ranging from 753 sq ft to 2,476 sq ft. Prices range from $580,000 for a two-bedroom unit while penthouses are expected to fetch at least $1.28 million.

Online applications opened last Friday while sales will start on Friday.

SP Setia’s 483-unit Eco Sanctuary along Chestnut Avenue in Bukit Panjang recorded almost 200 sales since its preview two weekends ago, and is expected to be officially launched over the weekend. Prices start from $900 psf, say marketing agents.

But some developers have chosen to delay their launches until next year.

Tuan Sing Holdings’ Sennett Residence in Potong Pasir will be released next month, said chief financial officer Chong Chou Yuen, although marketing agents are already collecting interest.

He cited the slower festive and school holiday period as part of the reason for the later launch.

Sennett Residence will have 338 units comprising one- to five-bedders and penthouses. It will also have three 18-storey towers and a five-storey block with an Olympic-size pool at the top. Market watchers expect prices to start from about $1,400 psf.

Experts note that developers are keen to ride on the wave of robust new home sales this year.

Mr Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group, said: “Buying sentiment is still good and we are headed towards a record year of sales, so developers are keen to continue building on that momentum.”

Low interest rates are also supporting the market, he added.

There were 19,507 private homes sold in the first 10 months of this year – easily eclipsing the record of 16,292 sold in the whole of last year.

HSR Property Group special adviser Donald Han said prices at new launches are likely to plateau in the short term given the October cooling measures.

“But if you look at how land prices have been moving over the past few months, it looks like there could be further price upside for certain launches that take place in the second or third quarter next year after this period of stabilisation,” he added.

(Source: The Straits Times)

 
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Posted by on December 3, 2012 in General, Residential

 

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