Property market all abuzz as new condos go on sale

Property or home market almost all abuzz while new apartments go on sale

The property landscape is upgrading the tempo over the up coming few weeks with two brand-new condominiums ready to hit industry.

Sales will likely be closely enjoyed for symptoms of how the arena might work out in the start of the year.

The start off gambit turns on Saturday when show-flat frees for the 505-unit Clement Canopy challenge in Clementi.

A week once, 720-unit Abondance Park Households in Tanah Merah definitely will open her show-flat meant for viewing.

Revenues for Clement Canopy remove on February 25, even while Grandeur Keep Residences go on sale at the begining of March. Two other apartments – Park your car Place Houses at Paya Lebar Fraction and Seaside Residences in Siglap – are expected to be on the market by April.

Grandeur Park is being developed by CEL Development, part of Chip Eng Seng Corporation.

Chip Eng Seng chairman and chief executive Raymond Chia told a briefing yesterday that the company is hoping for a similar level of success as that it had enjoyed at its High Park Residences in Sengkang, which had sold like hot cakes. The project has just eight units left after selling nearly 1, 100 of the 1, 399 units in its first weekend of sales in July 2015.

Mr Chia said that High Park faced competition from new launches in the area, but managed to grab the market’s attention with “good product and affordability”.

Grandeur Park will ride on the same success formula, he added, but with a focus on wellness. The condo has tied up with Amore Fitness to offer fitness classes and spa facilities.

CEL executive director Chng Chee Beow added: “With good location and good design, we think that, in this challenging market, we should do well. ”

Mr Chia said that the average price for the project will be about $1, 350 per sq toes (psf).

Sections range from one- to five-bedders, with price ranges from 550 dollar, 000 for the one-bedroom system. The two-bedders, which make ” up ” 45 % of the total units, originate from $700, 000.

While property sales had been subdued on December with just 367 units purchased, the number of innovative private homes sold not too long ago hit six, 972, ” up ” 7 % from 2015.

Analysts explained that CEL can be adopting a good priced-to-sell method for the large advancement, given the uncertainties already in the market. The average typical transacted price ranges for plans in the neighbourhood were bigger.

The Glades sold pertaining to $1, 440 psf even though Urban Sagacidad recorded normal prices of $1, 487 psf.

Nevertheless , Grandeur Park your car Residences people competition from 843-unit Bch Residences and Park Destination Residences, which could have 429 units and is particularly part of a big integrated advancement with place of work towers and a retail mall.

Adapted from: The Straits Times, 10 February 2017

West Coast Vale site draws top bid of $292m

China Construction Development has put in the top bid of $292 million in a hard-fought, nine-way battle for a residential land parcel in West Coast Vale.

The bid of $592 per sq ft per plot ratio (psf ppr) was towards the upper end of expectations.

Analysts said that it reflects optimism that the residential market will continue to improve. Private home sales in 2016 grew nearly 16 per cent over the previous season and is required to improve further more in 2017, while value declines have already been moderating.

It’s led to the perception which the market is nearer to the bottom and contributed into the firm highest taker for this issue site.

The West Sea-coast Vale 99-year leasehold piece was launched with Dec six. The put forward closed this morning.

Close at the rear of, in second spot, MCC Land tendered $289. hunting for million, as well as about $587. 3 psf ppr, pertaining to the package with a web page area of regarding 176, 294 sq toes – towards the top end with the expected $450 psf ppr to $600 psf ppr range.

The following plot is a last web page to be vended on the Government Area Sales proven list pertaining to 2016 plus the profiles with the bid gatherings reflect attraction from a few relatively newer developers and small-cap players who find the quantum affordable and easy to manage.

This will negate the risks for developers making their first foray into the residential market.

The top bid was 7. 4 per cent above the $551 psf ppr paid for the adjacent Parc Riviera site as it is slightly farther from the Ayer Rajah Expressway.

The West Coast Vale site is also somewhat near the Jurong Lake District and malls like Jem.

The site is in an enclave of private developments, an established area close to the park connector network along Sungei Pandan. Also, it requires the use of prefabricated materials which will help to keep a lid on construction costs.

Analysts also noted that nine bidders was a good turnout for this site.

Adapted from: The Straits Times, 20 February 2017