Tag Archives: new launch

Marine Blue sold at average of $1800-2200 psf

CAPITALAND Limited sold 31 of the 50 units released during the preview of its new freehold condo project Marine Blue over the weekend, at an average price of between S$1,800 and S$2,000 per square foot (psf).

The units sold included one-bedroom-plus-study and two-bedroom ones and a penthouse, said a CapitaLand Singapore spokesman.

The price list obtained by The Business Times showed a 10 per cent discount off the listed prices.

Sited next to Grand Mercure Roxy Hotel along Marine Parade Road and within walking distance of the upcoming Marine Parade MRT station, Marine Blue comprises 120 condo units and four strata terrace houses.

The showflat in Bedok South Ave 3 first opened for viewing two weeks last month, and then closed for the year-end festive season; it was re-opened last week for the preview for buyers who had indicated interest for the project.

The spokesman said the development would appeal to young professionals and families looking for a contemporary, well-designed home in the mature Marine Parade public housing estate. The development is also near the rich heritage charm of Katong, its vibrant food belt, a transport network and amenities such as shopping malls and schools.

Recent transacted prices of freehold condo units in the vicinity, including 70 Saint Patrick’s, Coralis, SeaView and Parc Seabreeze, have fallen within the range of S$1,630 to S$1,730 psf; rents have averaged at between S$3.20 to S$4 psf per month, said SLP International executive director Nicholas Mak.

Property consultants noted that rental prospects for the project look promising, given its proximity to amenities such as Parkway Parade, Katong 112 and the East Coast Park.

R’ST Research director Ong Kah Seng said the locality has generally enjoyed strong leasing interest from expatriates and foreign professionals, who find the location a “cost-effective option in an upmarket locality”. He added that the the discounted prices were within reach of buyers, based on total debt servicing ratio limits.

He pointed out that it was becoming a norm for developers to release units during the preview to test the market. Keppel Land, for example, started selling units at its Highline Residences in Tiong Bahru during its preview; 147 out of its 500 units had been sold by the end of November.

He said: “An official launch does little to boost sales, as buyers are concerned only with pricing and discounts, not on the fanfare or other frills and sales incentives.

“So long as pricing isn’t matching up to buyers’ expectations in this cooled market, buyers will not move on a purchase even it is launched officially (with fanfare).”


UOL launching new project in St Patrick’s Road

70 St Pat concept 70 ST Pat concept2 70 ST Pat concept3DESPITE the gloom in the residential property market, developer UOL Group is confident of moving units at its latest East Coast development, 70 St Patrick’s.

Mr Liam Wee Sin, president (property), told The Straits Times yesterday that there is still “underlying demand if you have a good product”.

“The market has become more subdued and buyers are very selective… But if a development has the scarcity factor – in that it has attributes not easily found in most residential projects – as well as a strong product proposition, it will be sought after.”

Mr Liam said 70 St Patrick’s location in District 15, next to the upcoming Marine Terrace MRT station on the Thomson-East Coast Line, will be a draw.

“The residential blocks are all arranged… such that each faces a different aspect of the surrounding amenities, and this gives buyers more options,” he added.

The 186 units at the low-rise freehold project go on sale today at an average price of $1,600 to $1,700 per sq ft (psf). Prices start at $1.2 million for a 700 sq ft two-bedder and go up to $2.5 million for a 1,647 sq ft penthouse.

Industry sources said a number of buyers have already expressed interest in the development.

The project is next to the 102-unit St Patrick’s Residences, which launched last year. Units at the freehold project were sold at an average price of $1,226 psf over the past six months, according to Squarefoot Research.

UOL is also keeping busy with OneKM, the retail mall below Katong Regency, which is expected to have its soft launch next month, said Mr Liam.

The mall has 158 retail units spanning a net lettable area of 203,601 sq ft. Its anchor tenants include Cold Storage.

Mr Liam said the company is working towards growing its recurring income via a diversified portfolio in the light of the softening residential market.

In August, UOL embarked on its first overseas venture by acquiring a site in Bishopsgate, in the City of London, via a £97 million (S$200 million) purchase. It expects to operate a hotel on the mixed-use site under its Pan Pacific hotel flagship brand.

Pointing out the site’s location in London’s financial district, Mr Liam said its proximity to the Liverpool Street Station and the future Crossrail, which will link the whole of Greater London, will be a “game-changer”.

“In all our ventures, we always apply the same investment principle. There must be a scarcity factor and high connectivity and that would help translate into positive demand,” he said.

– See more at: http://business.asiaone.com/news/developer-has-faith-st-patrick%E2%80%99s-project#sthash.0S7SlpkP.dpuf

Kallang riverside launch

2014-05-07 11.01.43A freehold property launch in the Kallang Riverside/Kampong Bugis is coming soon. From the prices that the developer side is promoting, I believe it is an attraction to those who buy into the Masterplan. The showflat is opening this weekend according to the developer’s sales team. 1/2/3/PH are available.

The indicative prices according to the press on Fri ranges from $1900-2300psf. Will you consider to buy?

Little signs of market picking up?

In today’s BT, it was reported three quarters of a new launch at the Sorrento on West Coast Toad snapped up over the Easter weekend. Prices are between $1380-1600psf. Is it a sign that market is poised to pick up, or just an isolated case of good pricing, good location, or a mixture of both?