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The former is going for $550 psf on average and the latter, $462 psf

AFTER the Chinese New Year break, two projects will be launched officially this weekend - GuocoLand’s The Stellar condo at Pasir Panjang, on the former Greenacres site, and Novelty Group’s Amanusa cluster terrace housing development in the Upper Thomson area. Both projects are freehold.

The five-storey Stellar condo is priced at $550 psf on average and GuocoLand is offering buyers a deferred payment scheme. The group sold about 30 units at the project during a preview before the CNY break - half of the 60 units it had released then.

Marketing agent Knight Frank will release more units at this weekend’s official launch, marked by the start of an advertisement campaign. In total, the condo, at the corner of Clementi and West Coast roads, comprises 162 apartments ranging from 614 sq ft to 2,271 sq ft. Some units come with private pools.

BT understands that over in the Paterson Road area, GuocoLand has sold about 70 of the 104 apartments in Paterson Residence freehold condo. The average price has gone up to around $1,470 psf from about $1,400 psf in October, sources say.

The apartments are in a 24-storey tower. The project includes six strata townhouses which GuocoLand has yet to begin selling. The three-storey houses are expected to be priced at $5.3 million to $6 million each and range in strata area from about 3,800 sq ft to 4,100 sq ft.

Buyers looking for landed homes outside the city might want to check out Novelty’s Amanusa strata cluster homes along Upper Thomson Road, a short distance from Peirce Reservoir. Marketing agent DTZ Debenham Tie Leung has sold seven of the 36 homes in the development since a soft launch on Jan 5.

The houses comprise five levels - three storeys, a basement for two car park lots, and a roof terrace. Each house will have a private lift. Strata areas range from 2,874 sq ft to 3,875 sq ft and the homes are priced between $1.3 million and $1.8 million. The average price works out to $448 psf of strata area for buyers who opt for normal progressive payment and $462 psf for those who prefer deferred payment.

While market watchers will certainly track the response to the two developments this weekend, what they are more keenly waiting for is the release of more price-defining projects, like Hong Leong Group’s St Regis Residences at Cuscaden-Tomlinson roads in the luxury segment and GuocoLand’s 625-unit condo next to Buangkok MRT Station in the 99-year leasehold mass-market suburban category.

While luxury residential values in Singapore escalated last year on the back of strong foreign interest, growth has been more sluggish in the entry-level private housing market, which relies more heavily on local buyers. This has further accentuated the two-tier property market that has emerged in Singapore, and market watchers say the gap is set to widen further.

CB Richard Ellis has forecast that luxury home prices will rise 20 per cent this year after appreciating 15 per cent last year. It also predicts a 5 per cent increase in the Urban Redevelopment Authority’s overall private home price index this year after a 3.9 per cent gain last year.

Source : Business Times - 9 Feb 2006