Cairnhill Crest sales to resume in March
HONG Kong-based developer Cheung Kong Holdings is resuming sales of its Cairnhill Crest project, with a launch planned next month.
Property consultants say a three-bedroom unit that went for $2,045 per square foot in January was a recent high. A Chinese national who purchased it paid around $3.5 million.
Last October, a record was set at $2,200 psf for a three-bedroom unit at The Boulevard Residence at Cuscaden Walk in the Orchard Road area.
Sixty-eight units, or 27.4 per cent, of Cairnhill Crest’s total of 248 remain unsold. They are one to four-bedroom units, ranging from 818 sq ft to 2,016 sq ft. A penthouse of over 2,500 sq ft is available; the other penthouses are off the market.
Cheung Kong is releasing the remaining units in batches of 20 or so over three phases from mid-March, with the aim of selling everything by the third quarter of this year.
While Cheung Kong’s management is still finalising pricing, deputy chief sales manager Francis Wong said that prices are likely to be increased by 5 per cent with each release. In the past few months, apartments were sold at between $1,248 psf and $2,045 psf.
For the batch in March, Mr Wong is expecting the average price to hit $1,800 psf. On average, the project’s prices have reached $1,705 psf, according to Mr Wong. He added that over 70 per cent of the units are sold at about $1,400 psf.
Over 70 per cent of the buyers are foreigners, led by the Indonesians. One customer - an Indian national - bought four units of the development, while another 10, from various countries, bought two units each, Mr Wong told BT.
Cairnhill Crest has an ‘investment plan’, where it pays the monthly mortgage for three years if the buyer agrees to delegate full authority on all leasing issues within that period. The scheme was taken up by 52 per cent of its buyers.
Property consultancy Jones Lang LaSalle, which is handling the leasing, said that the lease price is between $4.80 psf and $7 psf, depending on whether the units are furnished or not. JLL national director (residential) Jacqueline Wong said that a typical three-bedroom unit would cost about $7,000 to $9,000 monthly. The yield for owners is an average of 4.2 per cent annually.
Mr Wong said that Cheung Kong is constantly looking out for new land to purchase for residential development. ‘Our group is very optimistic about the future of Singapore,’ he said. ‘The recovery of the property market can last for three to five years.’
Source : Business Times - 24 Feb 2006
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