Draycott condo prices upped to $1,800 psf
The Arc sees strong foreign interest; Yishun houses also launched this week
BS Capital’s The Arc at Draycott luxury apartment project and Allgreen Properties’ The Shaughnessy cluster housing development in Yishun are being officially launched this weekend, marking the start of ad campaigns, following earlier previews.
BS Capital has sold 39 of the total 58 units at its freehold project, The Arc at Draycott, for about $1,700 per sq ft on average since November/December last year when it first marketed the project in Hong Kong and Jakarta.
It is now raising the average price for the remaining 19 units to about $1,800 psf.
Foreigners are understood to have bought about 60 per cent of the units sold so far in the 36-storey development.
The 4,144 sq ft duplex penthouse was sold for $7.25 million to a Pakistani investor, who also bought another apartment in the development. A Hong Kong family bought five units.
The project has also seen strong interest from British, French, German, New Zealand and Indonesian buyers.
‘We have received a very encouraging response from buyers around the globe during our soft preview,’ BS Capital’s CEO Chin Teck Chuan said in a statement yesterday. CB Richard Ellis and Savills are jointly marketing The Arc.
The remaining 19 apartments in the project are mostly two or three-bedroom units with prices ranging from $1.9 million to $2.5 million.
BS Capital is developing The Arc at Draycott on the former Falcon Crest site which it bought in 2004 for $40 million through a collective sale.
That price worked out to $671 psf of potential gross floor area inclusive of an estimated development charge of $11.25 million. The breakeven cost was reported at about $1,000 to $1,100 psf at the time.
Over in the Yishun area, Allgreen is also raising the average price of The Shaughnessy, a 99-year leasehold strata terrace housing project, from $245 psf during the preview in October last year to $250 psf for this weekend’s official launch.
It is releasing another 28 units now after selling all 50 units which it had earlier released during the preview.
The project comprises a total of 254 units of three-storey strata terrace houses which come with a roof garden plus a basement.
The strata areas of the units range from 3,250 sq ft to 4,300 sq ft, says marketing agent DTZ Debenham Tie Leung. Prices range from $790,000 to $890,000 per unit. The developer is offering buyers a deferred payment scheme.
BS Capital is also expected to release later this year a 43-storey development in the Shenton Way area called The Lumiere.
The CBD apartments will offer a ‘home-office living concept’. BS Capital will develop the project on the site currently occupied by the HMC Building at Mistri Road.
Source : Business Times - 9 Mar 2006
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