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TYCOON Kwek Leng Beng’s property firms may have been lying low so far this year, but they will not be out of the market for long.

They are now preparing a string of luxury launches to home in o n the current uptrend in high-end residences.

After City Developments’ (CDL’s) successful launch of the second tower of The Sail @ Marina Bay late last year, the next keenly awaited project is the 999-year St Regis Residences.

The branded property in the Cuscaden/Tomlinson area is not only the first in the line-up, but is also likely to be the priciest.

Market talk is that St Regis - which is jointly owned by CDL, Hong Leong Holdings and TID (a partnership between Hong Leong and Japan’s Mitsui group) - could be launched on June 1 or soon after at record-breaking prices of over $2,000 per sq ft.

Not long after, Hong Leong Holdings, which has been quietly acquiring prime sites over the years, is expected to push out the 85-unit Tate Residences, one of two luxurious condominium projects it is preparing for launch.

Located along Claymore Road and Draycott Drive, the 36-storey project should be launched no later than the third quarter of this year.

It has units ranging from 1,900 sq ft to 3,300 sq ft, as well as two large penthouses, each of which comes with its own lap pool.

Later in the year or early next year, Hong Leong Holdings plans to launch a yet-to-be-named luxury condo at Nassim Road.

It will have about 35 to 38 units ranging from 2,800 to 3,500 sq ft in size.

This site includes the freehold 45,608 sq ft former New Zealand High Commission site, which Hong Leong Holdings reportedly bought in October 1994 at a record bid of $63.88 million or $1,401 per sq ft (psf).

At that price, the break-even cost is estimated at between $1,900 and $2,000 psf, said an industry expert.

But Hong Leong Holdings thinks the units will still sell well.

‘The luxury property market sector is expected to continue to perform strongly this year,’ said its head of sales and marketing, Ms Betsy Chng.

‘Some of the high-end projects have done well recently with transaction prices reaching the $2,000 psf mark. The group is confident that the projects with prestigious addresses will be well-received.’

Hong Leong Holdings is also selling eight good-class bungalows in Jervois Hill at $600 to $640 psf. And CDL has its high-end Sentosa Cove condo among others lined up for launch this year.

Industry watchers noted that the high-end property market has witnessed strong demand from foreign and wealthy local buyers, though the mass market has yet to feel it.

‘Developers are trying to catch the wave while the high-end market is hot,’ said one. ‘The question is when the tide will turn.’

Source : Straits Times - 15 May 2006