Soleil@Sinaran sets new benchmark for District 11
The soft launch of property development “Soleil@Sinaran” on Thursday has set a new benchmark for the District 11 area.
About 80% of the more than 400-unit condominium, developed by Frasers Centerpoint Homes, has been sold.
Many prospective home buyers seem to be comfortable with the going rate of $1,500 per square foot.
That means a two-bedroom unit costs about S$1.5 million, while a three-bedroom or four-bedroom unit sells for between $2 million and $2.5 million - making it the most expensive condominium sold to date for the District 11 area.
“For the time being, it really is. But there are a lot of other developments around this area. Newton is becoming a very choice location now, a good alternative to Orchard Road,” says Cheang Kok Kheong, Chief Operating Officer of Frasers Centerpoint Homes.
Prices of other condominiums in the Newton-Novena area average about $1,200 psf.
Soleil@Sinaran’s neighbouring freehold condominium Appleton View is going for $1,200 psf in the resale market.
Down the road, Newton One averaged about $1,300 psf just last month.
Soleil@Sinaran’s new price tag suggests the property market is not about to cool off anytime soon.
“It’s definitely a benchmark, we’ve not seen prices like that for a 99-year leasehold properties in that area. We saw the highest prices in 1996, and in 1998 during the financial crisis, we saw the lowest in prices. The cycle is about 13 years… Therefore the next highs would probably be around 2009, maybe 2010. But to be fair, cycles can change,” said Chris Koh, director of Dennis Wee Properties.
But some analysts said what goes up must come down.
They worry that it is speculative and it’s the foreign buyers that are pushing up the property prices.
So what should you do?
Koh advised home buyers to buy within their means.
Another advice - look outside of Districts 9, 10 and 11 where prices are still relatively affordable for now. - CNA /ls
Source : Channel NewsAsia - 16 Aug 2007
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