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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

The average price is understood to be around the $1,400 to $1,500 psf range

FRASERS Centrepoint says it has sold 37 per cent of the 417-unit condo, Soleil @ Sinaran near Novena MRT Station, at staff and VIP previews last week.

Soleil @ Sinaran

The average price for the 99-year leasehold project is understood to be somewhere in the $1,400 psf to $1,500 psf range.

Frasers Centrepoint declined to comment on the pricing yesterday, ahead of a soft launch tomorrow for those who have indicated interest in the project.

BT understands the project is being marketed by Savills Singapore and Knight Frank.

The condo has two 36-storey blocks including units with one, two, three and four bedrooms. Some of the two-bedders come with lofts.

The project’s four penthouses will each have five bedrooms.

‘Soleil @ Sinaran will feature a flagship partnership with Aramsa Spas under which residents will be able to enjoy private spa treatments at their doorstep,’ Frasers Centrepoint announced.

The condos, designed by Architects 61, will feature spa cabanas as well as entertainment pavilions where parties can be held in a poolside setting.

The entire 20th floor will be dedicated to a sky terrace with an outdoor and indoor gym and a sky garden.

Soleil is being developed on a site that Frasers Centrepoint clinched at a state tender that closed in July last year.

Its top bid of $238 million worked out to a unit land price of $507 per square foot of potential gross floor area.

Source : Business Times - 15 Aug 2007

It is expected to launch luxury project on Anderson Road next month

HONG KONG-BASED property developer Hillcrest Capital will make its maiden move into Singapore with 21 Anderson, a luxury residential development on Anderson Road.

21 Anderson

The project, which is expected to be launched early next month, will have 34 units spread over 10 floors.

‘We are very bullish on the property market in Singapore,’ Hillcrest’s managing director Lyon Lau told BT.

The company bought the Anderson Road site in February this year from Habitat Properties for about $112 million. This is thought to have worked out to $1,519 per square foot (psf) based on a total strata area of about 73,710 square feet.

In an unusual move, Hillcrest decided not to tear down the old apartment block on the site.

Instead, it is keeping the main structure but changing the building’s facade, layout and interior design and increasing the floor area. This means it can have 21 Anderson ready for occupation as soon as mid-2008.

Usually, developers take two or three years to demolish and rebuild a project.

‘We will have a time-to-market advantage,’ Mr Lau said.

He expects the project to attract interest from people who have sold their homes in collective sales and need replacement properties quickly.

Prices at 21 Anderson will be ‘competitive’, Mr Lau said. Units could go for about $3,000 psf, BT understands.

Hillcrest is looking for other projects in Singapore - residential developments in the prime districts and commercial buildings.

At 21 Anderson - designed by local firm Eco.id Architects and Design Consultancy - each unit will have its own balcony and lift and will be equipped with designer furnishing and appliances.

Source : Business Times - 14 Aug 2007

Buyers pay average of $880 psf for the 659 units at The Parc project

All 659 units of The Parc Condominium in West Coast Walk have been snapped up in less than a fortnight since the start of the month.

Prices for the freehold 24-storey condominium went as high as $1,040 per sq ft (psf) for several coveted high-floor units.

Overall, the apartments were sold at $880 psf on average, having risen from an average of about $820 psf at the start of sales.

Collective sale sellers of the former Westpeak condominium, on whose site The Parc now stands, got the first bite of the cherry on July 31. Other buyers joined in later.

The last unit was taken up by 6pm on Saturday, after which sales staff of the condominium’s sole marketing agent, Savills Singapore, threw a celebratory party at the show-flat.

The most common type of unit are three-bedders, ranging from 1,216 to 1,302 sq ft. There are 282 of them, or nearly 43 per cent of all homes. The condominium also has apartments as small as 667 sq ft and three penthouses at about 3,681 sq ft each in size.

Buyers were mostly Singaporeans, with foreigners making up less than 20 per cent of the purchasers, said the firm’s managing director, Mr Michael Ng.

The Singaporean buyers included young families and older people looking for retirement homes or homes for their children, he said. Foreign buyers included those from Hong Kong and Indonesia, he added.

Developed by construction and property group Chip Eng Seng and a Lehman Brothers unit, The Parc is near Clementi town centre and a short drive away from the National University of Singapore, Singapore Polytechnic, Singapore Science Park and one-north in Buona Vista.

Savills said professionals and lecturers from these places are potential tenants. The condominium features recreational facilities such as a 50m lap pool, jacuzzi and a toddlers’ pool on a relatively large site of 366,432 sq ft.

Chip Eng Seng bought Westpeak in a collective sale last April for $206.09 million, which worked out to $348 psf of potential gross floor area, inclusive of a development charge then estimated at $21.5 million.

Lehman Brothers came in for an equal share of the project last October.

Meanwhile, Chip Eng Seng soft-launched a high-end project with about 70 units in Peck Hay Road, near Cairnhill Circle, about a month ago.

It has since sold close to 50 per cent of the development - which sits on the former Venus Mansion site - at about $2,500 psf on average.

Next up for the developer will be the launch of a small, luxury condominium in Grange Road.

Source : Straits Times - 13 Aug 2007

Hong Leong Group is said to have sold close to 60 units at its freehold Aalto condo on the former Eastern Mansion site on Meyer Road.

The project is priced at around $1,950 per square foot (psf) on average, and so far the development has been marketed mostly overseas - in Indonesia and Hong Kong. Former apartment owners of Eastern Mansion have also bought some units in Aalto, which will have 196 apartments in two 27-storey blocks.

So far, slightly more than 100 units have been released, according to industry sources. The 60 or so units sold vary widely in pricing, from around $1,400 psf to $2,200 psf. Market watchers note the pricing is broadly in line with that of CapitaLand’s The Seafront On Meyer launched earlier this year.

Caveats have ben lodged for CapitaLand’s condo at prices ranging from $1,190-1,950 psf, although industry sources say some units have lately been transacted at above $2,000 psf. Aalto has three and four-bedroom apartments.

Hong Leong is also expected to develop another condo along Meyer Road, on a site it bought earlier this year from Della Suantio Lee, wife of Lee Seng Gee of the Lee Foundation. The group bought Eastern Mansion in a collective sale and an adjoining site at a combined unit land price of about $410 psf per plot ratio in 2005.

Source : Business Times - 11 Aug 2007