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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

A Joint venture between Chip Eng Seng and Lehman Brothers has sold about 70 per cent of their 659-unit freehold project, The Parc Condominium, at West Coast Walk, over the past week.

The Parc

The developers began selling the project on Aug 1 at an initial average price in the low-$800 psf range but this had increased to the high-$800 psf range by yesterday evening, according to the project’s sole marketing agent Savills Singapore.

As of 7pm yesterday, about 460 units had been sold and sales were still going on.

The Parc Condo’s pricing is slightly higher than that of the nearby Botannia condo, where units are going for just over $800 psf on average, up from the initial $700 psf when the project was released around March/April. The 493-unit condo, being developed by a City Developments-CapitaLand tie-up, is about 70 per cent sold. It is being built on a 956-year leasehold site.

Chip Eng Seng and Lehman Brothers are developing The Parc on the former Westpeak site. The acquisition cost of the site in April last year was $206.09 million, reflecting a unit land price of $348 psf of potential gross floor area inclusive of an estimated development charge of $21.5 million then.

Savills said that most of those who have bought units in The Parc Condo over the past week are locals, while foreign buyers made up only a small number. ‘The local buyers seem to be buying mostly for their own use; we’re seeing a lot of young families. Some purchasers also picked up units for their children. Those who sold their Westpeak homes through the collective sale last year were given the first bite of selecting units,’ a Savills spokesman added.

The development comprises seven 24-storey blocks. Units range from one bedders (plus study) to five bedders. There are nine five-bedroom apartments of 2,433 sq ft each. Penthouses come with either three or four bedrooms, the majority above 3,000 sq ft, inclusive of roof gardens. A typical three-bedroom apartment costs around $1.1 million.

Source : Business Times - 9 Aug 2007

All 366 units sold at $900 to $1,600 psf in benchmark price for District 5

UNITED Engineers has achieved an average price of $1,300 per square foot (psf) after discounts for The Rochester, a 99-year leasehold condo in the one-north precinct.

The Rochester

The price - a new benchmark for District 5 - easily exceeds the $900 psf average achieved earlier this year for One North Residences just a stone’s throw away.

Sales of The Rochester began on July 16 and all 366 units have been snapped up at prices ranging from $900 to $1,600 psf.

UE staff bought about 13 per cent of the units and foreigners, excluding permanent residents, about 10 per cent.

Foreigners - including Koreans, Japanese and Britons - bought seven of the nine penthouses. The average price per penthouse was about $6 million.

The units were sold through an expression-of-interest exercise.

‘We are extremely pleased to have set a new benchmark of $1,300 psf in average price for private property in District 5,’ said UE Group’s managing director and chief executive, Jackson Yap.

The Rochester, designed by Paul Noritaka Tange of Tange Associates, is being developed by a wholly owned subsidiary of UE.

The last time the group sold a private residential development in Singapore was more than a decade ago - UE Square at River Valley Road.

In two or three months, UE hopes to launch a boutique condo at Balmoral Crescent, in a joint venture with Kajima Overseas Asia.

This freehold development, designed by award-winning SCDA Architects, will comprise about 40 large apartments.

The current target price is $2,500 psf on average but this will be finalised closer to the launch, a UE spokesman said.

The condo will be developed on the former Balmoral View site that Kajima and UE bought in August last year for $52 million or $733 psf of potential gross floor area including an estimated $7.9 million development charge.

The 51,080 sq ft freehold site is zoned for residential use with a 1.6 plot ratio and a 12-storey height limit.

Source : Business Times - 7 Aug 2007

169 units sold at average $3,983 psf; other half to go on sale at end of Sept

LUXURY developer Wheelock Properties has sold half of the 338 units in its upmarket Scotts Square development over the past week to buyers of its previous projects, it said yesterday.

Scotts Square

The 169 units were sold at an average price of $3,983 per square foot. The highest price was $4,430 psf for a one-bedroom apartment on the 41st floor, Wheelock said.

About 63 per cent of the units were bought by Singaporeans or permanent residents. As for foreigners, the buyers were predominantly Indonesians, the developer said.

‘We have been receiving numerous enquiries from both locals and foreigners as early as 2005,’ said Tan Bee Kim, Wheelock’s executive director. ‘The private placement was offered to our established clientele who understand the outstanding value of the development since Scotts Square is one of the rare freehold luxury homes located in Orchard Road.’

Scotts Square consists of two super-luxury residential towers of 35 and 43 storeys connected by a sky bridge. An upmarket retail podium with lettable area of about 80,000 sq ft will occupy four floors in the development - from Basement 1 to Level 3.

Apartment sizes in the project range from 624 sq ft for one-bedroom units to 1,249 sq ft for 3-bedroom units. A ‘good mix’ of one, two and three-bedroom apartments were sold, a Wheelock spokesman said.

Ms Tan said: ‘We set out to sell 40 per cent of the development through private placement. However, the take-up rate and speed far exceeded our expectations and we consequently placed out an additional 10 per cent.’

The remaining apartments will be officially launched once the showflat is ready towards end-September, Wheelock said.

Wheelock’s shares closed 2 cents down at $3.04 yesterday. The stock has climbed 35.1 per cent since the start of the year.

Source : Business Times - 3 Aug 2007