More property projects prepare for launching

Even as Hong Leong Group is understood to have sold about 160 units at Bartley Residences last week, other developers are getting ready to roll out their projects in the next few months.

These include Tuan Sing’s Seletar Park Residence; Far East Organization’s Greenwood Mews (a 62-unit cluster housing development in the Bukit Timah area) and 416-unit Hillsta condo in Choa Chu Kang; and Frasers Centrepoint’s Palm Isles condo at Flora Drive in the Upper Changi area.

Those looking for strata office units can also check out Far East’s PS100 next month, which will comprise 100 units of 402 sq ft to 507 sq ft spread across five levels (7-11) of a 27-storey tower at Peck Seah Street near Tanjong Pagar MRT Station. The tower will also include the 314-room Oasia Downtown Hotel. The strata offices will have a floor-to-floor height of about five metres – higher than the 3-3.5 metres for typical offices.

PS100 is slated for completion next year.

Over in Seletar, Tuan Sing is expected to preview around mid-March its 99-year leasehold condo, Seletar Park Residence. Pricing for the 276-unit, five-storey development is expected to take after The Greenwich next door, where transactions have ranged from $1,244 psf to $1,512 psf over the past four months based on caveats data. However, as an analyst points out, half of The Greenwich’s 319 units are one bedders, allowing higher per square foot pricing to be extracted.

As for Seletar Park Residence, 93 or a third of the project’s units are one-bedders. The project has 113 two-bedders, 46 three-bedders and 24 four-bedroom apartments.

The project is being designed by award-winning SCDA Architects. Tuan Sing is developing Seletar Park Residence on a site that it clinched at a state tender in December 2010 for $468 per square foot per plot ratio (psf ppr).

‘We are preserving a row of raintrees on the site and will design a board walk and tree house around them, as part of our ‘green’ and sustainability efforts. We will also include a golf driving simulator room in our project,’ said Tuan Sing chief financial officer Chong Chou Yuen.

The group also has another 99-year leasehold condo plot, next to Potong Pasir MRT Station, on which it is planning a project of about 312 units, including townhouses. A launch is likely around end-June, said Mr Chong. The project is being designed by MKPL Architects.

Tuan Sing has a third residential project, at the freehold Serene House site in the Cluny Park Road area opposite Botanic Gardens MRT Station. The 63-unit low rise project is likely to be released towards end-September, Mr Chong estimated.

For the whole of last week (Feb 20-26), Far East sold 66 units including joint venture projects. The three top-selling projects were Watertown in Punggol (17 units), The Hillier in the Hillview area (14 units) and euHabitat at Jalan Eunos (four units sold). To date, 917 of Watertown’s 992 units have been taken up since sales began in January. As for The Hillier, 446 of its 528 units have found takers, while the 748-unit euHabitat has seen 651 units being snapped up.

Hong Leong meanwhile is said to have sold some 160 units at Bartley Residences since Tuesday last week. The average price after discounts is $1,240 psf.

Source: Business Times – 28 February 2012

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