Thursday, December 1, 2011

2nd Bedok waterfront project to be launched

Straits Times: Thu, Dec 01
ANOTHER new waterfront private residential development is about to be launched for sale in the Bedok neighbourhood, hot on the heels of CapitaLand's controversial Bedok Residences project.


Called Archipelago, the 577-unit development is a collaboration between the UOL Group and Singapore Land.


Between 180 and 200 units will be up for sale during the first phase of the launch, with preview sales expected to start from tomorrow.


Situated in Bedok Reservoir Road, facing the reservoir, it is priced below the recently launched CapitaLand project nearby, which sparked debate on its queuing system for applicants.


Average prices for Archipelago are slightly above $1,000 psf. It is understood that the smallest 527 sq ft one-bedroom units will be priced below $600,000, which translates to around $1,138 psf.


Bedok Residences achieved an average selling price of $1,350 psf. Showroom lists priced a 517 sq ft one-bedroom unit from $669,200, which works out to $1,295 psf.


Apartments at Archipelago are a mix of one-, two-, three-, four- and five-bedroom units and penthouses.


Units with studies are also available. Homes are larger too, averaging 1,332 sq ft.


The Straits Times was also told bigger units make up a majority of the homes at the development, with two- and three-bedroom apartments making up 63 per cent of the total homes.


Twenty-four strata-titled landed homes are also included. Foreigners will be eligible to buy the three-storey homes of more than 4,000 sq ft, expected to cost above $3 million each.


Archipelago's developers have appointed DTZ, Savills, Knight Frank and CBRE as the marketing agents for the project.


Giving an update on sales figures, a CapitaLand spokesman said more than 80 per cent of the 583 apartments at Bedok Residences have been sold since the project went on sale last week.


CHERYL LIM


Source: The Straits Times © Singapore Press Holdings Ltd

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Martin Koh/ Sherry Tang
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