Saturday, June 9, 2012

Slow start for Stella RV condo

Straits Times: Sat, Jun 09
A RECENT new city centre launch in River Valley has had less than enthusiastic response, a recent report said, even as other suburban projects gather healthy sales.

Freehold 120-unit Stella RV in prime district 10 sold less than 20 units at its first weekend of launch at average prices of $2,100 per sq ft (psf), a UBS research report noted. The launch took place two weekends ago.

Jointly developed by Nobel Design, Pinnacle Assets Group and Fission Group, the project targets local and foreign professionals and investors.

It comprises mainly small-format units with one-bedroom plus study units at 452 sq ft, two-bedders at 517 to 581 sq ft, and penthouse units at 818 to 936 sq ft.

'Despite the small absolute quantum at $1.2 million per unit, we think the low take-up could be due to the premium pricing versus surrounding projects,' UBS analysts Michael Lim and Adrian Chua noted.

For instance, nearby RV Edge last transacted at $1,850 psf, Loft @ Nathan was sold at $1,750 psf while RV Suites changed hands at $1,650 psf.

The joint venture partners acquired the site through a collective sale last June for $70.5 million - or $1,035 psf per plot ratio, including the 10 per cent gross floor area for balconies...
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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

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