Saturday, July 14, 2012

Koh Bros, CDL sell homes at brisk pace

Business Times: Sat, Jul 14

KOH Brothers is said to have sold about 80-plus of the 118 units it released at Parc Olympia at Flora Drive on Thursday evening at an average price of $820 per square feet after an early-bird discount of 16 per cent. Most of the units are said to have been picked up on Thursday.

Market watchers reckon the developer could release more units in the 486-unit, 99-year leasehold condo project in the Upper Changi location over the weekend.

Word in the market yesterday evening was that City Developments Ltd (CDL) and Hong Realty had moved 25 of 40 terrace houses released at the preview of Haus@Serangoon Garden yesterday. Prices range from $2.4 million to $2.7 million apiece for intermediate terrace houses, which will have land areas ranging from 1,615 sq ft to 1,914 sq ft and floor areas of 3,595-3,918 sq ft. Corner units cost more as they sit on bigger plots of 2,175-3,144 sq ft; their floor areas are 3,294-4,736 sq ft.

In all, Haus@Serangoon Garden will have 18 corner units and 79 intermediate terrace homes. All 97 units have two storeys, a basement and an attic.

The project has clinched the Building and Construction Authority's top-tier Green Mark Platinum award. The layout and orientation of the houses are designed to minimise heat gain and maximise natural ventilation from the sun-path and wind directions.

Each house also comes with a roof sky-light and open riser staircase that brings in more natural light into the centre of the house. Solar panels on the roof will help trim electricity bills for residents. Waste heat from the operation of the air-conditioners will be used to provide hot water in bathrooms.

And to boost buildability, resource efficiency and site productivity, pre-cast and pre-fabricated components will also be used widely during the project's construction.

Over at the Interlace condo project on Depot Road, CapitaLand is unveiling today two new showflat units - ground-floor or "garden home" units - incorporated in the actual development.

The 99-year leasehold project's average pricing is expected to remain in the $1,100-plus psf band. Still available are three and four-bedroom apartments and penthouses; all the two-bedders were snapped up much earlier. According to developers' sales stats captured by Urban Redevelopment Authority, 728 of the project's 1,040 units were sold as at end-May this year.

Next week, Wee Hur Holdings' Parc Centros condo near Punggol MRT Station goes on the market at an average price of $950 psf. The 618-unit project will have one- to five-bedroom apartments as well as penthouses.

Those keen on city living can look forward to United Industrial Corporation's upcoming V on Shenton (or Five on Shenton), which is tipped to be priced at $2,300-2,500 psf on average. The project's 510 units will be housed in a 54-storey residential tower. Units range from studios to three-bedders; there will also be six penthouses.

As for Parc Olympia, next to the Japanese School at Flora Drive, unit types will comprise a mix of one-bedders (495 sq ft to 646 sq ft), two-bedders (646-1,292 sq ft), three-bedders (969-2,164 sq ft) and four-bedders (1,324-2,702 sq ft). Absolute prices start from about $440,000 for a low-floor one-bedder.

A seasoned property consultant notes that in the face of substantial supply from new residential project launches going ahead, developers have to be "sensible with pricing".

One strategy would to be push out less choice units in a project at a lower price to draw potential buyers to the showflat. "If the public bites at your product and the sales momentum builds up, you can increase prices slightly for the later phases with better units."

Timing a project's launch is also important to avoid clashing with competing launches in similar locations or price range.

"Developers have to think through what profile of buyers they are looking at before they begin pre-marketing," said the consultant.

Agreeing, an industry observer notes that developers would only release projects for sale after they have secured sufficient interest in their pre-marketing campaign. "If they don't get enough cheques, they won't launch."

Developers sold a record 6,526 private homes, excluding executive condos (a public-private housing hybrid), in the first quarter of this year - with four out of five homes sold being in the Outside Central Region, where mass-market condos are located.

Developer sales are said to have eased in Q2. The April and May numbers were 2,496 units and 1,702 units. June data will be announced on Monday.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G) | | | |

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