Saturday, August 25, 2012

Good response to eCO, One Dusun Residences

Business Times: Sat, Aug 25

BRAVING the traditionally inauspicious Hungry Ghost Festival has boded well for both eCO and One Dusun Residences, which saw keen interest from buyers.

Indeed, the 99-year-leasehold eCO at Bedok South Avenue 3, which is jointly developed by Far East Organization, Frasers Centrepoint and Sekisui House, and is priced at some $1,250 per sq ft (psf), has received in excess of 300 registrations of interest for the 222 units rolled out, since marketing activities for the project started last week.

"About half of the interested parties came from residents in the Bedok and Marine Parade areas," noted Lee Sze Teck, senior manager of training, research and consultancy at Dennis Wee Group. About 50 per cent had HDB addresses.

Most of the interest has been directed at the two-bedroom units, which can range from about 597 sq ft to some 1,181 sq ft, depending on the unit type, added Mr Lee.

The 752-unit project consists of 246 suites, 220 small-office-home-office (Soho) apartments, 34 townhouses and 252 condominium units, according to marketing brochures.

Residential units at the freehold mixed-development One Dusun Residences, which consist of 154 apartments and 76 shop units, also flew off the shelves.

BT understands that less than 10 apartments are left at the project, which is located at Jalan Dusun (off Balestier Road). The units were priced at $1,400 to $1,500 psf.

According to the marketing material, majority of the units, which are two-bedders, range from about 452 sq ft to 786 sq ft. There are also seven duplex penthouses of two and three-bedroom mix, which range from 796 sq ft to 980 sq ft and 1,087 sq ft to 1,098 sq ft, respectively.

Separately, marketing agent HSR has stepped up sale efforts for units at Moda@East Coast Road. The 18-storey freehold mixed-use development comprises 56 residential units and three commercial units.

According to Alan Tan, head of sales and marketing at HSR, units at the project are selling at an average price of $1,700 psf. The project still has some 20 units left, after six units were sold in the last one month. The project is expected to get the Temporary Occupation Permit next year.

Despite buoyed sentiments, transactions in the market have slowed, according to data provided by the Singapore Real Estate Exchange.

Non-landed private resale transactions dipped 25.4 per cent, from 193 transactions per week year-to-date (on average) to 144 transactions in the first week (Aug 17-23) of the Hungry Ghost Month. Rental transactions too dipped 31.5 per cent, from 648 transactions on average per week year-to-date to 444 transactions in the first week of the seventh lunar month.

HDB resale and rental transactions fell too, from 513 to 278 (45.8 per cent) and from 448 to 307 (31.5 per cent) respectively.

Consultants point out, however, that while the market has been quieter, the slowdown in activities could be attributed to the festivities over the weekend as families celebrated Hari Raya, or took advantage of the long weekend to travel.

According to Colliers, some new projects that may feature in the August-September period include Skies Miltonia at Yishun Avenue/Miltonia Close, Eden Residences Capitol at Stamford Road/North Bridge Road and The Sorrento at West Coast Road.


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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