Thursday, January 3, 2013

Keen interest in Pasir Panjang freehold units


Straits Times
Jan 03, 2013

A new residential project in Pasir Panjang by boutique developer Link (THM) has received strong interest from buyers even before its formal launch.

Marketing agent HSR said that about 100 cheques have been collected for the freehold 52-unit development, SeaSuites, which will be launched this Saturday.

Average prices are expected to be about $1,650 per sq ft. Most of the units are one- and two-bedders ranging from 517 sq ft to 1,410 sq ft. The three-bedroom units are 1,066 sq ft to 1,615 sq ft.

Link (THM) Group started out in the fashion business before diversifying into property in 2004, its founder and group chief executive Kenny Tan told The Straits Times.

His love for design made property development a good fit, he said. Mr Tan, 45, started out by developing small-scale landed developments before moving on to larger-scale non-landed projects.

Link also has light industrial and commercial developments under its belt, including office development Sultan Link in Mohamed Sultan Road.

It has two other developments in the pipeline, including a landed housing site in Holland Road - where the homes are expected to fetch between $10.5 million and $11 million each - and another light industrial project off Bukit Merah Road.

"We are very focused on location, especially in a small country like Singapore. For landed homes, for instance, we'll look at the Holland and Bukit Timah areas," Mr Tan said.

"For non-landed homes, we can consider any site that is less than 300m away from an MRT station... Any site that is not more than $100 million, we have the cash flow to take it up ourselves," he added.

The design of the firm's properties differentiates Link from other developers, Mr Tan said. For instance, he once built a basement swimming pool in a bungalow.

Apart from expanding the business here, Mr Tan is also setting his sights further afield.
He revealed that the firm is working on a mega residential and commercial project in Medini, a region in Iskandar, with an expected gross development value of RM2.5 billion (S$1 billion). The total gross floor area of the site is 2.7 million sq ft.

Separately, Kismis Lodge near Toh Tuck Road was put up for collective sale yesterday.
The expected price for the site, zoned for landed homes, is about $90 million, marketing agent Jones Lang LaSalle (JLL) said. This works out to about $1,281 per sq ft of the land area.

The site can be redeveloped to yield about 43 strata terraced homes, JLL said. If sold, each owner of the 64-unit project will receive about $1.4 million.


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