The Straits Times – March 13, 2013
Developers seeking to tap pent-up demand following January cooling measures, Chinese New Year lull
THE pace of property launches has picked up in the past week as developers seek to tap a resurgence in market activity following the January cooling measures and last month's Chinese New Year.
The latest are City Developments' (CDL) 912-unit condominium D'Nest in Pasir Ris and Far East Organization's mixed use commercial property SBF Center in Tanjong Pagar.
D'Nest, near Pasir Ris MRT station, will be open to potential buyers for preview on Friday. The showflat is already open.
SBF Center, with 196 office units, three full-floor offices and 48 medical suites, will be launched tomorrow.
CDL told The Straits Times it intended to launch units at D'Nest for $990 psf on average. But units will be priced at an early bird price of $920 psf after a 7 per cent direct discount, given that some buyers may need to pay additional buyer's stamp duty, it said.
Prices at the launch will range from $498,000 for a 484 sq ft one-bedder, or $1,029 psf, to $1.15 million for a 1,270 sq ft four-bedder, or $906 psf. The 99-year leasehold project is expected to get its temporary occupation permit (TOP) in 2017.
D'Nest is CDL's fourth development in Pasir Ris Grove. It still has space left at its land plot there for a fifth.
CDL group general manager Chia Ngiang Hong said CDL aims to transform Pasir Ris Grove into an "exclusive residential enclave", beginning with the launch of the 724-unit Livia in 2008.
Its other projects there are the 642-unit NV Residences, which is fully sold after its launch in 2010, and the 892-unit The Palette, which was launched in 2011 and is 99 per cent sold.
Far East's 31-storey SBF Center in Robinson Road will have the Singapore Business Federation (SBF) as a major tenant.
The project consists of 196 office units ranging from 592 to 1,475 sq ft, three large full-floor 10,850 sq ft offices and 48 medical suites between 678 and 1,302 sq ft.
Office unit prices start at $3,200 psf. Since preview sales began on Feb 25, 113 of the 138 office units released have been sold. Far East said 65 per cent of the office buyers are firms, entrepreneurs, professionals and investors.
The medical suites are at least $3,800 psf and over 55 per cent of the 48 suites have been sold.
"With the limited supply of such strata-titled units available for sale in the Central Business District, we believe there will be good demand for these purpose-built medical suites," said Far East executive director Chia Boon Kuah.
SBF Center is a joint venture between Far East Organization and Far East Orchard. It will get its TOP in 2017.
Ms Chia Siew Chuin, director of research and advisory at Colliers International, said developers were likely launching now, since the market had largely settled down, to tap pent-up demand following the seventh round of cooling measures and Chinese New Year.
Condo projects launched last week include Tuan Sing Holdings' Sennett Residence and The Trilinq in Clementi, developed by IOI Group.
Sennett Residence sold 175 units at its launch last Wednesday. As of yesterday, 70 per cent of the 332 units in the 99-year leasehold condo had been sold. Units there are priced at $1,450 psf on average.
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