Wednesday, March 27, 2013

Muted launch but 125 units at Hillion Residences sold

The Straits Times  |  MARCH 22, 2013

The Hillion Residences condominium in Bukit Panjang has sold 125 units since preview sales began on Monday.

Doors were open to the public yesterday but the response was muted with little sign of the sort of crowds seen at recent launches.

Developers Sim Lian Group and Sim Lian Development have released 250 flats in the first phase at an early bird discount of 3per cent. There is also an additional buyer's stamp duty discount of 7per cent that will be on offer until the end of business on Sunday.

Prices at the 546-unit project range from $1,226 per square foot for a four-bedroom unit to $1,442 psf for a one-bedder.

That values one-bedders from $668,000 and two bedders from $886,000, while a three-bedroom unit will cost about $1.46 million, rising to $1.62 million for a four-bedroom home.

The 99-year leasehold development will sit on a mall and be linked to the upcoming Bukit Panjang MRT station and bus interchange via air-conditioned underpasses.

Potential buyers considering putting their money down yesterday liked the concept of an integrated residence. A self-employed man who wanted to be known only as Mr Oh said: "I am interested in a property with a higher investment potential and this place is good because it's very convenient with the MRT station so nearby.

"It could even be a place for my wife and I to retire in, since Certificate of Entitlement prices are so high and we may not drive in the future."

Mr Oh, 55, lives in a three-bedroom condominium in Bedok and was looking at a one or two-bedroom unit.

Another home seeker who wanted to be known only as Madam Ng, 50, was looking for a two-bedroom unit. "Accessibility is the most attractive factor of this integrated project with shops and a transportation hub so close by," said the Jurong resident.

About 70 per cent of the units bought were by buyers seeking investment opportunities.
Demand for private homes continues to be high, as seen in the successful launches earlier this month of Urban Vista in Tanah Merah and D'Nest in Pasir Ris.

Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, says buyers seem to have accepted the additional stamp duties. "There is a sense in the market that the series of cooling measures, which are dubbed to be the most draconian ever, have lost their credibility."

"This is causing those who have been waiting on the sidelines to take the plunge while the gate is still 'open' as they expect it to close even tighter," he said.

The condo is expected to receive its temporary occupation permit in September 2018.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C

Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)

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