September property launches closely watched

September property launches closely watched
PHOTO: September property launches closely watched

With the Hungry Ghosts Month ending next Wednesday, all eyes in the market are on the first few private housing launches in the eighth month of the Chinese lunar month.

These include The Skywoods, about 400 metres from the future Hillview MRT Station, and The Glades, a stone's throw from Tanah Merah MRT Station. Both projects are on 99-year leasehold sites. Showflats for both were opened last weekend.

Sales bookings are scheduled to begin at The Skywoods on Dairy Farm Road next Friday. "We've not finalised pricing but on average it is likely to be around $1,250-1,300 per square foot," Neo Tiam Boon, group chief executive officer of TA Corporation, told BT yesterday.

TA Corporation, part of the Tiong Aik group, is developing The Skywoods jointly with Hock Lian Seng Holdings and King Wan Corporation. Absolute prices are likely to start from $715,000 for a 527 sq ft one-bedder (with study) on the second level. The priciest unit, at $1.68 million, will be a 1,625 sq ft, four-bedroom penthouse that comes with a jacuzzi.

The 15-storey development's 420 units will be housed in six blocks, of which five are point blocks, with four units per floor.

The condo will be opposite Dairy Farm Nature Park. "Our project will be surrounded by greenery, making it very different from other projects in town. I think Singaporeans are very tired of living in a concrete jungle. There aren't many new projects in this location - ie Upper Bukit Timah," Mr Mr Neo.

Expectations are also running high that Keppel Land could launch The Glades as early as next week. When contacted, a spokesperson for Keppel Land said: "Sales bookings are expected to begin in the first half of September."

She added that the showflat was opened over the weekend for buyers.

Agents are said to be giving indications that the average pricing is likely to be around $1,400-1,600 psf; the actual price will be determined closer to the launch date, depending on demand levels. The Glades will have 726 apartments and three shop units.

Over in the Bright Hill Drive/Upper Thomson locale, UOL and Singapore Land are getting ready to release their Thomson Three development. The 445-unit project will have one to four-bedroom apartments, penthouses and 10 strata semi-detached houses.

The duo paid almost $720 per square foot per plot ratio (psf ppr) for the 99-year leasehold site at a state tender that closed in August last year. Their breakeven cost is likely to be around $1,100-plus psf.

Meanwhile, Allgreen Properties is believed to have sold 20 to 30-odd units at RV Residences, a 999-year leasehold project on River Valley Road. The average price for the initial batch of 80 units is said to be around $2,000 psf. RV Residences comprises 248 units.

Following the introduction of the total debt servicing ratio framework from June 29, developers have been opening showflats around two weeks before sales bookings begin, to allow potential buyers to verify with banks the loan quantum they can secure.


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