BUYERS flocked to get a piece of the action at a new Jurong condominium while an upcoming project in Commonwealth Avenue was unveiled on a busy day for property yesterday.
Much of the buzz was at the preview of MCL Land’s Lakeville condominium in Jurong West Street 41, but Hong Leong Holdings grabbed some of the spotlight as well with its announcement.
The balloting tent for the 695-unit Lakeville, which comprises six 16-storey blocks, was filled with more than 150 buyers and 50 agents yesterday.
MCL Land chief executive Koh Teck Chuan said the firm had initially released 150 units but released a further 50 as sales were better than expected.
In all, 180 units were sold at $1,300 per sq ft (psf), with most of the buyers Singaporean. About two-thirds of the units sold were one- and two-bedders.
Prices range from $736,000 for a 560 sq ft one-bedder, to $2.67 million for a 2,271 sq ft four-bedroom penthouse.
Mr Koh noted that 400 cheques were balloted yesterday, adding: “Considering the market, we are very happy with the turnout.”
The last condominium launch in the area was J Gateway last July, also developed by MCL Land. Most of its 738 units sold in one day at an average of $1,480 psf.
The low number of residential projects in the area compared with Sengkang and Punggol has led to much pent-up demand, said Mr Donald Han, managing director of Chesterton Singapore.
He added that Lakeville’s $1,300 psf price tag reflected weak market sentiment.
The Urban Redevelopment Authority said on Tuesday that private home prices dipped 1.3 per cent in the first quarter from the fourth quarter last year.
“It could be launched at more than $1,300 per sq ft. But because of general market sentiment, developers would rather play safe and launch at a lower price,” said Mr Han.
He noted that MCL Land seems to have “cornered the market fairly well, they understand the market in the area… We should see a good first phase launch.”
Century 21 chief executive Ku Swee Yong said that Jurong is “definitely up and coming”. “With two new hospitals and hospital-related jobs paying better than average salaries, as well as new office buildings, the level of wealth within Jurong should go up.”
He added that having the Canadian International School next door would mean expatriate families could be keen to rent at Lakeville, which should be completed in mid-2017.
Meanwhile, Hong Leong Holdings unveiled Commonwealth Towers, a 99-year leasehold condo in Commonwealth Avenue.
It is undertaking the development, which will be launched in May, with City Developments (CDL) and Hong Realty.
The condominium, comprising two blocks of 43 storeys each, will be linked to Queenstown MRT station by an overhead pedestrian linkway. It will have 845 units, mostly one- and two-bedders, with sizes starting at 441 sq ft. Show suites will be open for public preview from April 13 to 27, with building work expected to be completed in December 2017.
The Commonwealth Avenue area has seen a few launches over the past two years, most recently Alex Residences at Alexandra Road, which sold 150 out of 429 units at an average of $1,650 psf on its first day of sales in November.
Echelon in Alexandra View, also developed by CDL, sold 390 of 508 units at an average of $1,700 psf in its first weekend of sales in January last year. It is now 99 per cent sold, with just three penthouses left.
Mr Edwin Wee, head of sales at SLP International, said Commonwealth Towers should do well given Hong Leong Group bought the land at a low $880 psf.
“When developers buy cheaply, they can sell cheaply. With competitive prices for the area at about $1,500 per sq ft, Hong Leong may price at $1,300 or $1,400 per sq ft and still move units.”
Credits: ST Property