Condo sales start for Queens Peak, Parc Riviera

Posted by Kaeden Ong on 8th November 2016 in Blog

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Queens Peak, Hao Yuan Investment’s 736-unit condominium project at Dundee Road, has been warmly received by buyers, with 242 units sold during its launch on Saturday (5 November).

One- and two-bedroom units accounted for 90 percent of all the units sold, while the project’s average price stands at $1,632 psf. The lowest transacted price was $1,406 psf.

The developer attributed the encouraging sales to the project’s good connectivity to the nearby Queenstown MRT station, as well as the fact that all units are at least eight storeys above ground.

“We have received feedback from buyers that Queens Peak is an attractively priced city fringe project made affordable for mass condominium buyers,” said Tan Zhiyong, Managing Director of MCC Land, the project manager for Queens Peak.

Meanwhile, the 752-unit Parc Riviera at West Coast Vale sold more than 100 units on Saturday, offering a “one-tier pricing scheme” for units found on the lowest floor to the 15th floor, reported The Business Times.

With the average price at $1,150 psf, more than 95 percent of units sold are those that come under the one-tier pricing scheme. Around 80 percent of buyers opted for the one- or two-bedroom units.

The scheme, which was originally planned to be offered only on Saturday, did not generate further interest when it was extended to Sunday, with only a few more units sold.

While location may have played a role in the project’s sales performance, EL Development Managing Director Lim Yew Soon noted that the manner by which smaller units were distributed in the project may have also been a factor.

The smaller units at Queens Peak are concentrated on the lower floors to keep the quantums low for investors, while Parc Riviera has similar unit types from the lowest to the highest floors. The developer kept the unit-type composition consistent on each floor due to the use of prefabricated prefinished volumetric construction (PPVC).

Lim explained that it would be challenging for a project using PPVC to have different unit types stacked on top of another as this would require transfer beams and columns to be erected on each floor.

He also revealed that the project will revert to its original price list.

“We took quite a steep discount for the units on the higher floors so we can’t keep doing it all the time,” he said. “We are not planning for further discounts now. Based on the original pricing, it’s still attractive.”

Credits: Propertyguru

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Kaeden Ong

Parc Riviera rolls out one-tier prices for early buyers

Posted by Kaeden Ong on 4th November 2016 in Blog

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Property developer EL Development will offer a one-tier pricing scheme for its Parc Riviera condominium during the project’s soft launch this Saturday (5 November), reported The Straits Times.

The scheme will see units of the same type from the second floor to the 15th floor carrying the same prices.

A 603 sq ft two-bedroom unit, for instance, will be priced at $725,000, regardless of whether it is located on the second floor, the 15th floor, or anywhere in between. Units located higher up in the two 36-storey towers will have higher prices.

EL Development Managing Director Lim Yew Soon revealed that he came up with the novel strategy to give early buyers ‘maximum benefits’.

Typical early bird promotions that advertise units going for ‘$5xx,000’ usually leave buyers guessing a unit’s price as well as its level. He describes this approach as clichéd and ‘a bit old-fashioned’.

“We are telling people that the price starts from $550,000 for the one-bedroom (unit). We feel that $550,000 is an attractive price, even at the lower levels. But now that we have extended the price to 15 floors, it will be even more attractive,” he said.

Located near Pandan Reservoir, Parc Riviera comprises two 36-storey towers and a four-storey carpark. Sizes for the units range between 463 sq ft for a one-bedder and 1,711 sq ft for the biggest four-bedder. Around 64 percent of the development contains one- and two-bedroom units, said EL Development.

Lim noted that the price difference for units on the 15th and 16th levels will be ‘substantial’, by around five percent.

Meanwhile, property experts are optimistic about the scheme. In fact, PropNex Realty CEO Mohamed Ismail expects the strategy to be effective.

“This is one of the first times when a developer has dangled this type of carrot. This strategy will likely get greater interest from consumers as they have an incentive to come early to make up their minds, to get discounted prices for higher floors. There are real savings for the buyer,” he said.

Ong Kah Seng, Director of R’ST Research, on the other hand, said the strategy’s main purpose is to encourage buyers to ‘snap up’ units on the higher floors.

He added that units located on the higher floors of a 20-storey condominium are typically more expensive by up to 15 percent, compared to those located within the middle levels.

Although the scheme could mean that lower floor units may remain unsold for a while, this is immaterial since “the project would already have achieved a fairly good sales rate, resulting in the project achieving good break-even sales or even marginal profits”, said Ong.

Credits: Propertyguru

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Kaeden Ong

One-tier prices for early buyers of Parc Riviera

Posted by Kaeden Ong on 1st November 2016 in Blog

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To entice early-bird buyers, the developer of West Coast condominium Parc Riviera is taking a novel one-tier pricing approach.

EL Development is offering units of the same type from the second to the 15th levels for the same price.

For example, a 603 sq ft two-bedroom flat will be priced at $725,000, regardless of whether it is on the second or 15th level – or anywhere in between.

Most developers charge higher prices for flats on higher floors because higher flats tend to be more popular for the views.

While flats will be priced the same between the second and 15th floors, flats higher up the two towers of 36 storeys at Parc Riviera will be offered at higher prices.

Mr Lim Yew Soon, EL Development’s managing director, said he came up with the strategy as he wants early buyers to enjoy “maximum benefits”.

Typical early bird promotions which might advertise units going for “$5xx,000″ leave buyers guessing about the price and the level of the flat.

He said this approach was “a bit old-fashioned” and cliched. “We are telling people that the price starts from $550,000 for the one-bedroom (unit). We feel that $550,000 is an attractive price, even at the lower levels. But now that we have extended the price to 15 floors, it will be even more attractive,” he added, saying this will get buyers to come in earlier.

The one-tier pricing scheme will be available only on Saturday at the condominium’s soft launch.

Parc Riviera, located near Pandan Reservoir, comprises two 36-storey towers with a four-storey carpark. Unit sizes range from 463 sq ft for a one-bedroom unit to 1,711 sq ft for the largest four-bedder. EL Development said that about 64 per cent – are one- and two-bedroom apartments.

Mr Lim said the price difference between the 15th and the 16th floor will be “substantial”, by about 5 per cent.

Property experts were optimistic about the move.

PropNex Realty chief executive Ismail Gafoor said that the strategy is likely to be effective.

“This is one of the first times when a developer has dangled this type of carrot. This strategy will likely get greater interest from consumers as they have an incentive to come early to make up their minds, to get discounted prices for higher floors. There are real savings for the buyer.”

Mr Ong Kah Seng, director of R’ST Research, said that the main purpose of the strategy is to encourage buyers to “snap up” the higher floors.

Typically, units on the higher floors of a 20-storey condominium are more expensive by up to 15 per cent than those in the middle levels, he added.

While this might mean lower floor units could be unsold for a while, Mr Ong said that this is “immaterial” as “the project would already have achieved a fairly good sales rate, resulting in the project achieving good break-even sales or even marginal profits”.

Credits: Straits Times New

 

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Serangoon North reserve site released for application

Posted by Kaeden Ong on 28th October 2016 in Blog

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UPDATED: A 1.7ha residential site in the reserve list of the second half 2016 Government Land Sales (GLS) Programme has been released for application, said the Urban Redevelopment Authority (URA) on Thursday, 27 October.

Located at Serangoon North Avenue 1, the site could be developed into a two-storey project with a maximum gross floor area of 42,973 sq m. It could yield up to 505 private housing units.

The 99-year leasehold site is close to Chomp Chomp Food Centre, Serangoon Garden Market and several schools.

A reserve list site is only triggered for sale if a developer’s minimum bid price is acceptable to the government.

Credits: Propertyguru

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CapitaLand celebrates completion of Sky Vue

Posted by Kaeden Ong on 8th September 2016 in Blog

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Some 1,800 home buyers and their guests turned up at a celebration party on Saturday (3 September) to mark the completion of Sky Vue in Bishan Central. The event was jointly hosted by the project’s developers CapitaLand and Mitsubishi Estate Asia.

The 99-year leasehold condominium located close to Bishan MRT station obtained its TOP on 21 July.

Around 97 percent, or 672 of the 694 units have been sold as at end-August, said CapitaLand.

The remaining 22 units are mostly two-bedroom configurations measuring 678 sq ft to 829 sq ft, with prices starting from $1.16 million. Also available are a 484 sq ft one-bedroom unit and two penthouses of 2,045 sq ft each.

“We are confident of selling the remaining 22 units, especially with its completion,” said Wen Khai Meng, CEO of CapitaLand Singapore. “This is the fourth completion party we have organised for our home buyers, following those held at The Interlace, d’Leedon and Sky Habitat.”

In an update on its deferred payment scheme, called the stay-then-pay scheme, Wen revealed that 59 options were exercised for d’Leedon, and 42 for The Interlace between 20 June and 30 August. “This scheme is very well-received,” he said.

Under the standard payment scheme, 13 units were sold at d’Leedon and nine at The Interlace during this period.

CapitaLand will also be introducing a marketing scheme to move units at Sky Habitat. Meanwhile, Marine Blue will be completed in the coming months before being officially launched.

Credits: Propertyguru

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Tepid sales recorded at Northwave EC

Posted by Kaeden Ong on 15th July 2016 in Blog

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Northwave executive condominium (EC) saw 20 units sold during its first day of bookings last Saturday (9 July), despite receiving 240 e-applications, reported The Business Times.

Consultants attributed the project’s lacklustre showing to various factors, such as poor transport links and oversupply in the market.

Situated at Woodlands Avenue 12, the 358-unit project is a 10-minute walk to Sembawang MRT station, or two stops away from Woodlands Regional Centre.

Meanwhile, two completed ECs within the vicinity – Woodsvale and NorthOaks – have reached the 10-year mark. Market watchers noted that these projects are located much closer to Admiralty MRT station, and were developed by established firms.

Woodsvale was developed by Pidemco Land, which was then merged with DBS Land to form CapitaLand, while NorthOaks was developed by the Hong Leong Holdings, the privately held property arm of Hong Leong Group.

Northwave, on the other hand, is the fourth residential project of Hao Yuan Investment in Singapore, and its third EC project following Forestville and Sea Horizon.

In today’s buyers’ market, upgraders can afford to be choosy, whether in the private condominium market, new EC market and resale EC market, said Nicholas Mak, Executive Director at SLP International.

In addition to Woodsvale and NorthOaks, there is a substantial overhang of unsold units in previous EC projects, namely The Brownstone, Bellewoods, The Criterion and Signature at Yishun.

Mak expects the oversupply situation in the EC market to improve after one to one-and-a-half years.

Meanwhile, Ku Swee Yong, CEO of Century 21 Singapore, said it may be time for the government to review the EC scheme’s relevance.

He revealed that there may be around 3,000 to 4,000 launched but unsold EC units, and the poor performance is an “obvious indicator that we have flooded the market with too much”.

“In fact, increasing the household income to $12,000 for HDB BTO (Build-To-Order) purchases has cannibalised the number of eligible buyers,” he said. “The authorities really should review the need for an EC scheme.”

Credits: Propertyguru

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