Sunday, May 21, 2006

[RealEdge] ST : More mass market projects to be rolled out

May 21, 2006
PROPERTY
More mass market projects to be rolled out

Developments that are being previewed or launched this weekend include The Infiniti and The Quartz
By Joyce Teo
Property Correspondent

AFTER several largely quiet weeks, home buyers can look forward to visiting more showflats in the coming weeks and months, as developers prepare to roll out more property launches, big and small.

COME MID-JUNE, Fraser will launch One Jervois, its 275-unit condominium in Jervois Close. The project is expected to be priced at $9000 psf, and has units ranging from 635 sq ft to 4,542 sq ft.

And unlike the past year when high-end projects largely dominated the scene, more projects aimed at whetting the appetite of the masses - an appetite that has so far been timid - are in the offing.

Fraser Centrepoint, for one, is officially launching The Infiniti in West Coast Park this weekend and will be pushing out another mass market development in August.

Already, this weekend has seen previews and soft launches of a few projects, including the huge mass market project - The Quartz.

Priced at $490 per sq ft (psf) on average, it has 625 units ranging in size from 1,044 sq ft to 2,153 sq ft. The response at the 99-year leasehold The Quartz in Sengkang Central could offer a clue on whether the high-end recovery has filtered down to the mass market, said an industry source.

Other projects previewed or soft-launched this weekend include the luxury 91-unit Newton One in Newton Road, phase four of Mimosa Terrace consisting of 39 terrace houses in Seletar Hills, and a small office, home office project called The Modules in Joo Chiat Road.

The Modules has 48 units ranging in size from 355 sq ft to 1,346 sq ft, with prices ranging from $289,000 to about $620,000 or $462 to $800 on a psf basis. Developer Shining Holdings has sold 18 units and is negotiating to sell 13 units to a Chinese investor.

Also, some developers have been quietly selling their projects, such as Ritz Residences in Devonshire Road. Developer Keppel Land started marketing the 157-unit project in mid-April at about $1,400 psf on average.

Over the next few weekends, some launches are expected in the prime districts and these will probably help to sustain the sales momentum in the high-end segment, said Knight Frank's director of consultancy and research, Mr Nicholas Mak.

Strong demand from foreign buyers has contributed to the increase in prices of high-end properties in the past year and that has helped to fuel the upswing in that segment, he said.

In the past year, 20 to 24 per cent of sales were to foreign buyers, up from 17 to 19 per cent in 2004, he added.

The market is expecting City Developments to launch St Regis Residences soon, followed by other high-end projects such as its Sentosa Cove condominium and Residences @ Evelyn this year.

And come mid-June, Fraser will launch One Jervois, its 275-unit high-end condominium in Jervois Close. It is expected to be priced at $900-plus psf. The project, which also offers two- to four-bedroom maisonettes, has units ranging from 635 sq ft (one-bedroom unit) to 4,542 sq ft (five-bedroom penthouse).

Fraser has been relatively active so far this year. The freehold 315-unit The Infiniti in West Coast Park, which it is launching this weekend, has units ranging from 904 sq ft to 2,648 sq ft. This was soft-launched in mid-April and the developer has so far sold more than 50 units at $540 psf.

Prior to that, it had launched One Leicester on April 1 and has sold more than 130 units of the 194-unit freehold condominium in Woodsville at about $610 psf on average.

At its 315-unit mass market project The Raintree, it has achieved sales of 188 units at $460 psf on average.

In August, Fraser will push out another mass market project, yet unnamed, at Ulu Sembawang. The freehold 73-unit development is expected to be priced at about $550 psf.

Other mass market projects likely to be out in the second half include the 620-unit The Centris in Boon Lay, one at Alexandra Road and Tiong Bahru Road and another next to Yew Tee MRT Station.

joyceteo@sph.com.sg



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