Friday, November 17, 2006
[RealEdge] BT : CityDev's Tribeca condo previews begin
| Published November 17, 2006  | |||
| CityDev's Tribeca condo previews begin CITY Developments has begun previews for its freehold Tribeca condo next to the Grand Copthorne Waterfront Hotel at an early-bird average price of $1,420 psf. It will be developed on the last of the group's sites in the Kim Seng Road/Jiak Kim Street area. Based on the initial pricing, analysts' estimates of CityDev's pretax profit from this project range from about $140 milion to $250 million. The wide spread reflects uncertainty among analysts on the project's breakeven cost as analysts are unsure of just how much to impute for land cost. CityDev is believed to have bought the site in the 1980s. A stone's throw away, Wheelock Properties (Singapore) is selling units at The Cosmopolitan at prices ranging from $1,250 psf to $1,500 psf. To date it has sold 85 per cent of the total 228 units in the 36-storey freehold development. Tribeca will be a 30-storey block with units starting from the fifth storey upwards to offer residents views of the city and the Singapore River. The development, formerly named 'The Pharos by the Waterfront', has been renamed Tribeca, inspired by the chic, residential district in downtown Manhattan, CityDev said in a release yesterday. The project is being marketed by CB Richard Ellis and Savills who estimate that units in the development will fetch monthly rentals ranging from $3,000 for a one-bedroom apartment to $10,000 for a four-bedroom apartment. These reflect net rental yields of 3 to 4 per cent. The $1,420 psf average price is for 'early birds', CityDev said, suggesting the developer's plans to raise prices as it sells more units. For a start, it has released 80 of the total 175 units in the development. | |||
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
__,_._,___
