Wednesday, December 06, 2006
[RealEdge] BT : Chyau Fwu to build luxury homes in Grange Road
| Published December 6, 2006  | |
| Chyau Fwu to build luxury homes in Grange Road
By UMA SHANKARI
CHYAU Fwu Development, which is jointly headquartered in Hong Kong and Singapore, yesterday announced plans to enter the residential property market in Singapore with a new luxury development in Grange Road. Chyau Fwu will be building 'no more than 40' units on the 59,000 sq ft site it bought more than three months ago for about $135 million. The site has a plot ratio of 2.1, which brings the price to $1,100 per sq ft per plot ratio (psf ppr). The site, which is at present occupied by six bungalows, was acquired through private treaty, said Eddie Chow, a senior executive with the company. The number of units planned is small as the development will contain large luxury apartments ranging from 3,000 sq ft to a super-penthouse at 10,000 sq ft, he said. The project will be launched in the first quarter of 2007, and is expected to fetch prices of about $2,000 psf, market watchers said. Construction is expected to cost about $500-600 psf, bringing Chyau Fwu's break-even cost to $1,600-1,700 psf. 'We believe that the Singapore market is ready for the kind of building we are planning, and, of course, this property will also have tremendous appeal to wealthy international property buyers,' Mr Chow said. 'Chyau Fwu has been looking for an opportunity to enter the residential market for some time and we have now identified a location that provides us with a rare opportunity to develop a building with unobstructed views, unparallelled spaciousness, and a unique design.' Design will no doubt play a large part in the new project. Chyau Fwu is the company behind the iconic Art Deco development Parkview Square. For this latest project, the design will be unveiled in the new year, said Mr Chow. Renowned United States-based architect James Adams, who designed Parkview Square, has been commissioned to oversee the new development. |
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