Published 12 April 2011
The Business Times
By Kalpana Rashiwala
Heeton’s The Boutiq at Killiney Road is also expected to be rolled out this week
TRIPARTITE Developers – a joint venture between Singapore’s Hong Leong Group, City Developments, and TID – is expected to begin sales later this week for its Hedges Park Condominium along Upper Changi Road.
The 99-year leasehold project’s average price is likely to be in the $850-900 per square foot (psf) range, say market watchers.
Units in the nearby freehold Ferraria Park Condo, which was completed in 2009, have changed hands in the high-$800 psf range in recent months.
Hong Leong is behind seven large condo projects in the location over the years on a huge tract of land acquired mostly in the 1970s by the group – Azalea, Ballota, Carissa, Dahlia, Edelweiss, Ferraria Park, and The Gale condos.
The Hedges, however, will not be part of that historic land tract. Instead, Tripartite will be developing the eight-storey project, which will have 501 units, on a site clinched at a state tender in April last year for $321 per square foot per plot ratio (psf ppr).
The Hedges will have one- to four-bedroom units and penthouses. The one- bedders are 484 sq ft although ground-floor units with a private enclosed space are larger at 570 sq ft.
Two-bedroom units start from 764 sq ft; three bedders begin from 1,000 sq ft, while four bedders are 1,345 sq ft, though four-bedders with a private enclosed space are 1,538 sq ft.
Interestingly, the Urban Redevelopment Authority (URA) is scheduled to launch for tender under the confirmed list later this month another 99-year leasehold condo plot in the location, next to Ferraria Park. The 2.7-hectare site can generate about 380 units.
Another project which is expected to be rolled out this week is Heeton’s The Boutiq at Killiney Road on the former Mitre Hotel site. The freehold District 9 project will have 130 units in two 10-storey blocks.
All units in the project – including penthouses – will have either one or two bedrooms. The average price is expected to be in the $2,200-2,300 psf range.
Around the middle of last month, Oxley released its 84-unit Devonshire Residences at about $2,450- 2,460 psf on average. So far, about 70 units have been sold.
All units in the 25-storey freehold development are one bedders, including penthouses. Unit sizes start from 495 sq ft.
Oxley plans to release Vibes @ East Coast next month, a freehold project on the former Katong Mansion site at Telok Kurau Road.
The development will have 117 apartments (one- bedroom, one-bedroom- plus-study, and two-bedroom units) and 28 shops.
Investors keen on non- residential property may also want to check out Oxley Bizhub, a 60-year leasehold strata industrial project at Ubi Road 1. There will be 728 units, mostly over 1,000 sq ft.
Market watchers also expect Hong Kong tycoon Li Ka-shing’s Cheung Kong Holdings to launch in June/July a 99-year leasehold project along Upper Thomson Road.
Cheung Kong clinched the site at a URA tender in late 2009 for $533 psf ppr.
The project, which will have apartments as well as townhouses, is located opposite the Singapore Island Country Club’s Island Golf Course and Lower Peirce Reservoir.