Developers rolling out 2 new projects in Pasir Ris, Hougang

Published 19 May 2011
The Business Times
By Kalpana Rashiwala

AFTER chalking up a 29 per cent month-on-month increase in private home sales in April, developers continue to release new projects this month.

Terrasse: MCL is previewing the 414-unit condo at Hougang Avenue 2/Yio Chu Kang Road later this week at an average price expected to be around $950 psf

Terrasse: MCL is previewing the 414-unit condo at Hougang Avenue 2/Yio Chu Kang Road later this week at an average price expected to be around $950 psf

At least two new residential projects will be rolled out this week – Belysa, an executive condo project in Pasir Ris, and Terrasse, a private condo development in Hougang. Both projects have 99-year leasehold tenure.

While units in recent EC projects start from two-bedroom apartments, NTUC Choice Homes and Chip Eng Seng Corporation unit CEL Development are developing only three and four bedroom units at Belysa, their 315-unit EC project at Pasir Ris Drive 1/Elias Road – to promote three- generation family living.

The average price will be $670 per square foot for buyers who opt for the normal progressive payment scheme. Developers of EC projects are allowed to offer the deferred payment scheme and buyers who choose this payment route for Belysa will pay an additional 2 per cent on the price.

ECs are a hybrid of public and private housing with initial buyer eligibility and resale restrictions, which are completely lifted 10 years after the completion of an EC project. There is a $10,000 monthly household income cap for those buying ECs from a developer. Developers must set aside at least 95 per cent of units in the first month of launch for first-time home buyers. Qualifying first- time home buyers will enjoy a $30,000 CPF Housing Grant.

At Belysa, which means illumination in Swedish, a three-bedroom compact unit starts from 829 sq ft and is priced from $574,000. A four-bedroom apartment of 1,335 sq ft is priced from $882,000. The most expensive unit in the development, a four-bedroom (suite) unit, costs $952,000.

The project comprises a 16-storey block and two 18-storey blocks. A seasoned property consultant described the project’s $670 psf average price as within his expectation, given that the project does not include small units, which can be sold for a higher psf price.

Over at Hougang Avenue 2/Yio Chu Kang Road, MCL is previewing Terrasse condo later this week at an average price expected to be around $950 psf. The five-storey project will comprise 414 units – including one to four-bedroom apartments, five-bedroom penthouses and 15 garden duplex units (spread over the ground and basement levels).

For businesses looking for their own premises as well as property investors thinking of venturing into strata industrial properties, Soilbuild Group will be soft launching North Spring BizHub at Yishun Industrial Street 1 on Monday. The seven-storey light and general industrial development will offer direct vehicular access to every level for containers up to 40 feet in length.

The 60-year leasehold project will comprise 454 units ranging from 1,507 sq ft to 36,511 sq ft. Prices for the units begin from $478,000 or about $311 psf. Colliers International, which is marketing the project, said the units are suited for businesses from clean, light and general industries such as R&D, printing and publishing, engineering, warehousing and manufacturing.

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