Good sales at residential, industrial launches

Published 24 May 2011
The Business Times
By Kalpana Rashiwala

MCL Land sells 150 units in Hougang condo; Pasir Ris EC gets good response

Residential and industrial projects that are affordably priced continue to draw good demand.

North Spring BizHub: About a third of the 454 units in the seven-storey development were sold or committed by the end of yesterday, BT understands. The affordable lumpsum deal size was a key reason for strong demand.

North Spring BizHub: About a third of the 454 units in the seven-storey development were sold or committed by the end of yesterday, BT understands. The affordable lumpsum deal size was a key reason for strong demand.

MCL Land has sold 150 of the 200 units it has released at its 414-unit Terrasse condo in Hougang.

‘Before we began sales last Saturday (May 21), we had intended to release only 120 units initially. But because demand was strong, we released another 80,’ said MCL chief executive Koh Teck Chuan. The average price for the 99-year leasehold, five-storey development is $950 psf. The cheapest unit in the project costs $580,000 for a 506 sq ft one-bedroom unit on the second floor, which works out to $1,146 psf.

The development also has two to four bedders as well as nine five-bedroom penthouses of about 2,217 sq ft each costing up to $1.85 million ($834 psf). MCL has released four of the five-bedroom penthouses, of which two have been sold. The developer has yet to release 15 garden duplex units of about 2,490 sq ft each spread over the ground and basement levels.

‘At most recent launches in the market, enquiries tend to be concentrated on the smallest units, but for Terrasse, we’ve seen strong response across the board, including our four-bedders and five-bedroom penthouses,’ said Mr Koh.

About 90 per cent of Terrasse buyers are Singaporeans and permanent residents. Sixty per cent of buyers have HDB addresses, many of them within three to five kilometres of the project.

The project’s design affords views of either a water feature or swimming pool for nearly 80 per cent of the units.

The project will include a tennis court, a multipurpose court as well as three clubhouses.

Meanwhile, NTUC Choice Homes and CEL Development received 520 e-applications for Belysa, their 315-unit executive condominium (EC) project at Pasir Ris Drive 1/Elias Road, when applications closed yesterday evening. Applications began last Friday. Sales bookings will begin from 10 am tomorrow. The 99-year leasehold project is priced at an average of $670 psf and comprises only three and four bedroom apartments. The indicative price of an 829 sq ft, three-bedder starts from $574,000 while a 1,335-sq ft four-bedroom unit starts from $882,000.

Entry to the sales gallery tomorrow for sales booking will be by balloting.

In the industrial property market, brisk sales were seen at the preview for the 60-year leasehold North Spring BizHub at Yishun Industrial Street 1 which began yesterday.

About a third of the 454 units in the seven-storey light and general industrial development were sold or committed by the end of yesterday, BT understands. Buyers are said to include a mix of end users, long-term investors as well as speculators.

The affordable lumpsum deal size was a key reason for strong demand. For instance, prices start from $478,000 for a 1,539 sq ft unit (around $311 psf). The project’s attractive specifications, such as high floor-to-ceiling heights and direct vehicular access to every level for up to 40-foot containers, also drew buyers.

The development is being marketed by Colliers International. The smaller units, mostly around 1,500-1,600 sq ft, are priced from $311 psf upwards. There are also about two dozen or so large units (of around 11,000 to 36,000 sq ft), with prices of around $210 psf upwards.

Separately, Colliers is seeking a tenant for a proposed built-to-suit industrial development at 243 Alexandra Road that will be developed by the Le Mercier Group. The proposed six-storey project will have a gross floor area of 35,942 sq ft and the owner is expecting an average monthly rental of $6.50 psf.

This is one of the few untapped plots along Alexandra Road that would cater to businesses that require visible showroom presence such as cars, high-end kitchen and bathroom fittings/equipment, furniture as well as lighting and fittings, said Colliers. Le Mercier is said to be keen on issuing a long-term lease for the proposed project with specifications tailored to the tenant’s needs.

Currently on the site is a four-storey industrial property leased to a single tenant whose lease expires in February 2012, although this can be terminated earlier.


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