CapitaLand waiting for the right time
As posted in Business Times on June 20, 2009
BUYERS may be rushing back to the private housing market, but CapitaLand is in no rush to release new projects. ‘If we think there is potential in a piece of land when the market recovers, there is really no need for us to rush to launch it,’ CapitaLand Residential Singapore’s chief executive Patricia Chia told BT in an interview.
CapitaLand has sold more than 150 residential units in Singapore so far this year, versus less than 100 it sold last year. Most recent sales were at The Wharf Residence, one of several properties in the mid- and high-end sectors to benefit from a recent rise in optimism. Last month, buyers took up 1,668 apartments, setting a year-high.
While CapitaLand’s sales have picked up, they are still far behind those clocked up in 2006 and 2007 when it sold some 2,400 units. Robust take-up in those two years has relieved pressure to sell today, Ms Chia said.
CapitaLand has more than 2,700 units in the works – from the Silver Tower, Char Yong Gardens, Gillman Heights and Farrer Court sites it acquired some years back. It plans to start launching them after the third quarter of 2009 at the earliest.
The units represent some 4.5 million sq ft of space. CapitaLand’s effective stake is close to two million sq ft while its partners in some of the projects hold the rest.
According to Ms Chia, the Silver Tower site – renamed Urban Resort Condominium – and the Char Yong Gardens site will hit the market first, towards the end of the year when the new malls in Orchard Road are up and running.
‘That period will enable us to really maximise the value for these two developments,’ she said.
The Urban Resort Condominium will have 64 units and the Char Yong Gardens plot will yield around 150. The freehold parcels, next to each other, will feature complementary resort-style designs, courtesy of Kerry Hill Architects.
In a June 10 report, Kim Eng analyst Wilson Liew estimated the projects will sell for an average of $2,000 psf.
The 99-year leasehold Gillman Heights (The Interlace) plot is next in line for release, and some 1,000 units should be ready for launch at the start of 2010. CapitaLand and its consortium partners took more than two years to close the $548 million deal last month and will begin redevelopment after November, when all residents have left.
The group has appointed OMA – known for the CCTV headquarters project in Beijing – to design the project. There will be ‘a lot of attention to space’, to tie in with the site’s proximity to the southern ridges, said Ms Chia.
Kim Eng’s Mr Liew has estimated a breakeven cost of $753 psf for the site, with an average selling price of $900 psf.
Among the last to come on-stream will be the Farrer Court site near Farrer Road, which CapitaLand bought with partners for more than $1.33 billion in 2007. The project, near the popular Nanyang Primary School, will comprise seven 36-storey blocks with around 1,500 units, offering residents a good view of the area, Ms Chia said.
‘If we were to launch it today, we would not be doing justice to the site,’ she said. The launch will happen ‘when the market is ready to accept that location with the kind of pricing that we want’.
According to Urban Redevelopment Authority caveats, units at the 12-year-old Gallop Gables nearby sold for up to $1,312 psf last month. Reports last year suggested the breakeven cost for the Farrer Court project could range from $1,350 – $1,450 psf. But Ms Chia said that this should have fallen as construction and other costs have eased about 20 per cent since.
‘We have a very strong financial position,’ she said. ‘It gives us quite a lot of flexibility to plan our launches.’
According to her, CapitaLand Residential Singapore typically has a market share of 8-10 per cent on a three-year moving average basis.
Ms Chia remains fairly upbeat on the property market here. The general consensus points to Asia as the economic growth leader, and Singapore is one of the few cosmopolitan cities in the region where asset values have corrected to ‘reasonable’ levels, she said.
.
Showing posts with label Urban Suites. Show all posts
Showing posts with label Urban Suites. Show all posts
Friday, October 23, 2009
URBAN SUITES at former Char Yong Gardens (D09) FreeHold New Launch Soon!!
New Launch Mid Nov 2009 -URBAN SUITES at former Char Yong Gardens (D09)
Targeted Launch Date: 2nd/ 3rd Week of Novemeber 2009
Freehold New developments coming soon at former Char Yong Garden, near Paragon Shopping Mall. Located in Singapore's prime Orchard Road District, Char Yong Gardens sits on a 8,665.4-square metre (93,274 square feet) freehold site with a gross plot ratio of 2.8.
Char Yong Gardens is located in the heart of Orchard Road District, which is Singapore'smost chic and vibrant lifestyle and shopping area. With the remaking of OrchardRoad, the entire district will be further transformed into a choice residential andlifestyle destination for both expatriates and cosmopolitan Singaporeans.CapitaLand plans to build a luxurious 20-storey condominium with approximately 165 generously-sized apartments.
The site is in an excellent location as it is within walking distance of shopping mallsand a host of dining and entertainment facilities. It enjoys great transportconnectivity via the Somerset MRT station as well as the nearby CTE. The site isalso located near popular malls such as Paragon, Ngee Ann City, The Heeren andnew malls being built in the Somerset area.
Good schools nearby include theAnglo-Chinese Junior School, Chatsworth International School and the OverseasFamily School.
Sophia Residences D9 FreeHold New Launch
GOOD BUY!! 3Bdrm 1339Sqft Only 1518PSF!! Cheapest In D9 FH !!!
Penthouse Only 1099PSF!!!
Call Catherine +65 81330501
Property Information
| Development Name: | Sophia Residence |
| Property Type: | Condominium |
| Developer: | GuocoLand Group |
| Tenure: | Freehold |
| Expected Completion: | 2012 |
| # of Floors: | 14 |
| # of Units: | 272 |
Available Unit Types:
Property Facilities:- 1-Bedroom (610 - 610 sqft) SOLD OUT
- 2-Bedrooms (790 - 800 sqft) SOLD OUT
- 3-Bedrooms (1,030 - 1,460 sqft) RUNNING FAST!!
- 4-Bedrooms (1,840 - 2,060 sqft) SOLD OUT
- Penthouse (1,640 - 2,960 sqft) RUNNING FAST!!
|
|
|
Unique Selling Points
• Winner of the prestigious BCA Green Mark Platinum Award
• Only high-rise 14-storey Freehold condominium on elevated land within Mount Sophia
• Convenient foot access to Orchard Road
• Short stroll via 2 side entrance/exit to Dhoby Ghaut MRT transport hub
• Ideal for own occupation
• Good rental returns
• Living in the heart of Singapore’s Arts & Cultural District, combining arts & commerce, business and please all within one square mile
• Near the South Beach development with 2 towers (45- & 42-storeys high) and boast premium office space, 2 luxury hotels, exclusive city residences & high-end retail space
• Within 1km to St. Margaret’s Primary School
• Near to Singapore’s Educational, Arts & Cultural Hub – SMU, MDIS, Nanyang Academy of Fine Arts (NAFA), University of Chicago etc
• Close to lush landscaping such as Istana Park, Bras Basah Park, Fort Canning Park
• Convenient access to city and various areas via major expressway (CTE, PIE, ECP)
• Quiet and tranquil environment
BCA Green Mark Platinum Award
(Prestigious award with practical eco-friendly features)
1. Excellent natural air circulation & indoor air quality
• Orientation of apartment layouts
• Low volatile organic compound & special odour-removing photo-catalytic paint
2. Savings in electricity & water bills
• Innovative façade design to minimize heat gain
• Renewable energy from solar panels / photovoltaic modules
• Smart water management & harvesting system
3. Key design features
• Eco & bio filter stream / pond system that double up as natural lighting source for basement carpark
• 200m long landscaped roof garden – equivalent to the height of a 55-storey building
• Lush vertical green walls integrated with intimate landscaped courtyards & garden trails within the estate
Subscribe to:
Posts (Atom)
