Business Times - 23 Jun 2009
New projects enjoy strong weekend sales
8@ Woodleigh drew mostly S'poreans, specu-vestors due to its location
By KALPANA RASHIWALA
(SINGAPORE) There seems to be no let-up in home sales.
Frasers Centrepoint is said to have sold 302 of the total 330 units in its 8@Woodleigh condo since Friday. The average price of the 99-year leasehold project near Potong Pasir MRT Station is about $780 per square foot. Buyers who opt for an interest absorption scheme (IAS) offered by the developer have to pay 3 per cent more.
The 15-storey development comprises five blocks. About 40 per cent of the units are studios, two-bedders as well as apartments with two-bedrooms plus study. The remaining 60 per cent are three- and four-bedders.
The average price of a studio unit is around $400,000 while a two-bedder typically costs between $650,000 and $670,000.
The project drew mostly Singaporean buyers. In addition to attracting those who bought units for their own occupation, the project is said to have drawn a fair bit of specu-vestors.
8@Woodleigh's location next to the future Stamford American International School gives it a strong investment appeal.
'Some people bought with a view to leasing the units to expat families (for the bigger units) or to the single teachers at the school (for studios and two-bedders),' a market watcher said.
The project is being marketed by DTZ and ERA.
Over at Devonshire Road, Allgreen Properties sold 130 units last week at One Devonshire, a 36-storey freehold condo with a total 152 units.
The average price of the units sold is understood to be $1,800 psf, assuming a normal progress payment scheme.
Allgreen is charging buyers a 2 per cent price premium for IAS. For those who opt for the deferred payment scheme, the price premium is 3 per cent.
Around 65 per cent of the 130 buyers have opted for normal progress payment. Knight Frank is marketing the development.
Chip Eng Seng group's Oasis @ Elias condo is expected to be released soon, as early as this week. The 99-year project has a total 388 units and should give some competition to City Developments' Livia condo nearby.
Over at Flora Road, in the Upper Changi area, Tripartite Developers is getting ready to launch its freehold condo, The Gale. A Facebook page for the project will be launched to help market the project.
The Gale comprises 329 units in nine blocks. The eight-storey project has a range of unit sizes, from one-bedders to four-bedroom apartments with a roof terrace.
Buyers will have the option of signing up for IAS. Buyers and current owners of a Tripartite property will enjoy a loyalty bonus (a 0.5 per cent price discount) if they buy a unit at The Gale, and a referral fee (0.5 per cent of purchase price) if they get a friend or family member to buy a unit in the condo.
Tripartite is a joint venture involving Hong Leong Holdings, City Developments and TID Pte Ltd. Hong Leong Holdings, which issued a press statement on the project yesterday, did not give an indication of pricing. 'The project is expected to be launched to the public in July,' it added.