Developers To Unveil More Modestly-Priced Condos

Source : The Business Times, June 10, 2008

Dakota slated for preview this month at under $1,000 psf average, lower than earlier indicated

Developers are getting ready to release mass- to mid-market condos, encouraged by the response to modestly-priced developments recently.

City Developments Ltd (CDL) previewed Shelford Suites about a week ago at an average price believed to be around $1,550 psf, although CDL's spokeswoman said the average price for the five-storey freehold project in the Shelford/Adam roads vicinity is in the $1,500 to $1,700 psf range.

Testing the market: CDL previewed Shelford Suites about a week ago at $1,500-$1,700 psf. The group is also aiming to preview the first phase of Livia, a condo in Pasir Ris, by month's end or early July.

The property giant is also aiming to preview by the end of this month or early July the first phase of Livia, a 724-unit condo at Pasir Ris Drive 1.

The 99-year leasehold condo, near Pasir Ris MRT Station, is being developed by a joint venture involving CDL, Hong Realty and Hong Leong Holdings.

'The average price will be revealed closer to the preview,' CDL's spokeswoman said.

However, market expectation is that CDL will price the project attractively, at below $700 psf for the initial phase.

Those taken in by the charms of riverfront-living close to the city can look forward to Ho Bee's and NTUC Choice Homes' preview of The Dakota later this month.

The average price of the 99-year leasehold condo is expected to be 'under $1,000 psf', BT understands. This is lower than than the $1,000-1,100 psf average price expectation Ho Bee had indicated in June last year when the developers emerged as the top bidder for the plot at a state tender.

The 348-unit project is expected to be 20 storeys high and will front Geylang River. It will also be close to Dakota MRT Station, which opens on the Circle Line next year. The Dakota will comprise six blocks with a mix of two-, three- and four-bedroom apartments, and penthouses.

Over in Pasir Ris, CDL's spokeswoman said that the company is in 'in the final stage' of preparing a phased soft launch of Livia. The condo is targeted at the mass market and will comprise several blocks of 15 to 16 storeys with two-, three- and four-bedroom apartments, and penthouses.

Elsewhere on the island, freehold projects with tiny studio units dubbed 'shoebox apartments' (ranging from under 400 sq ft to about 500 sq ft in size) in places like Sophia Road and Race Course Road, have been selling fairly quickly at around $1,100 to $1,400 psf in the past couple of months.

Over in the Botanic Gardens vicinity, UOL Group, Kheng Leong and Orix Corporation will officially launch today Nassim Park Residences condo.

Nearly 50 units have been sold at an average $3,000-3,200 psf since the preview began the week of Vesak Day, although this is expected to go up slightly from today.