CapitaLand intends to build an estimated 1,500 mid- to high-end homes in prime District 10 on a site that currently houses the Farrer Court estate.
The developer and its partners bought the site off Farrer Road in a collective sale last June for some S$1.34 billion.
Revealing plans for the project on Thursday, CapitaLand said the new development will have seven blocks of 36-storeys each, with mainly two, three and four bedroom units. The development will also include 12 garden villas. The unnamed project is expected to be launched in the first half of 2009.
CapitaLand said it is targeting high net worth individuals, both in and outside of Singapore.
Liew Mun Leong, President & CEO of CapitaLand Group, said: "They can choose Hong Kong, they can choose Shanghai, but I think that Singapore is the most attractive. It has good connectivity, good infrastructure and is a very safe investment."
CapitaLand expects the breakeven cost to range between S$1,350 and S$1,450 per square foot.
Industry watchers said that depending on the market conditions at the time of the launch, the new units could fetch between S$1,500 and S$1,800 per square foot on average.
The entire project will cost S$3 billion in total. CapitaLand and its partners have signed an agreement for a loan of S$2 billion to fund development costs.
Mr Liew continued: "The sentiments have been affected in US, but I think here in Asia in terms of economic growth, the demand and urbanisation is still very strong for us. So I think the effect is something I am not overly concerned about."
Farrer Court currently has 618 private apartment units. The 99-year leasehold site spans 838,488 square feet and has a maximum gross plot ratio of 2.8.
It is within walking distance of the future Farrer MRT station. - CNA/vm
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