Hong Fok Launches Concourse Skyline

Source : The Business Times, September 10, 2008

Developer releasing 90 residential units in first phase

MAINBOARD-listed property developer Hong Fok Corporation yesterday launched the first phase of a new residential development on Beach Road - the Concourse Skyline.

Clearly prized: The site is at the heart of major attractions such as the upcoming Marina Bay IR

Comprising two towers and a podium complex, the 99-year leasehold development will house 360 units when completed in 2013. Units consist of one to four-bedroom apartments and penthouses, with one-bedroom apartments making up some 40 per cent.

Hong Fok is releasing 90 units in the first phase, and average sale prices could range from $1,500 to $1,800 per sq ft (psf) for the apartments. One-bedroom units, for instance, can go up to 893 sq ft. None of the development's 10 penthouses will be released for now.

The Concourse Skyline is 'priced to sell', said Hong Fok's director SE Cheong, adding that prices would have been higher had the units been sold when the property market was stronger not long ago. He estimated that the first phase could be sold out in a month.

DTZ and CB Richard Ellis are marketing the property and according to DTZ's executive director of research Ong Choon Fah at a media briefing yesterday, 'this project has generated a lot of interest from investors as well as potential owner-occupiers'. Besides Singapore, potential Hong Kong buyers will also get a preview.

One of the Concourse Skyline's selling points is its location. Some units offer sweeping waterfront views, and the site is at the heart of major attractions such as the upcoming Marina Bay integrated resort and Gardens by the Bay.

'We are confident of the location,' said CBRE executive director of residential services Joseph Tan, explaining why the launch went ahead in today's quieter property market.

'We believe there is strong underlying demand in the Singapore market for appropriately priced and unique developments,' Hong Fok's Mr Cheong said.

Depending on take-up for the first phase, Hong Fok could release another 30 units in the next phase.

Mr Cheong said that he would be comfortable holding back remaining units for later launches once around 120 units are sold.

Hong Fok also announced yesterday that it is developing a 68-unit serviced apartment project at the Mid-Levels in Hong Kong through its subsidiary, Winfoong International.

The project is slated for completion in early 2010.

Hong Fok shares closed half a cent higher at 50.5 cents yesterday.