Cheang Kok Kheong, chief operating officer of Frasers Centrepoint Homes, says he will be “camping out” at the Martin Place Residences showflat over the weekend tomorrow and on Sunday, the first weekend of the official launch of the high-end project.
After two weekends of private previews, which saw a total of 150 units snapped up, Frasers Centrepoint Homes officially launched its high-end condominium, Martin Place Residences on Friday, May 29.
Including the 28 units sold last year, as of last Thursday, 178 of a total of 302-units in the freehold development have been taken up. “We’ve actually increased the average price by 5% last weekend [May 23-24],” says Cheang, but adds that the developer will not be adjusting prices upward this weekend for the official launch. Even after the 5% adjustment, the selling price is still 20% lower than the $1,800 psf selling price that units were pegged at a year ago.
While having adjusted price downward by around 20%, the developer had not cut back on the development’s original specifications in terms of design, layout, finishing, kitchen and bathroom fittings. He’s noticed that in the past five to six months, some developers who had slashed prices had also cut back on the quality of their finishes and materials used, and “it’s quite a common industry practice,” he concedes.
“But we feel that if you’re planning to rent your apartment to expatriates, and if you’re a Singaporean who’s well-travelled, you would expect a certain level of finishes – good-quality timber flooring, natural marble instead of compressed marble, and kitchen fittings with top-end German brands.”
Given the location on Martin Road, which is a short driving distance to both the Central Business District and Orchard Road, the area is a sought-after residential enclave among expatriates. Apartments in the area tend to fetch good rental, says Cheang, citing that a two-bedroom apartment in the newly completed 545-unit RiverGate across the street from Martin Place Residences showflat was recently leased for $5,500 per month.
Source : The Edge – 29 May 2009
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