CDL poised to preview Cube 8 at average $1,250 psf

Source : Business Times – 19 Jan 2010

Allgreen expected to launch sales next week at 83-unit Holland Residences

CITY Developments Ltd (CDL) is expected to begin previewing its Cube 8 condo on Thomson Road this week; the average price is tipped to be at about $1,250 per square foot.

Next week, Allgreen Properties is expected to start sales at the 83-unit Holland Residences, a five-storey condo at Taman Warna. The average price could be around $1,600 psf, some market watchers suggest. Both projects are freehold.

Meanwhile, Frasers Centrepoint has sold 42 of the total 81 units at its Residences Botanique, a five-storey freehold condo at Yio Chu Kang/Sirat roads opposite Serangoon Stadium. The average price is about $1,000 psf. The developer held a one-day private preview in early December and began its ‘official preview’ on Jan 9.

‘Units were sold at prices ranging from $844 psf to $1,262 psf. The buyers were mostly Singaporeans and PRs. About half of the buyers had HDB addresses, with the other half residing in landed properties and condos in a catchment area stretching from Serangoon Gardens to Kovan,’ said Frasers Centrepoint chief operating officer Cheang Kok Kheong.

Units range from one-bedroom-with-study to four-bedroom duplex apartments. The one and two-bedders were the most popular although the developer has started to sell the bigger units as well, Mr Cheang added.

At Thomson Road, on the site of the former The Albany and Thomson Mansion, CDL will develop Cube 8, a 36-storey condo comprising 177 units. The project is next to the group’s earlier project, The Arte at Thomson, which it began selling in March last year at an average price of about $880 psf; by May, CDL had revised the pricing to about $900 psf on average. Six units are still available in the 336-unit project, according to government data on developers’ December sales.

While the two projects are next to each other, The Arte is in District 12 while Cube 8 is in District 11 – one of Singapore’s three traditional prime districts. A property consultant who is not involved with marketing Cube 8 described the $1,250 psf reported average price for the development as ‘aggressive but achievable’. He noted that in the secondary market, owners of upper floor units in Sky @ Eleven – a 43-storey development which offers better views of the Singapore Polo Club and surrounding greenery – are asking $1,400 psf and above.

Cube 8 includes 39 one-bedroom units, 68 two-bedders, 57 three-bedders, nine four-bedroom apartments and four penthouses or sky villas. Prices of one bedroom units, which will have an area of about 560 sq ft, are expected to start from about $730,000. Three bedders, which will be 1,335 to 1,475 sq ft, will cost $1.6 million to $1.9 million. The sky villas will likely be priced above $3.5 million apiece.

Holland Residences comprises mostly three- and two-bedroom apartments, although there are also 17 penthouse units.