H2O Residences
CDL has raised slightly the average price of its H2O Residences condo in Sengkang to about $920psf over the weekend, from $910psf initially when the project’s preview began on Friday.
The developer said yesterday it has sold 150 of the 200 units released so far in the 99-year leasehold condo next to Layar LRT Station in Sengkang. H2O Residences comprises 521 apartments (ranging from one-bedroom to four-bedroom units and penthouses) and a shop unit.
Giving a profile of buyers, CDL said 85% of the 150 units sold were picked up by Singaporeans. The rest were purchased by Singapore permanent residents and foreigners from China, Hong Kong, Indonesia, India, Malaysia and Vietnam.
Sources say that prior to the introduction of the Jan 13 property cooling measures, CDL had eyed an average price closer to $1,000psf mark.
The group is developing the condo on a plot it clinched at a state tender in February last year for $365.26psf ppr. Analysts estimate CDL’s breakeven cost could be in the $720 – 750psf region.
My Manhattan
Opposite Simei MRT Station, Chip Eng Seng sold another seven units last week at its My Manhattan condo, taking total sales to 82 units. The average price of the 99-year condo is about $1,180 – 1,200psf.
Chip Eng Seng has so far released 150 of the 12-storey project’s total 301 units; it began selling the project on Feb 11. The group clinched the plot at a state tender in May last year for nearly $523psf ppr. Analysts estimate Chip Eng Seng’s breakeven cost could be around $900psf.
The Cape
Far East has sold more than 10 units at The Cape – a 76-unit freehold condo at Amber Road which the group began to preview late February – and is likely to officially launch the project next week. The average price is said to be in the $1,800 - $1,900psf range.
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