VACANZA @EAST: Close to 90 units sold!

Hoi Hup and Sunway sold nearly 90 units at their Vacanza @East condo by the end of Tuesday, when the project previewed to those who had registered interest with the appointed marketing agents DTZ and Huttons. This is according to a BT report today.

A VVIP preview was held on Monday for staff/directors of Hoi Hup and Sunway as well as their special guests.

The average price for the 12-storey freehold project is about $1,090psf.

Buyers were mostly Singaporeans and the most popular units were two- and three-bedroom units.

In absolute price terms, units sold range from nearly $550,000 for a 484sqft one-bedder to slightly above $2 million for a three-bedder penthouse of over 1,900sqft.

Initially two blocks comprising 141 units were released but as potential buyers started requesting for apartments in other stacks in the 473-unit project, the developers began releasing more units.

Vacanza comprises one- to four-bedroom units as well as penthouses. It will have a clubhouse, gymnasium, a tennis court, a lap pool, fitness station and lawn.

Market watchers point out that the project, located at Lengkong Tujoh, is next to the Pan Island Expressway, near Singatronics Building and Bedok Industrial Estate. It is about a kilometre away from Kembangan MRT Station.

Hoi Hup and Sunway are developing Vacanza on a 207,000sqft site which they bought in October last year for $158 million, or about $445 per square foot of potential gross floor area, including an estimated development charge of about $36 million at the time.

The site, which was vacant at the time, was sold by Lee Tat Development. The residential site has a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and a 12-storey maximum height under Master Plan 2008.

Vacanza’s appeal is supposedly due to it being a freehold project in a quiet estate amidst a landed housing enclave. However, the wife and I wonder how much of the “PIE noise effect” will Vacanza be subjected to, especially when the site is located along this busy expressway…

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Non-landed private home prices remain flat in August...

According to the BT today, the latest flash estimates from National University of Singapore (NUS) show that prices of non-landed homes remained flattish in August compared to July. This period would not have shown up the impact of the government cooling measures, which were announced on Aug 30.

The Singapore Residential Price Index (SRPI), compiled by the NUS Institute of Real Estate Studies, covers only completed properties.

NUS’s overall price index for non-landed homes for August rose 0.8% month on month, compared with a month-on-month drop of 0.1% for July. The June index was up 0.6% over May. In May, the index appreciated 2.4%.

NUS’s sub-index for Central region, which covers a basket of properties in districts 1 - 4 and 9 -11, was unchanged in August, following a 0.8% month-on-month drop in July. The sub-index for Non-Central region rose 1.5% in August from the preceding month, after a 0.5% increase in July.

Since the end of last year, all three indices have appreciated, to the tune of 10% for the overall index, 7.6% for the Central region and 11.8% for the Non-Central region.

The August flash estimate for Central region is still 4% below the pre-crisis high in November 2007. However, for the Non-Central region, the latest index has surpassed its respective pre-crisis peak in January 2008 by 13.9%. As a result, the overall SRPI flash estimate for August is 6.9% above its Nov 2007 high.

The SRPI is compiled based on a basket of properties for the base period Dec 2001 (* The wife and I have actually changed the period - the BT report actually says Dec 2009, which is inconsistent with the graph. So we reckon it is a typo) comprising 74,359 units in 364 projects within the 26 postal districts completed between Oct 1998 and Sep 2009. The basket is to be reviewed every two years.

Market watchers are awaiting the government’s release of the flash estimates for the Q3 2010 prices indices for private homes and HDB resale flats on Friday for an idea of the impact of the recent cooling measures.

And the wife and I will post the Q3 2010 indices on our blog once we get our hands on them…

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VACANZA @EAST: Preview starts today!

The BT today has reported that Vacanza @East, a freehold condo in the Kembangan area, is previewing from today.


This is a joint-venture project between Hoi Hup Realty and Malaysia's Sunway group.

The average price is expected to be slightly over $1,000psf for the 141 units being released in two blocks of the 12-storey project. Vacanza @East will have a total 473 units in seven blocks.

The project comprises one to four-bedroom units as well as penthouses.

About 39% of uinits have either two bedrooms or two bedrooms with a study. Another 30% are three-bedders.

View our previous post about this project here:
http://sgproptalk.blogspot.com/2010/09/new-project-details-vacanza-east.html

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Sales update from last week: NV Residences & Jupiter 18

Following are extracted from the ST and BT today:

NV Residences        
CDL has sold another 35 units last week, taking total sales to 335 units out of 380 launched units in this 642-unit development in Pasir Ris.

It sold 50 units the previous weekend and 90 units over the Hari Raya weekend.

The 99-year leasehold development had sold 160 units at its Sep 8 preview despite the Aug 30 cooling measures having kicked in by then. The average price during the preview was $830psf but this was later raised by about 1 - 2%.


Jupiter 18
Roxy-Pacific group previewed Jupiter 18 at Lorong 102 Changi. So far it has sold more than 70% of the 53 units in the freehold project, which range from one-bedders of 388sqft to two-bedroom penthouses of 1,119sqft.

The average price is about $1,100sqft. In absolute quantum, prices start from slightly over $500,000 for a one-bedder.

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Spottiswoode Park, UOL (Showflat Update)

You may recall that the wife and I have been monitoring the construction progress of the sales gallery/showflat for the above project, which we understand is named (tentatively at least) Spottiswoode Residences.

http://sgproptalk.blogspot.com/2010/07/spottiswoode-park-uol.html

We decided to drop by the site yesterday for another update.



From our observation, it will probably be at least a month (or two) before the showflat can be ready for general viewing... if the developer does not decide to delay the launch, that is.


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