D’Nest condo to launch preview sales

A new condominium, D’Nest, located at Pasir Ris Grove will be launched for preview sales on Friday.

The 912-unit project is jointly developed by City Development Limited (CDL), Hong Leong Holdings and Hong Realty.

In a statement, CDL said it is planning to sell the units at an average price of S$990 per square foot.

However, it will be offering an early bird discount of 7 per cent on the launch price in view of the Additional Buyer’s Stamp Duty which some buyers have to pay.

That will bring the selling price down to S$920 per square foot.

CDL said one-bedroom units will come with a price tag of about S$498,000, while a two-bedder apartment will cost some S$680,000. Prices for 3-bedroom units start at S$820,000, and 4-bedroom apartments at S$1.15 million.

Some analysts said it appears that the latest set of cooling measures, which kicked in on January 12 this year, has had some effect in moderating launch prices.

Lee Sze Teck, senior manager of Research & Consultancy at Dennis Wee Group, said: “Price-wise, compared to some other launches in the Pasir Ris area, it seems quite attractive… I think there could be strong demand, mostly from HDB upgraders.”

Nicholas Mak, executive director at SLP International Property Consultants, said: “Prices of uncompleted condo projects in Pasir Ris range between S$956 psf and S$1,000 psf. So S$920 psf for D’Nest appears reasonable.

“At S$920 psf, I believe the developer will be able to move units. But if the price moves closer to S$1,000, then demand might taper.

“The developer also has to bear in mind that there are likely to be two new condo developments coming up in Pasir Ris in the second quarter of the year, so there could be some competition.”

D’Nest, a 99-year leasehold development, is located near the Pasir Ris MRT station.

Source : Channel NewsAsia – 14 Mar 2013