New launches amid a quiet market

Despite a lull in the property market, two freehold condo developments were launched over the weekend, which are expected to gauge buying interest.

Both projects are relatively small, with less than 200 units in total between them.

The upscale 1919 in Mount Sophia was launched by Aurum Land, a unit of Woh Hup. It comprises of 75 black-and-white apartments with average prices ranging between S$2,000 psf and S$2,200 psf. Patio units on the ground floor are also available from S$1,600 psf.

“Woh Hup has a reputation for design and has won awards for it… so depending on how they do it up, they may try to justify the high psf price,” said property consultant Colin Tan.

Marketing agent Knight Frank said the project drew “inspiration from the rich history of its surroundings to create a 21st century version of the celebrated black-and-white house”. 1919 is expected to be completed by 2015.

Meanwhile, Tong Eng Group’s Tropika East, a freehold development off Jalan Eunos, was also launched for sale on 9 June. The project comprises 105 condo units spread across three low-rise blocks.

Slated for completion by June 2016, it is located near the upcoming 748-unit euHabitat and approximately 600m away from the soon-to-open Kaki Bukit MRT station.

Tan said that numerous traffic jams in the area may have turned buyers away. But given that the project is the first launch in a while, there may still be pent-up demand.

Meanwhile, the 120-unit Stella RV freehold development in prime District 10 received even less enthusiastic response from buyers.

According to a media report, fewer than 20 units were sold during the first weekend of launch at an average price of S$2,100 psf.

Jointly developed by Nobel Design, Fission Group and Pinnacle Assets Group, the project offers small-format apartments of one-bedroom plus study units, two-bedroom units and penthouses ranging between 818 sq ft and 936 sq ft.

“Despite the small absolute quantum at S$1.2 million per unit, we think the low take-up could be due to the premium pricing versus surrounding projects,” said Adrian Chua and Michael Lim, analysts at UBS.

Source : PropertyGuru – 11 – Jun 2012

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