Red-hot One Shenton sees queue one day before soft launch

SUCH is the demand for property in the Central Business District, with its proximity to the proposed integrated resorts, that this year’s first private residential property launch might never have been open to the public if two western funds had had their way.

Both the funds, whose names were not revealed, were keen to buy the tower blocks of One Shenton — a new project by City Developments Limited (CDL) — said its chairman Mr Kwek Leng Beng.

He was speaking at the soft launch preview of the 341-unit 99-year leasehold project on Friday. However, Mr Kwek declined both offers, preferring, he said, to cater to the Singaporean market first.

Setting what appears to be the market standard for such properties in the first half of the year, CDL is launching One Shenton at prices that range between $1,500 per square foot (psf) to $2,000psf, depending on the orientation and level of the unit.

“We are pricing the units attractively and reasonably, between $1,500psf and $2,000psf,” said Mr Kwek Leng Joo, managing director of CDL. However, this price range excludes the 11 penthouse units.

Mr Kwek’s words seem to be true, judging from the initial response to the project.

At 3.30pm on Friday, more than 70 people were seen lining up for the official soft launch scheduled for Saturday. Most were accompanied by agents from CB Richard Ellis (CBRE), Knight Frank and ERA, the firms appointed by CDL to market the project.

“Some of them are buyers who missed out on the Marina Bay Residences. They have come to see the showflat (picture), but the official buying starts on Saturday,” said CBRE marketing executive Cicilia Gunawan.

“I didn’t make an appointment with an agent, but I’m just trying my luck to see if I can get to the showflat,” said a gentleman who declined to be named. He said that he saw One Shenton as a good investment.

CDL believes the prices are within buyers’ means. “High-end luxury condominium prices may have shot through the roof, but they are still affordable,” said Mr Kwek Leng Beng, citing prices of high-end properties in other global capitals.

He said similar apartments in London, New York and Hong Kong are fetching prices that are more than double the prices here.

He recalled speaking with London-based Knight Frank agents who said that an apartment overlooking Harrods department store was going for £4,000psf ($11,930psf), while in New York, prices were around US$6,000psf ($9,220).

The demand for such high-end properties is fuelling the price hike here.

“What we are seeing is the release of the pent-up demand for these properties,” said Mr Kwek.

The 99-year leasehold One Shenton comprises units that range from a 517-square foot one-bedroom studio apartment to a 9,085sq ft penthouse. Built with an eye to attracting young professionals and businessmen, some 70 per cent of the development consists of one and two bedroom apartments.

The project has a Club Level on the eighth storey. It features leisure, spa and wading pools, alongside a 50m lap pool. It also has lounges, game rooms, a juice bar and a library. The Wellness Levels on the 24th and 25th storeys offer residents gym facilities, a spa, as well as an outdoor fitness area.

The One Shenton launch will be followed by other CDL projects in Balmoral Park-Stevens Road, Kim Lin Mansion site at Grange Road and the Quayside at Sentosa Cove. SUCH is the demand for property in the Central Business District, with its proximity to the proposed integrated resorts, that this year’s first private residential property launch might never have been open to the public if two western funds had had their way.

Both the funds, whose names were not revealed, were keen to buy the tower blocks of One Shenton — a new project by City Developments Limited (CDL) — said its chairman Mr Kwek Leng Beng.

He was speaking at the soft launch preview of the 341-unit 99-year leasehold project on Friday. However, Mr Kwek declined both offers, preferring, he said, to cater to the Singaporean market first.

Setting what appears to be the market standard for such properties in the first half of the year, CDL is launching One Shenton at prices that range between $1,500 per square foot (psf) to $2,000psf, depending on the orientation and level of the unit.

“We are pricing the units attractively and reasonably, between $1,500psf and $2,000psf,” said Mr Kwek Leng Joo, managing director of CDL. However, this price range excludes the 11 penthouse units.

Mr Kwek’s words seem to be true, judging from the initial response to the project.

At 3.30pm on Friday, more than 70 people were seen lining up for the official soft launch scheduled for Saturday. Most were accompanied by agents from CB Richard Ellis (CBRE), Knight Frank and ERA, the firms appointed by CDL to market the project.

“Some of them are buyers who missed out on the Marina Bay Residences. They have come to see the showflat (picture), but the official buying starts on Saturday,” said CBRE marketing executive Cicilia Gunawan.

“I didn’t make an appointment with an agent, but I’m just trying my luck to see if I can get to the showflat,” said a gentleman who declined to be named. He said that he saw One Shenton as a good investment.

CDL believes the prices are within buyers’ means. “High-end luxury condominium prices may have shot through the roof, but they are still affordable,” said Mr Kwek Leng Beng, citing prices of high-end properties in other global capitals.

He said similar apartments in London, New York and Hong Kong are fetching prices that are more than double the prices here.

He recalled speaking with London-based Knight Frank agents who said that an apartment overlooking Harrods department store was going for £4,000psf ($11,930psf), while in New York, prices were around US$6,000psf ($9,220).

The demand for such high-end properties is fuelling the price hike here.

“What we are seeing is the release of the pent-up demand for these properties,” said Mr Kwek.
The 99-year leasehold One Shenton comprises units that range from a 517-square foot one-bedroom studio apartment to a 9,085sq ft penthouse. Built with an eye to attracting young professionals and businessmen, some 70 per cent of the development consists of one and two bedroom apartments.

The project has a Club Level on the eighth storey. It features leisure, spa and wading pools, alongside a 50m lap pool. It also has lounges, game rooms, a juice bar and a library. The Wellness Levels on the 24th and 25th storeys offer residents gym facilities, a spa, as well as an outdoor fitness area.

The One Shenton launch will be followed by other CDL projects in Balmoral Park-Stevens Road, Kim Lin Mansion site at Grange Road and the Quayside at Sentosa Cove.

Source : Weekend Today – 6 Jan 2007

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