The masses are stepping right up

WITH the buying frenzy for high-end apartments still fresh in memory, property developers now seem ready to cash in on the hype, with two of them poised to test the waters of mass market condominiums.

This weekend, NTUC Choice Homes is set to preview YewTee Residences, while Frasers Centrepoint Homes is officially unveiling the ClementiWoods Condominium.

Both these 99-year leasehold developments will cater to the mass market, with prices averaging $498 per square foot (psf) for YewTee Residences and $525 psf for ClementiWoods Condominium.

YewTee Residences is targeted at families who are looking to upgrade to a private development. The 139 units on offer comprise two-bedroom, three-bedroom and four-bedroom apartments that range between 840 square feet and 1,400 sqft.

Located beside Yew Tee MRT station, the development is also close to amenities such as markets and schools.

For its part, Frasers Centrepoint will officially launch the ClementiWoods Condominium tomorrow.

The 240-unit development is situated next to the Clementi Woods Park. Its offerings range from a one-bedroom 560 sqft apartment to a 3,197 sqft penthouse with five bedrooms.

The response to the project’s soft launch last week has been good, with around 123 units having been sold thus far.

Some might see such a reception as a sign of the mass market picking up steam.

“The recent run in the high-end segment will sooner or later filter down to the mid- and mass-market properties. And with (these responses), it might seem that it is about to start,” said Mr Donald Han, managing director of real-estate services firm Cushman & Wakefield Singapore.

Flash estimates that were released by the Urban Redevelopment Authority recently saw private home prices in the final quarter climbing 3.7 per cent to 130 points, rising from 125.4 points that was registered in the third quarter.

However, these figures do not reflect the overall market, since they were boosted by the sale of Marina Bay Residences in the latter part of the year.

Mr Han said developers could be testing the market in the wake of the sell-out sentiments recently exhibited by City Development Limited’s One Shenton.

“In a way, it could be the start of something. But it is too early to say for sure. The supply is out there, it is a question of whether there is demand,” said Mr Nicholas Mak, director of consultancy and research at property consultancy Knight Frank.

Some observers believe the healthy economy will ensure that the demand will be there.

“People are getting more secure jobs, a lot of investors and tourists are coming to the country. In that sense, the mid-level are people who would like to be able to have a different lifestyle from the homes they used to own,” Mr Cheang Kok Kheong, Frasers Centrepoint’s general manager for development and property, told Channel NewsAsia.

High-end property run filtering to mid-market, good response to recent launches WITH the buying frenzy for high-end apartments still fresh in memory, property developers now seem ready to cash in on the hype, with two of them poised to test the waters of mass market condominiums.

This weekend, NTUC Choice Homes is set to preview YewTee Residences, while Frasers Centrepoint Homes is officially unveiling the ClementiWoods Condominium.

Both these 99-year leasehold developments will cater to the mass market, with prices averaging $498 per square foot (psf) for YewTee Residences and $525 psf for ClementiWoods Condominium.

YewTee Residences is targeted at families who are looking to upgrade to a private development. The 139 units on offer comprise two-bedroom, three-bedroom and four-bedroom apartments that range between 840 square feet and 1,400 sqft.

Located beside Yew Tee MRT station, the development is also close to amenities such as markets and schools.

For its part, Frasers Centrepoint will officially launch the ClementiWoods Condominium tomorrow.

The 240-unit development is situated next to the Clementi Woods Park. Its offerings range from a one-bedroom 560 sqft apartment to a 3,197 sqft penthouse with five bedrooms.

The response to the project’s soft launch last week has been good, with around 123 units having been sold thus far.

Some might see such a reception as a sign of the mass market picking up steam.

“The recent run in the high-end segment will sooner or later filter down to the mid- and mass-market properties. And with (these responses), it might seem that it is about to start,” said Mr Donald Han, managing director of real-estate services firm Cushman & Wakefield Singapore.

Flash estimates that were released by the Urban Redevelopment Authority recently saw private home prices in the final quarter climbing 3.7 per cent to 130 points, rising from 125.4 points that was registered in the third quarter.

However, these figures do not reflect the overall market, since they were boosted by the sale of Marina Bay Residences in the latter part of the year.

Mr Han said developers could be testing the market in the wake of the sell-out sentiments recently exhibited by City Development Limited’s One Shenton.

“In a way, it could be the start of something. But it is too early to say for sure. The supply is out there, it is a question of whether there is demand,” said Mr Nicholas Mak, director of consultancy and research at property consultancy Knight Frank.

Some observers believe the healthy economy will ensure that the demand will be there.

“People are getting more secure jobs, a lot of investors and tourists are coming to the country. In that sense, the mid-level are people who would like to be able to have a different lifestyle from the homes they used to own,” Mr Cheang Kok Kheong, Frasers Centrepoint’s general manager for development and property, told Channel NewsAsia.

Source : Today – 12 Jan 2007

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