Two private residential projects to open for preview

Two private residential projects are expected to be launched for viewing on Saturday.

But property agents said booking of units will only start mid-January.

First off the block is The Panorama at Ang Mo Kio by Wheelock Properties.

Prospective buyers can visit the showflat on Saturday to find out more about the 698-unit project.

Property analysts estimated the units could go for between S$1350 and S$1500 per square foot.

Another project that is open for preview on Saturday is retirement resort The Hillford at Jalan Jurong Kechil by World Class Land.

Sold on a 60-year lease, the project will offer 281 residential units with elderly-friendly features.

Indicative prices range from over S$400,000 for a one-bedroom apartment of about 400 square feet to over S$700,000 for a two-bedroom dual key unit spanning 657 square feet.

That works out to about S$1,000 per square foot.

Ku Swee Yong, chief executive officer of Century 21 Singapore, said: “If you brought the 60-year lease back up to 99 years, then S$1,000 for 60-year lease would be equivalent to S$1,800 per square foot. That is very pricey.

“The retirement home scheme where land parcels are sold for shorter leases in order to keep prices down, more affordable, I think that objective has been missed. Given the fact that developers are able to shrink it (unit), lower the quantum, however, increases the dollar per square foot significantly for their profit.”

Source : Channel NewsAsia – 3 Jan 2014