Vacanza @ East launches preview

A venture between Hoi Hup Realty and Malaysia’s Sunway group is previewing Vacanza @ East today.

The freehold condo in the Kembangan is expected to be slightly over $1,000 per square foot for the 141 units being released. The project has a total of 473 units in seven blocks.

The project comprises one to four-bedroom units as well as penthouses.

Roxy-Pacific group previewed Jupiter 18 at Lorong 102 Changi last week. So far it has sold more than 70% of the 53 units. The units range from one bedders of 388 sq ft to two-bedroom penthouses of 1,119 sq ft. The average price is about $1,100 psf.

Meanwhile, City Developments found buyers for another 35 units at NV Residences in Pasir Ris, taking the total to 335 out of 380 launched units in the 642-unit development.

Over in Leonie Hill Road, Overseas Union Enterprise could not provide a sales update for its 99-year leasehold Twin Peaks project launched about a week ago.

Executive chairman Stephen Riady said he is confident of selling the 462-unit project, where units are sold on a fully furnished basis.

70 units were released for sale last weekend. OUE sold half of them, achieving prices of $2,890 psf. Another 12 units are booked by buyers wanting to delay their decisions because of the government cooling measures.

Far East Organization sold 23 units last week at projects like Floridian, Waterfront Key, Waterfront Gold, The Greenwood, Hillview Regency, Hillvista, Silversea, The Shore Residences, Centro Residences and The Greenwich. The volume is down from 32 units the preceding week.

The average capital value of 99-year leasehold suburban private apartments/condos in the resale market rose 2 per cent quarter-on-quarter to $660 psf in Q3, according to DTZ Research.

This is a smaller increase than the 4% rise seen in Q2 this year. The average cap value of luxury condos also saw a slower 1.6 per cent quarter-on-quarter increase to $2,630 psf in Q3.

In the landed market, the average capital value of freehold homes in the prime districts 9, 10 and 11 have crept up 2 per cent Q-on-Q to $1,611 psf in the third quarter after rising 3.3 per cent in Q2.

‘The slow growth in prices is likely to come to a halt for the rest of the year following the recent implementation of a slew of government measures to cool the residential market. Sales volume is expected to be lower as sellers continue to maintain their asking prices while potential buyers hold out for lower prices,’ DTZ said.