Good demand for residential and industrial property

May 24, 2011 - PropertyGuru.com.sg

Industrial and residential projects with affordable prices continue to attract demand.

MCL Land has marketed 150 of the 200 units it has launched at its 414-unit Terrasse condo in Hougang.

“Before we began sales last Saturday (May 21), we had intended to release only 120 units initially. But because demand was strong, we released another 80,” said Koh Teck Chuan, MCL Chief Executive.

The units in the 99-year leasehold, five-storey project are offered at an average price of S$950 psf, with the cheapest unit, a 506 sq ft one-bedroom condo on the second floor, priced at around S$580,000 (S$1,146 psf).

The development also includes two- to four-bedroom units and nine five-bedroom penthouses of approximately 2,217 sq ft, with an indicative price of up to S$1.85 million (S$834 psf) each.

“At most recent launches in the market, enquiries tend to be concentrated on the smallest units but for Terrasse, we’ve seen strong response across the board, including our four-bedders and five-bedroom penthouses,” noted Mr. Koh.

The project’s design provides excellent views of either a water feature or swimming pool, for approximately 80 percent of the units. It will also include a tennis court, a multi-purpose court and three clubhouses.

Meanwhile, NTUC Choice Homes and CEL Development have obtained 520 e-applications for Belysa, their executive condominium (EC) project at Pasir Ris Drive 1 / Elias Road.

The 315-unit, 99-year leasehold project has an average price of S$670 psf and comprises three- and four-bedroom units. The indicative price ranges from S$574,000 for an 829 sq ft three-bedroom unit to S$882,000 for a 1,335 sq ft four-bedroom unit.

In the industrial real estate market, quick sales have been witnessed during the preview of the 60-year leasehold North Spring BizHub at Yishun Industrial Street 1.

According to The Business Times, approximately a third of the 454 units in the seven-storey light and general industrial development were committed or sold.

The robust demand is attributed to the affordable lump sum transaction size. For instance, a 1,539 sq ft unit is offered at a starting price of S$478,000 (approximately S$311 psf). The attractive specifications of the project, including high ceilings and direct vehicular access for up to 40-foot containers for every level, also attracted buyers.

Marketed by Colliers International, the development has smaller units, mostly about 1,500 sq ft to 1,600 sq ft and is priced from S$311 psf upwards. There are also approximately two dozen or so large units (of about 11,000 sq ft to 36,000 sq ft), with prices of approximately S$210 psf upwards.

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