Two new condominium projects – in West Coast and Queenstown – will open their showflats this weekend in the hope of capitalising on good sales at recent launches.
Prospective buyers can visit the showflat of EL Development’s Parc Riviera in West Coast Vale over the next two weekends, ahead of its sales launch next month.
The other project vying for buyers is Queens Peak in Dundee Road, in Queenstown. It will open for preview on Saturday, with the sales launch scheduled for Nov 5, its developer Hao Yuan Investment said. Upcoming executive condo launches include Yio Chu Kang EC, Choa Chu Kang EC, Anchorvale Lane EC, while existing ones include Terrace EC, Brownstone EC, The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC, Northwave EC, Skypark Residences and Wandervale EC.
EL Development told The Straits Times the average selling price for units at the 752-unit Parc Riviera – a 99-year leasehold development – will be about $1,250 per sq ft.
“We want to price (the units) low at the start to attract early-bird buyers… If demand is there and the market improves, maybe we can consider raising the price slightly,” noted Mr Lim Yew Soon, managing director at EL Development.
Unit sizes range from 463 sq ft for a one-bedroom unit to 1,711 sq ft for the largest four-bedder. EL Development said 480 of the 752 units – or about 64 per cent – are one- and two-bedroom apartments.
Mr Lim said: “Recent sales at The Alps Residences and Forest Woods are very encouraging… I think as long as the project is well designed and reasonably priced, there’ll be takers.”
Hao Yuan Investment’s Queens Peak – also a 99-year leasehold project – appears to be better located, being near the Queenstown MRT station. It has 736 units, comprising one- to five-bedroom apartments and penthouses.
The sizes of the units at Queens Peak range from 431 sq ft for the one-bedroom unit to 2,002 sq ft for the five-bedder, and 4,768 sq ft for the largest penthouse.
The one- and two-bedroom apartments make up 62 per cent of the total units available there. The developer said premium units will have private lift lobbies, and all four penthouses will come with private pools, jacuzzis and private roof terraces.
“While market sentiment is buoyed by the recent recovery in sales, Queens Peak has very strong qualities… and as such, we have improved confidence at this moment,” said Hao Yuan Investment, adding that selling prices have not been set yet.
The two upcoming showflat openings follow the positive response to new projects rolled out this month.
Forest Woods, a project by City Developments, Hong Leong Holdings and TID, in Lorong Lew Lian sold 65 per cent of its 519 units on its first launch weekend on Oct 8.
MCC Land’s The Alps Residences in Tampines moved 280 of 626 units in a single day when it was put on the market on Oct 2.
Investor Eileen Gwee bought a two-bedder at The Alps Residences in Tampines for under $750,000, in the hope of leasing it out. “I am still confident about Tampines. It is a mature estate and a regional centre; an international school is nearby… so there should be rental potential,” said Ms Gwee, a sales manager.
Newly launched projects such as Cairnhill Nine near Orchard Road, Gem Residences in Toa Payoh and Lake Grande in Jurong have also sold well.
“New projects have launched at reasonable price levels this year… In addition, several of the projects are relatively well located and have attractive characteristics, such as a retail podium and proximity to an MRT station,” said Ms Alice Tan, Knight Frank Singapore research head.
Both Parc Riviera and Queens Peak are expected to get their temporary occupation permits at the end of 2020.