Saturday, July 9, 2011

Bukit Sembawang sells 80 Skyline units

BUYERS continue to shop for homes.

Bukit Sembawang Estates began previewing Skyline Residences, a freehold condo in the Telok Blangah area, earlier this week. According to marketing agent Knight Frank, about 80 of the 100 units released so far in the 283-unit project have been sold.

The average price is understood to be in the $1,800-$1,900 per square foot (psf) range. The cheapest unit, a 484-sq-ft one-bedder on the third level, costs about $950,000.

The 24-storey project, on the former Fairways Condo site, is designed with an elevated podium to incorporate higher views for the units. Skyline Residences will offer its residents views of Keppel Golf Links and the sea, and is near the upcoming Telok Blangah MRT Station under the Circle Line.

Skyline Residences comprises three towers and offers one-bedroom to four-bedroom units, as well as three penthouses (of 3,165 sq ft, 3,251 sq ft and 3,681 sq ft).

City Developments Ltd (CDL), meanwhile, confirmed it has sold about 150 units at its Blossom Residences executive condo (EC) project at Segar Road in the Bukit Panjang area since it began sales on Thursday. The 99-year-leasehold project is priced at $685 psf on average. Prices of two-bedroom units start from $548,000 while four-bedders begin at $841,000.

ECs are a hybrid of public and private housing with initial buyer eligibility and resale restrictions, which are completely lifted 10 years after the completion of an EC project. There is a $10,000 monthly household income cap for those buying ECs from a developer.

As per rules for EC launches set by the authorities, CDL has to set aside at least 95 per cent of the project's 602 units for first-time home buyers during the first month of the launch. Qualifying first-time home buyers will enjoy a $30,000 CPF Housing Grant.

BT understands that all 30 units (5 per cent of the project) of Blossom Residences reserved for second-timers are fully taken up. CDL will be able to sell more units to second-timers only after the first month.

The project is a three-minute walk to Segar LRT Station, which will be connected to the upcoming Bukit Panjang MRT Station (under Downtown Line).

The group noted that the last time an EC project was launched in the Bukit Panjang area was in 1997.

Along Upper Thomson Road, Hong Kong's Cheung Kong Holdings has sold all of the initial batch of 50 units at its Thomson Grand condo project in Singapore set aside for the first day of preview yesterday and has released a new batch of 20 units, according to a release issued by the developer yesterday afternoon.

The two-to-four-bedroom apartments (among the initial 50 units sold) were priced from about $1,100 psf to $1,600 psf, reflecting an average price of about $1,400 psf, Cheung Kong said.

However, BT understands that those who bought yesterday received an early-bird discount of 4.5-5.5 per cent depending on the unit type. Based on this, the average price would be closer to the $1,330 psf level, said market watchers.

The early-bird discount is not expected to be offered after yesterday.

In its release, Cheung Kong said that 11 of the 22 strata terrace homes in the 99-year-leasehold project opposite Singapore Island Country Club have also found buyers, with the highest transacted at $4.1 million.

Over at Farrer Road, CapitaLand releases today about 180 units - comprising two, three and four-bedders - in a new block at d'Leedon. The average price of the 99-year-leasehold condo remains unchanged at $1,680 psf.

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