CSC Land Group saw a “strong response” at the weekend launch of Twin VEW in West Coast Vale, the Chinese developer’s head honcho has said.
Buyers snapped up 442 of the condominium’s 520 apartments – including four of its six penthouses – for a take-up rate of 85 per cent.
They coughed up an average sales price of $1,399 per sq ft (psf) for the 99-year leasehold development, which is expected to be ready by the fourth quarter of 2021.
Just down the road, EL Development’s Parc Riviera debuted at an average of $1,150 psf in late 2016.
CSC Land chairman Li Xiao Qian said in a media statement: “We are very encouraged by the strong response this weekend…
“From this weekend’s sales figures alone, all unit types have been very well received, demonstrating the diversity offered by Twin VEW. We are confident that this momentum will continue.”
Two 36-storey towers will house one-to four-bedders from 484 sq ft to 1,518 sq ft, as well as the penthouses. Indicative prices started at $650,000 for a one-bedroom apartment.
Promotional materials have also advertised two shops and a childcare centre on site, along with “sky terraces” and other amenities such as swimming pools and a gym.
Twin VEW is the maiden residential project from CSC Land. Its parent, construction juggernaut China Construction (South Pacific) Development, paid $592 psf per plot ratio (ppr) for the site in a nine-way fight last year.
Most of the home buyers at Twin VEW’s launch were Singapore citizens and permanent residents, with nine units bagged by foreign nationals from China, Indonesia and Europe.
ERA property agent Jason Chen, who said he has sold two one-bedroom units, noted the project’s proximity to both the Jurong Lake District and the planned Kuala Lumpur-Singapore high-speed rail’s terminus.
“One other selling point is that an adjacent land parcel was bought by City Developments Ltd (CDL) for about $200 higher” on a unit basis, Mr Chen added.
CDL paid $800 psf ppr for a West Coast Vale site at a state tender in January. CSC Land was the runner-up in that auction.
Mr Nicholas Mak, ZACD Group’s research head, said at the time that CDL “would need to launch the residential units at above $1,400 psf to make decent profit”.
Mr Chen said the higher price tag for the recent parcel might have induced bargain hunters to snap up Twin VEW units while they could.
Industry watchers are expecting at least 12,000 new private homes to be sold islandwide this year, excluding executive condominiums – up on the 10,566 units moved last year.
Ms Tricia Song, the Singapore research head for Colliers International, last month said stronger new launch prices have “continued to affirm the resilience in mass market residential segment”.
Adapted from : The Straits Time, 7 May 2018