By Wong Siew Ying | POSTED: 03 Jan 2014 18:12 | UPDATED: 03 Jan 2014 23:41 | CNA


Two private residential projects will be launched for viewing on Saturday.

First off the blocks are Singapore’s first retirement resort The Hillford at Jalan Jurong Kechil and The Panorama at Ang Mo Kio.

Analysts said they do not expect the developers to slash prices amid falling home prices in the last quarter.

The Hillford by World Class Land, a unit of Aspial Corporation, will be sold on a 60-year lease. The project will offer 281 residential units with elderly-friendly features.

Indicative prices range from over S$400,000 for a one-bedroom apartment of about 400 square feet to over S$700,000 for a two-bedroom dual key unit spanning 657 square feet.

That works out to about S$1,000 per square foot.

Booking of units will start on January 17.

Ku Swee Yong, chief executive officer of Century 21 Singapore, said: “If you brought the 60-year lease back up to 99 years, then S$1,000 for 60-year lease would be equivalent to S$1,800 per square foot. That is very pricey.

“The retirement home scheme where land parcels are sold for shorter leases in order to keep prices down, more affordable, I think that objective has been missed. Given the fact that developers are able to shrink it (unit), lower the quantum, however, increases the dollar per square foot significantly for their profit.”

Meanwhile, sales agents have been deployed to drum up interest for The Panorama, a 99-year leasehold project.

The showflat for the 698-unit development from Wheelock Properties will open on Saturday to allow prospective buyers to find out more about the project.

Agents said booking of units will start from January 16 by way of balloting.

Donald Han, managing director of Chesterton Singapore, said: “Being in Ang Mo Kio, obviously its competition price point will come from Thomson Three, it will come from Sky Vue. Being just outside of Bishan, (although) not as prime as Bishan, Ang Mo Kio is still a very good matured town. We expect price point to be between S$1,350 (and) possibly even as high as S$1,500 per square foot.”

Still to come are a number of projects which will be launched in the first half of 2014.

They include: The Crest at Prince Charles Crescent by Wing Tai Holdings, a site across Queentown MRT station and another at Pasir Ris Grove by City Developments and its partners, and Keppel Land’s Kim Tian Road project.

Market watchers said residential units at Marina One in the downtown area are also expected to be placed for sale in the first half of the year.

Analysts said the projects in the city fringe are exciting but developers have limited upside to raise prices, after DUO Residences in the city went for S$2,000 per square foot.

Analysts expect to see more project launches in suburban areas in the second half of the year, and they said the prices of these mass market homes could fall by 2 to 3 per cent, especially those that are not well-located.

– CNA/gn