If the current buying momentum persists, two new executive condos and nine non-landed private residential developments could be launched for sale in the second half of 2016 by developers, an analysis of Government Land Sales data shows. Three of these developments are located in the fringe of the city, and the rest are in the Outside Central Region. As developers have paid low prices for these sites compared to nearby projects, those who are planning to buy should look into these developments as they would possibly be sold at competitive prices.
Parc Riviera Condo located in West Coast Vale is expected to be launched in August by EL Development. The $551 per square foot per plot ratio for this site paid by EL Development is 20% lower than what World Class Land paid for the Waterfront@Faber site. World Class paid $687 psf ppr for Waterfront@Faber, which sold at a $1,488 psf median price when it launched in May 2013. This development is now sold out.
Tang Group’s Alexandra View development situated by the Redhill MRT station is another upcoming launch to watch out for. While 3% more expensive than the Principal Garden site, it is 12% cheaper than the next door Alex Residences. Alexandra View has attractive offerings for buyers such as at least 19,375 sq. ft. gross floor area of commercial space, of which 10,764 sq ft to be allocated for a supermarket. With this, Alexandra View is poised to hold its place amongst Bukit Merah and Queenstown’s competitively priced projects.
Meanwhile, MCC Land is set to launch The Alps Residences Condo in Tampines this year. At $482 psf ppr, the developer paid 14% less than next door Santorini’s $562 psf ppr. However, as MCC Land handles both developments The Alps’ lower land price might not necessarily translate into a lower price tag.
Speaking of attractive prices, two ECs – Treasure Crest and Northwave EC – are expected to be affordable as both sites were sold in 2015 for below $300 psf ppr, considered as the lowest land prices for ECs since July 2011. Treasure Crest is in Sengkang, while Northwave is in Woodlands.
Projects on the Waterfront
MCL Land’s Lake Grande, situated near the Lakeside MRT station, is expected to launch in July. MCL Land paid $338 million ($630 psf ppr) for the site – a bit lower than the adjacent Lakeville site’s $651 psf ppr. Around 90% of Lakeville units are already sold since its launch in April 2014 at a $1,318 psf median price.
Another highly anticipated new launch condo is Frasers Centrepoint Consortium’s Siglap Road site, Seaside Residences. Just a short distance from the future Siglap MRT station, units in this development are set to enjoy views of East Coast Park and the sea.
Projects near other MRT stations
Over at Paya Lebar Central, a consortium formed by Abu Dhabi Investment Authority and Lend Lease is said to launch the residential component of this mixed-use development. The project, Paya Lebar Quarter is expected to have 983,176 sq ft of office spaces, 470,813 sq ft of retail spaces, and 429 residential units, Park Place Residences. Paya Lebar Central’s role as a major commercial centre in the city’s fringe is part of the government’s decentralization plan for reducing congestion as well as time spent commuting to the city centre.
HY Realty might also launch this year its Dundee Road project, Queens Peak condo which is located near the Queenstown MRT station. The developer has reportedly paid $438 million ($871 psf ppr) for the site, which is lower than the $883 psf ppr of its neighbor Commonwealth Towers. Launched in May 2014, Commonwealth Towers had a median price of $1,626 psf.
Lastly, City Developments and Hong Leong Holdings is said to launch the Lorong Lew Lian site, Forest Woods condo, also this year. The joint venture reportedly paid $710 psf ppr for Lorong Lew Lian. Located around 400m from Nex and the Serangoon MRT station, what the developer paid for the site could translate to a $1,300 to $1,350 psf selling price.