Published November 13, 2010
250 units of Lakeside project sold
By KALPANA RASHIWALA
KEPPEL Land sold about 250 units of The Lakefront Residences at the project's preview yesterday.
Next door, units at Caspian have been changing hands mostly at $700-800 psf in the subsale market since August .
Caspian - which was the first major property launch in Singapore after Lehman's collapse - was previewed in February last year by developer Frasers Centrepoint at the carefully researched average price of $580 psf; it sold like hot cakes, drawing out pent-up demand and sparking a revival in home sales.
This means prices in the location are now about 1.75 times what they were 21 months ago.
KepLand's The Lakefront Residences is a 629-unit development comprising three 18-storey blocks. Unit sizes range from 484 sq ft for a one-bedder to about 3,000 sq ft for a penthouse. The project includes 69 one-bedders, 158 two-bedders, 255 three-bedders and 98 three-bedroom-plus-study units. There are also 32 four-bedroom apartments and 17 penthouses.
Keppel Land said it sold a range of unit types yesterday.
Augustine Tan, president (Singapore residential) at KepLand, said: 'We have been receiving enquiries for The Lakefront Residences from Singaporean homebuyers/investors as well as permanent residents and foreigners from China and Malaysia.'
He credited the positive response to the project's choice location next to an MRT Station, unique lifestyle and recreational amenities in the upcoming Jurong Lake District as well as KepLand's expertise in developing waterfront homes.
The Jurong Lake District is planned as a commercial, leisure and residential hub by the Urban Redevelopment Authority. In addition, the project is close to the Canadian International School, which is slated to open next year.
While some analysts suggested the strong response for The Lakefront Residences could be a sign that the initial effects of the Aug 30 property cooling measures could be wearing off, others said it is erroneous to draw this conclusion as The Lakefront has two big pluses - a plum location next to an MRT Station and the exciting plans for Jurong. 'The sales result reinforces the thinking that projects next to MRT stations will always be more highly sought after,' said CB Richard Ellis executive director (residential) Joseph Tan.
Over in the Tanjong Pagar area, where UOL is marketing Spottiswoode Residences, about 70 cheques were said to have been received by agents ahead of the freehold condo's preview yesterday afternoon. UOL has so far released 100 units at $1,720-2,100 psf, and is expected to offer more units in the 351-unit project's main launch on Wednesday.
Another project that has just been previewed is World Class Land's Cavan Suites in the Lavender area. The freehold project has 36 apartments - located in conservation shophouses as well as a six-storey new extension at the rear. Units are small, ranging from about 452 to 549 sq ft and priced at about $1,300-$1,500 psf.
Source: www.businesstimes.com.sg
