06:05 AM Feb 02, 2011

SINGAPORE - Far East Organization's sold 88 of the 132 units of its Waterfront Isle at a preview yesterday.

The units were sold at an average price of $920 per square foot, the developer said, adding that 80 per cent of the Waterfront Isle buyers were Singaporeans and permanent residents, half of whom live in eastern suburbs like Bedok and Tampines.

The 99-year leasehold project will be officially launched this Saturday, with yet another release of units from its entire stock of 561 units.

Prices will begin from $575,000 for a one-bedroom apartment at the Bedok Reservoir property. Rooms range from one-bedroom units starting from 581 sq ft to penthouse units at a maximum of 2,863 sq ft.

Far East is also offering furniture vouchers worth 5 per cent of the purchase price upon the property obtaining its temporary occupancy permit (TOP) in 2015.

The 15-storey Waterfront Isle is the last edition of the Waterfront Collection - a joint venture development between Frasers Centrepoint and Far East.

The Waterfront Collection comprises four properties fronting Bedok Reservoir.

The three other Waterfront projects met with good response, with Waterfront Waves completely sold out, Waterfront Key selling more than 85 per cent of its units and Waterfront Gold selling more than 75 per cent. - Jo-Ann Huang

Source: www.todayonline.com

Published January 8, 2011

Bishan residential site up for tender

By EMILYN YAP

THE Housing & Development Board will be launching a 99-year leasehold residential site at Bishan Street 14 for tender in about two weeks' time.

Consultants expect to see as many as eight bidders for the plot, which is located near Bishan MRT station.

The 1.2 ha site on the reserve list, with a maximum gross floor area of 632,764 square feet, can yield an estimated 590 condominium units.

An unnamed developer triggered the sale when it committed to pay at least $189.8 million or $300 per square foot per plot ratio (psf ppr).

The plot is within walking distance of Bishan MRT station and Junction 8 shopping mall. It is also near several education institutions - ITE College Central (Bishan) is next door while Raffles Institution is a few streets away. A few other parcels of state land surround the site.

Cushman & Wakefield senior manager of Asia-Pacific research Ong Kah Seng believes that the top bid might come in at $450-480 psf ppr, which could translate to selling prices of $920-950 psf.

According to caveats lodged with the authorities, units at Bishan 8 nearby went for $852-955 between August and October last year.

There is likely to be moderate demand from developers because of the site's location, Mr Ong said. The winning developer will get a headstart in offering condominiums in that area, and could potentially acquire the surrounding plots when the government includes them in the land sales programme, he added.

SLP International Property Consultants' research executive director Nicholas Mak expects some of the higher bids to reach $460-530 psf ppr.

Although many residential sites on the confirmed list will be rolled out for sale in the first half of this year, this plot at Bishan remains attractive because of its location, he said.

Besides, mass-market homes should continue to enjoy demand even if price growth may be limited this year, he added.


Source: www.businesstimes.com.sg