The freehold condo will be built on the Copthorne Orchid Hotel site
Published October 19, 2010
By KALPANA RASHIWALA
Market watchers suggest the average price could be about $2,000 per square foot (psf).
Unit sizes are said to range from about 690 sq ft for a one-bedroom apartment with a study to 3,563 sq ft for a five-bedroom penthouse.
City Developments Ltd (CDL) is managing the marketing of the condo on behalf of its hotel unit Millennnium & Copthorne Hotels, which owns the hotel.
Earlier this month, BT reported that the closure of the hotel has been delayed by at least three months.
It will now continue to take bookings until March 31, 2011, instead of shutting down at the end of this year as initially announced.
Meanwhile, CDL itself has sold 48 units so far this month at its NV Residences condo in Pasir Ris, taking total sales to 395 out of 450 units released in the 642- unit project.
The 99-year leasehold condo was previewed on Sept 8 at $830 psf on average initially. Prices were later raised 1-2 per cent.
Over in Yishun, MCC Land has sold 100 units of The Canopy executive condo (EC).
The 406-unit project was launched on Saturday at an average price of $645 psf.
An earlier EC launch, Frasers Centrepoint's Esparina Residences in the Sengkang area, saw another 35 units being sold last week, taking total sales to 399 units.
The project, which comprises a total 573 units, is priced at $740 psf on average. Frasers Centrepoint also sold six units at Waterfront Gold and two units at Waterfront Key, both along Bedok Reservoir, and a unit at Flamingo Valley.
Allgreen is said to have sold about 80 units at its Suites at Orchard project at Handy Road, which was released last week.
The average price for the 99-year leasehold project, which comprises mostly one and two-bedders and is located near The Cathay and Dhoby Ghaut MRT station, is said to be about $2,100 psf.
Meanwhile, sales are said to have been tepid at The Cityscape at Farrer, a 250-unit freehold condo at Mergui Road (near Rangoon Road, facing the Central Expressway) by IOI Group and KSH Holdings.
The project was previewed last week and about 15 units are said to have been sold.
Potential buyers may have found the price, understood to be about $1,400 psf on average, steep.
The 31-storey project comprises two and three- bedders as well as penthouses.
Meanwhile, property giant Far East Organization sold 33 units across various projects last week.
Source: http://www.businesstimes.com.sg
