Another successful weekend property launch - Viva @ Novena and Madison Residences

We visited the show flats of the two newly launched Viva and Madison Residences over the weekend. The sales momentum continues to remain strong with newly lauched Viva selling over 85% of the units launched at an ASP of S$1500 psf. Singaporeans were the majority of the buyers with around 30% foreign buyers mostly Indonesians and Malaysians. There was a good turnout at the soft launch of Madison Residences as well where 6 units of the 24 units previewed were sold out at around S$1,650 psf.

----------------+-------------------+------------------------
                Viva               Madison Residences
----------------+-------------------+------------------------
Developer       All Green          Keppel land Realty Pvt
                Properties Ltd     Ltd.           
----------------+-------------------+------------------------
Location        District 11  Near  District 10, 335, Bukit
                Novena Mrt         Timah Road     
----------------+-------------------+------------------------
Region          Central Core       Central Core Region(CCR)
                Region(CCR).                      
----------------+-------------------+------------------------
Tenure          Freehold           Freehold       
----------------+-------------------+------------------------
Type            Condominium        Condominium    
----------------+-------------------+------------------------
Estimated TOP   2013               2013           
date                                              
----------------+-------------------+------------------------
Total Units     235 units          18 storey residential
                                   with 56 units  
----------------+-------------------+------------------------
Launch date     Aug 8th            Aug 7th ?preview
----------------+-------------------+------------------------
Takeup          85% of launched    25% of previewed units
                units                             
----------------+-------------------+------------------------
Avg Price       S$1500 psf         S$1650 psf     
(S$psf)                                           
----------------+-------------------+------------------------
Expected yield  3 - 3.5%           3 - 3.5%       
----------------+-------------------+------------------------

Viva @ Novena

Allgreen Properties launched their much awaited high end VIVA project near Novena MRT this weekend. The response was really good with around 85% of the units launched sold at and ASP of S$1,500 psf. The absoulte price levels for 2Br, 3Br and 4Br were around SGD 1.88m, 2.1mn and 2.8m. Singaporeans were the majority of the buyers with around 30% foreign buyers mostly Indonesians and Malaysians. The espected rental yield is around 3-3.5% with rental levels around SGD 7000 pm. Payment schemes - Cash payment (10% discount on payment price) ,Interest Absorption Scheme (8% discount), Fully deferred payment scheme (7% discount) with 20% being the initial payment and rest to be paid at TOP.

Madison Residences

Madison Residences had a soft launch (preview) of their 24 units at District 10 this weekend and managed to sell around 25% of the units launched. The mean price levels were around 2.4 million for their 3BR flats which works out to an ASP of S$1,650 psf. The rental yields were around 3 - 3.5% with rentals around S$7500 pm for a 3BR apartment in the locality. We understand that Indonesians were the majority of the foreign buyers. Payment schemes - Normal cash payment scheme and Interest Absorption Scheme with 2% higher price levels.


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