CDL offers 5% Valentine discount for its Pasir Ris Livia project

City Developments Limited (CDL) is giving 5% discount for selected units at Livia, a mass-market condominum in Paris Ris.

July 2008 - $650 psf, 340 sold out of 360 units.
Feb 2009 - $620 psf, discounted price for 60 units.

However, there are still 384 units remained unsold. This is a 99-year leashold project.

A three-bedroom unit at Livia will now cost:
July 2008 - $752,000
Feb 2009 - $793,000

It's more likely the developers will roll out more competitive pricing marketing strategy.


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Frasers Centrepoint sells 300 units of Jurong West condo

The first major condominium launch this year attracted very strong interest at its preview, with crowds packing its Jurong West showflat three days beginning last Friday. Property developer Frasers Centrepoint said it had sold 300 units at the 712-unit Caspian by 9pm yesterday. It sold out the first batch of 250 units at the condo, which was priced at $580 per square foot (psf), by the afternoon. It subsequently released another 100 units with better facing, and priced them at $20 psf more.

The 300 units were sold at between $340,000 and $990,000. Most of the buyers were Singaporean HDB upgraders. Foreigners and permanent residents accounted for just 6 per cent of the sales. About 31 per cent of the buyers opted for the interest absorption scheme. They paid 3 per cent more on the purchase price. The developer said the response to the private preview last Friday was so keen it kept the Caspian showflat open past midnight, and sold 80 units. It sold another 120 units last Saturday. A market watcher said the $580 psf price for Caspian is not exactly very cheap but some buyers are probably hoping that the development plans for the Jurong area will help to raise the value of their properties in the future.

The 99-year leasehold condo is near Lakeside MRT station in Jurong, a new growth area in Singapore. Caspian was also priced cheaper than nearby condos Lakeholmz and Lakeshore. Caveats lodged show Lakeholmz units were traded in the third quarter of last year, at $564 to $626 psf. Lakeshore units were going for around $750 psf. Recent deals for The Centris at Boon Lay, one MRT station away, were done at an average of $550 psf, according to caveats lodged last month. Frasers Centrepoint chief executive Lim Ee Seng said the brisk sales for Caspian showed there is demand for mass market projects at the right price. He said: 'A well-located, reasonably-priced mid-market development always has its following.'


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Residential: Overwhelming response to the launch of Caspian project

According to The Business Times, Frasers Centrepoint sold over 300 units out of a total 712 units in its 99-year leasehold Caspian project located next to Lakeside MRT during phase 1 launch over the weekend. The initial 200 units were sold at ASP of S$580 psf and the next batch of 100 units were sold at an ASP of S$ 600 psf. Locals living in the Western part of Singapore formed the majority of the buyers accounting for more than 90% of purchases. Around 78% of these buyers were HDB upgraders. Of the total units sold thus far, about 30% have been sold under the interest absorption scheme at a price 3% above the regular scheme.

The site was bought by Frasers Centrepoint in late 2007 for S$248 psf per plot ratio. We estimate breakeven to be around S$540 psf, with Frasers Centrepoint making a slim profit. Next to Caspian, units at Lakeholmz are selling at about S$600 psf on average in the resale market. Further away, units at The Lakeshore are fetching about S$750 psf on average.

We believe that astute pricing and the government's plans for the development of the Jurong Lakeside district drove demand for the units at Caspian. We view the selling prices for Caspian as a good data point supporting base formation for the mass market.


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