Small units pay off at two new condo launches

Sales at two condominiums launched over the weekend were largely within expectations, given the quiet market.

About 120 of the 200 units released at the 663-unit Principal Garden in Prince Charles Crescent were sold at an average price of just above $1,600 per sq ft (psf).

There was a similar strike rate at the 288-unit Thomson Impressions in Lorong Puntong off Sin Ming Avenue, where 87 of 150 homes launched went for an average price of $1,393 psf.

“Both properties are in good locations and have price points significantly above $1,000 psf. Taking that into account, the early results are expected and encouraging,” said Mr Lee Liat Yeang, real estate partner at Rodyk & Davidson.

Both developers have concentrated on smaller units for a more palatable quantum to appeal to more buyers, he added.

More than 70 per cent of the units at Principal Garden are one- and two-bedders, sized from 484 sq to 807 sq ft.

The project has one- to five-bedroom units of up to 2,347 sq ft. Apartment prices start from $770,000 for a one-bedder, $1.18 million for a two-bedder and $1.7 million for a three-bedroom unit.

Mr Anthony Wong, general manager of marketing at UOL, noted “equal interest from both investors and owner occupiers.”

“Given the strong response, we will be releasing another 80 units, especially the three-bedroom stacks this week,” he said.

The project is a joint development by UOL Group and Kheng Leong.

Singaporeans formed about 85 per cent of buyers at both projects, where two-bedders attracted the most interest.

About 60 per cent of units at Thomson Impressions are one- or two-bedders.

Apartments are sized at 463 sq ft for a one-bedroom, 732 to 764 sq ft for a two-bedroom and up to about 2,120 sq ft for a four-bedroom penthouse with study.

The project also has five strata- landed houses.

Overall prices for the apartments are from $670,000. Prices for the penthouses and houses start at $2.75 million.

Rental yield could be decent at these prices, said Mr Ku Swee Yong, Century 21 chief executive.

The expected monthly rent for a one-bedder in the Prince Charles Crescent area could be about $3,000, which translates to a rental yield of above 4 per cent, given the starting price of a one-bedder at Principal Garden.

http://www.straitstimes.com/business/small-units-pay-off-at-two-new-condo-launches

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