2017 kicks off on a positive note with new launches
By Cecilia Chow
/ The Edge Property |
Most of the projects scheduled for launch in the next few months — among them The Clement Canopy, Grandeur Park Residences in Tanah Merah, Seaside Residences in Siglap and Park Place Residences at Paya Lebar Quarter are “attractive and expected to generate keen interest among buyers,” says Ong Teck Hui, JLL national director of research.
The Clement Canopy is the first off the block for new launches in 2017. The 505-unit private condominium located on Clementi Avenue 1 is developed jointly by Singapore- listed UOL Group and its sister company Singapore Land.
The project is next door to NUS High School of Mathematics and Science and across the road from Nan Hua High School. It is also in the vicinity of tertiary institutions such as National University of Singapore (NUS) and the Yale-NUS College, Singapore Polytechnic and Anglo-Chinese Junior College and Anglo-Chinese School (Independent), as well as international schools such as Nexus International School (Singapore), Tanglin Trust School and United World College of South East Asia (Dover Campus).
The Clement Canopy’s proximity to “an education hub”, one-north and the second CBD at Jurong Gateway, will also increase the appeal of The Clement Canopy among both investors and owner occupiers, according to Liam Wee Sin, UOL deputy group CEO.
Liam: We’re riding on positive market sentiment, which has improved since the tail end of last year
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‘No one-bedroom units’
There will not be any one-bedroom units in the development. Instead, almost 40% or 194 units will be two-bedroom apartments, sized between 635 sq ft and 732 sq ft and priced from $850,000 to $1.2 million. The remaining units will be a mix of three-bedroom apartments sized from 990 sq ft and priced from $1.28 million, and four-bedroom apartments from 1,346 sq ft and priced from $1.62 million.
The units will be housed within twin 40-storey towers, which are set 43m apart. This frees up the site for lush landscaping and three swimming pools, including a 50m lap pool as well as a waterfall feature. The project is designed by ADDP Architects.
UOL has also adopted smart technology for booking of common facilities such as the tennis court and clubhouse, as well as for guest access into the development. Homeowners will also be able to control door access into their individual apartments as well as air-conditioning and lighting using the same mobile application.
According to Liam, initial launch prices will range from $1,330 to $1,360 psf. The sales gallery and showflat will open for preview on Feb 11, with sales to start on February 25. The project is scheduled for completion in 4Q2020.
The showflat of a 732 sq ft two-bedroom unit at Clement Canopy
The showflat of a 720 sq ft two-bedroom unit at Clement Canopy
Positive market sentiment
“We’re riding the positive market sentiment, which has improved since the tail end of last year,” said Liam. Even though UOL did not launch any new projects last year, the developer saw “good traction” for their earlier launches in 2014 and 2015 which continued to see healthy take up throughout 2016, he notes.
For instance, at Principal Garden, a 663-unit private condominium at Prince Charles Crescent, off Alexandra Road, that was jointly developed by UOL and Kheng Leong, about 55% of the units have been sold since the project was launched in October 2015. The 797-unit Botanique at Bartley by UOL was launched in March 2015 and is 98% sold to date. Meanwhile, Riverbank at Fernvale Close which was launched in February 2014 and expected to complete soon is over 95% sold.
Homebuyers including investors are likely to find The Clement Canopy attractive as no new private condos have been launched in its immediate vicinity for more than 20 years, says Daniel Lim, associate senior group director, Huttons Asia, which is the joint marketing agent of the project with ERA.
The closest private condo is the 686-unit, 99-year leasehold Dover Parkview, which was completed in 1997.
The showflat of a three-bedroom unit at Clement Canopy, where all units are fitted with SMEG kitchen appliances
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Pricing is key
When the 140,339 sq ft, 99-year leasehold site at Clementi Avenue 1 was launched for sale, UOL Group and Singapore Land won the site in December 2015 with the highest bid of $302.1 million, which translated to $615 psf per plot ratio (psf ppr). “We believe Clementi is a mature estate with very few private condo launches,” says Liam. “We tendered at a realistic price, and we’re pricing the units reasonably.”
Liam acknowledges the competition from The Trilinq, located at Jalan Lempeng, off Clementi Avenue 6. “Yes, there’s a bit of a [supply] overhang from The Trilinq,” he comments. “But we will differentiate ourselves based on our product and unit mix.”
The 755-unit Trilinq is by Malaysian developer IOI Properties Group. To date, more than 500 units have been sold, and the project is expected to obtain Temporary Occupation (TOP) soon. Average prices of units sold have been in the range of $1,300 to $1,400 psf.
Based on caveats lodged in January, units sold at The Trilinq were a mix of one- to three-bedroom units sized from 538 sq ft to 1,119 sq ft and priced from $817,000 ($1,518 psf) to $1.49 million ($1,429 psf). The 1,109 sq ft two-bedroom loft units that were sold fetched lower per sq ft prices, going for $1.28 million ($1,157 psf) to $1.32 million ($1,189 psf), based on caveats lodged last month.
Most of the available units at The Trilinq today are the larger three- and four-bedroom apartments priced upwards of $1.5 million, according to a property agent. They should appeal to families with children of school-going age, says a property agent.
The Trilinq’s attraction lies in its location next door to renowned Nan Hua Primary School, and its closer proximity to the Clementi MRT station compared to The Clement Canopy, notes Tricia Song, Colliers International Singapore head of research. “Pricing of Clement Canopy is therefore key,” she says.
However, the developer will be providing a shuttle service from Clement Canopy to the Clementi MRT station when the project is completed, says Huttons’ Lim.
The Clement Canopy is located next door to NUS High School of Math and Science, and in the vicinity of numerous tertiary institutions, including National University of Singapore and Yale-NUS College
The Clement Canopy is across the road from Nan Hua High School
‘Spillover effect’
Located further in the West Coast area is EL Development’s 752-unit Parc Riviera. The project was launched in November, and to date, over 200 units have been sold at an average price of $1,200 psf. Units sold ranged from 463 sq ft one-bedroom apartments priced from $588,000 ($1,270 psf) to a 990 sq ft two-bedroom premium apartment with double-volume ceiling height which was sold for $1.12 million ($1,132 psf), according to caveats lodged in January to date.
Lim Yew Soon, managing director of EL Development attributes the pick-up in sales of Parc Riviera to a “spillover effect” from the upcoming launch of Clement Canopy. What’s more, at Parc Riviera, 64% of the units are oneand two-bedroom apartments, while Clement Canopy doesn’t offer any one-bedroom apartments, he observes.
The Clement Canopy may still see some competition from Parc Riviera given that they are both located in the west side, and given the latter’s competitive pricing, notes Colliers’ Song. However, she admits that Clement Canopy is in a location with fewer competing projects. “And it’s nearer to NUS, which could provide some catchment,” she adds.
This article appeared in The Edge Property Pullout, Issue 766 (Feb 13, 2017) of The Edge Singapore
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