Developer slashes prices at Kingsford Hillview Peak

By Tay Hock Meng
/ The Edge Property |
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Following a three-month lull, Kingsford Hillview Peak suddenly saw a spike in transactions. A 527 sq ft, one-bedroom unit and three 775 sq ft, two-bedroom units were sold. Prices of the units sold ranged from $682,000 ($1,293 psf) to$1.122 million ($1,448 psf), according to caveats lodged from July 5 to 12.
The developer of Kingsford Hillview Peak is offering discounts of 20% to 22% off the list price
To spur transactions in the development, the developer is offering a discount of 20% to 22% off the list price, starting from this month. Prior to that, units were sold at $1,300 to $1,400 psf. However, post-discount, the new selling price is around $1,200 psf, according to ERA real-estate agents who are marketing the project.
The 512-unit private condominium by mainland Chinese developer Kingsford Development was launched in 2013. As at end-June, 172 units had been sold, according to URA data.
The developer purchased the 99-year leasehold site in January 2012 for$243.22 million, or $638 psf per plot ratio (psf ppr), which is comparable to the $673 psf ppr paid by Far East Organization for an adjacent 99-yearleasehold site in 2011. The project has since been developed into The Hillier.
Kingsford Development had snapped up the site at Hillview Rise, following the success of the launch of The Hillier in January 2012. Within a few weeks, 210 out of 333 units released were snapped up, at an average price of $1,174 psf.
The Hillier, which was completed last year, consists of 520 units of SOHO-style residences sitting atop a double-storey retail and lifestyle mall called HillV2. The project is fully sold, and was completed last year. The last recorded transaction was in March last year, when an 818 sq ft unit on the seventh floor was sold for just over$1 million ($1,229 psf).
One of the main draws of The Hillier and Kingsford Hillview Peak is the upcoming Hillview MRT station, which is scheduled to be completed by year-end, says Daniel Liew, an associate director at ERA Realty. HillV2is also a draw for those living in the neighbourhood and residents of Kingsford Hillview Peak will likewise benefit from the project’s proximity to the shopping mall, which contains F&B outlets, clinics and a childcare centre, Liew adds. Some of the tenants include New York gourmet grocers Dean & DeLuca and premium confectioners Cold Stone Creamery.
The pricing of the one- and two-bedroom units at Kingsford Hillview Peak, which is just above $600,000 to over$1 million, has also attracted investors, notes Liew. The project comprises win 12-storey blocks, which are currently under construction and expected to be completed by end-2016 or early 2017.
This article appeared in the City & Country of Issue 687 (July 27) of The Edge Singapore.

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