West Coast condos see rise in interest

By
/ EdgeProp
|
May 4, 2018 12:30 PM SGT
New condominiums in the West Coast neighbourhood in District 5 have been beneficiaries in the lead-up to the public preview of Twin VEW by CSC Land Group. When the sales gallery opened on the weekend of April 21 and 22, it drew more than 7,500 visitors.
The crowd at the Twin VEW preview weekend on April 21 and 22. The launch is scheduled for the weekend of May 5 and 6 (Credit: CSC Land)
The 520-unit private condo, which is CSC Land’s maiden project in Singapore, will be launched on May 5 and 6. Market indication is that units will be priced at an average of $1,350 to $1,400 psf. The 99-year leasehold condo is located on West Coast Vale, a five-minute drive from Jurong Lake District, which has been earmarked as the city-state’s second CBD.
Alice Tan, director and head of consultancy and research at Knight Frank Singapore, believes Twin VEW could set new benchmark prices in the area.
Positive sentiment in the residential market this year has also driven up sales at UOL Group’s The Clement Canopy, located at Clementi Avenue 1 near West Coast. The 505-unit development was launched last February and is 95% sold so far.
Based on caveats lodged to date, more than 20 units were sold at The Clement Canopy at an average price of $1,482 psf last month. This was 12% higher than the average price of $1,323 psf when the project was first launched over a year ago.
About 85% of the buyers are said to be locals, with many buying for their own use. The four-bedroom units were the first to be sold out, followed by the two-bedroom ones, according to agents.
There are just 24 three-bedroom units left for sale. Asking prices start from $1.396 million ($1,410 psf) for a 990 sq ft unit.
Right next to Twin VEW is Parc Rivieria, a 752-unit, 99-year leasehold condo by EL Development. Average psf price has risen from $1,194 in the first three months of launch from November 2016 to January 2017, to $1,240 for the period from January to April 2018. The latest transaction was on April 20, when a four-bedroom unit on the 30th floor was bought for $1.56 million ($1,354 psf).
When Parc Riviera was first launched,...