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Frasers sells almost 400 units of Seaside Residences

Frasers sells almost 400 units of Seaside Residences.

Average price fetched at weekend launch is understood to be S$1,700 per square foot

Keen buying demand was seen in the latest condominium launch, with Frasers Centrepoint Limited (FCL) moving close to 400 units at the 843-unit Seaside Residences' weekend launch, at an average price that BT understands to be S$1,700 per square foot (psf).

Frasers Centrepoint Singapore said that some 70 per cent of the 560 released units were sold. About 60 per cent of the buyers live in the east, and 30 per cent within District 15.

The strong showing at Seaside Residences came on the back of an expected pent-up demand given the site's location and palatable price quantums for the smaller units, and came on the heels of similarly warm reception in earlier launches this year.

One property watcher noted that it is rather uncommon these days for a large new condominium to sell close to half of the project within the first month of launch, "especially at a new benchmark pricing for a 99-year leasehold condominium in that vicinity".

But given that the rental market remains soft with landlords renewing their leases at lower rents or taking a longer time to find tenants, it would seem that people are buying into future prospects, he added.

Frasers Centrepoint Singapore noted that some 60 per cent of the buyers at Seaside Residences are 30 to 50 years old, who see the location as a good investment that offers a seaside lifestyle and convenience of the upcoming MRT.

Frasers Centrepoint Singapore CEO Christopher Tang felt that the strong sales results at Seaside Residences show that buyers value the location, design and building quality of the developer.

"We are encouraged by the response and look forward to completing the seafront project, which will add to the vibrant, green and well-connected Siglap precinct," he said.

The project, jointly developed with Sekisui House and Keong Hong, sits on a rare sea-fronting site along the East Coast and is near the upcoming Siglap MRT station. It is the first new project built along the East Coast Parkway (ECP) in 15 years, with unblocked sea views when ready in 2021.

Going by recent data, buying sentiment has probably turned around in the primary market, with developers moving 1,780 new private homes last month - the strongest showing since June 2013 when the total debt servicing ratio (TDSR) framework was rolled out. The preliminary Q1 2017 figure for new private home sales, at 3,141 - up from 2,316 units in Q4 2016 and 1,419 units in Q1 2016 - is also the highest since Q2 2013.

Another project that will be launched this coming weekend is ARTRA, a 400-unit development nestled in the Alexandra and Redhill locale with direct access to Redhill MRT station. The average pricing for the units is S$1,600-S$1,700 psf.

Jointly developed by Far East Consortium and New World Development, ARTRA is targeted at owner-occupiers. Its smallest unit starts from two-bedroom plus study of 786 sq ft costing less than S$1.2 million.

The other unit types are the three bedders, three-room plus study and five-bedroom units.

The project also comes with a supermarket and 16 retail units. FEC Skyline, the 70-30 joint venture between Far East Consortium and New World, plans to retain the retail component for now to curate the tenant mix.

Adapted from: The Business Times, 24th April 2017