BT Reports: Market flux will settle soon: CapitaLand exec By UMA SHANKARI
Recent policy moves to cool the local property market have created some 'flux', but things should 'settle' in a couple of months, the chief executive of CapitaLand's Singapore residential arm said yesterday.
'We think there is currently some flux in the (property) market,' said Wong Heang Fine.
'People are not really sure what to expect from the recent government measures. But we think it will settle in a couple of months.'
CapitaLand will go ahead with the launch of its condominium project on the former Farrer Court site in Farrer Road by year-end.
CapitaLand paid a record $1.3 billion for the 99-year leasehold site in a collective sale in 2007 and now intends to build more than 1,500 units on it.
The prices of units have not been fixed yet, Mr Wong said.
Market sources say that besides the Farrer Road project, CapitaLand is getting ready to roll out The Nassim, a 55-unit project in Nassim Hill on the former ANA Hotel site.
CapitaLand also gave the media and analysts an update yesterday on its plans for a mixed-use site at Bedok Town Centre which it bought this month in a government tender.
CapitaLand and its retail spin-off CapitaMalls Asia submitted the top bid of $788.9 million or $841 per square foot per plot ratio (psf ppr) - 21 per cent higher than the second-highest bid of $650.9 million or $694 psf ppr.
Mr Wong said the joint bid was bullish because the 99-year leasehold site has great potential.
The plan is to build a three-storey shopping mall and a condominium with around 500 units on it.
The mall, which will be linked to a bus interchange and Bedok MRT station, is projected to have a capital value of around $3,000 psf of net lettable area when it is completed in 2014.
And the residential component - which will consist of mainly two- and three-bedroom apartments - could be launched as early as next year.
No comments:
Post a Comment