A number new launches are expected to be unveiled in the eastern region. CEL Development, a subsidiary of Chip Eng Seng Corp is set to hold the preview of Grandeur Park Residences on February 18 with the sales expected to kick off two weeks later. It is a 720-unit on 99-year leasehold that is located at the prestigious address of New Upper Changi Road as well as Bedok South Avenue 3.
It is a mix of several units from 1 bedroom to 5 bedroom units with compact and deluxe apartments being available for selection. Grandeur Park as it name states boasts of several aspects including two retails shops units, a childcare center and a whopping 90 state of the art facilities all in its 262,577 sq ft area.
Sizes for the units are set to be favorable with one bedroom units having a size of 420 sq. ft., two bedrooms having a size of 560 – 624 sq. ft., and three bedroom units having a size of between 883-980 sq. ft. The size of the four and five bedrooms units range between 1,130 and 1,453 sq. ft.
Raymond Chia the CEO and Chairman of Chip Eng Seng announced on February 9 that units at the Grandeur Park will go for an average price of S$1,350 per square foot.
Property agents have compared the prices at Grandeur Park Residences to that of The Glades which is at the Tanah Merah station’s other side and whose average prices are between $1,400 and $1,500 psf.
Seaside Residences located on the East coast is set to be launched come April of this year. It is a joint development undertaken by Frasers Centrepoint, Sekisui House and Keong Hong Holdings and comprising of a total of 843 units spread across four 27-storey blocks. The units will be sold at a medium price of between $1,550 and $1,650 psf.
It is expected to achieve great results due to it being located near major amenities like the Thomson-East Coast line and the Siglap MRT Station.
Another new property development that is set to shake things up is the Park Place Residences. It is expected to achieve great sales upon it official launch.
According to sources, Park Place Residence will open its doors in the coming 4 to 6 weeks. The 429-unit condo is collaboration between Lendlease an Australian Investment Authority and Abu Dhabi Investment Authority is set to attract a number of good sales owing to its ease of connectivity due to its Paya Lebar MRT interchange link and its being a mixed-development featuring retail, office and recreational facilities.
It is expected to perform well owing to the great performance of Katong Regency a 244-unit that was launched back in 2012 within the same location.
Compared to 2017, the new units launched in the 1st quarter of 2016 were relatively small noted JLL. So it is expected that the new launches in the 1st quarter of 2017 will have their sales spill over to the 2nd quarter of 2017 since there next few months will have more potential launches.
Ong of JLL noted that out of the 7,877 new private homes that were launched only 51% were fresh launches. This was lower compared to the 75% accounted for in 2016.
“If fresh launches in the pipeline reduce, it will see older projects availing more units so as to meet the surge in demand”, he further added.
According to Ong, this year’s new launches may be 15% fewer than in 2016. However, it is expected that stability will be achieved in 2017 and more than 8000 units of private new homes will be sold compared to the 7,972 units sold in 2016.