Despite the dull property market, Victoria Park Villas will be officially launched on September 3 by its developer, CapitaLand. The project has 109 landed homes comprising of 3 bungalows and 106 semi-detached houses on a 99-year lease located in the prestigious District 10, Bukit Timah.
CapitaLand acquired the land in 2013 with a top bid of $908 psf on the 403,000 sq ft, translating to $366 million. Victoria Park Villas has 106 semi-detached units with size ranging from 4,166 to 6,943 sq ft. 100 of the homes have prices ranging from $4.4m to $5.9m. The remaining 6 have higher prices since they each have a swimming pool at between $6.3 to 7.6m.
The bungalows cost from $11 to $12 million with a floor area of 10,904 to 11,539 sq ft.
The Victoria Park Villas price for the homes ranges from $1200 to $1400 psf.
The project’s master plan was conceptualized by renowned architect Mok Wei Wei.
“The homes’ price is based on the existing market conditions. If the market was better, they could have cost 1m more,” said CapitaLand CEO, Wen Khai Meng.
In comparison, 4 older semi-detached homes at King’s Drive nearby were sold at between $1,323 and $ 1,395 or $3.45m to 3.85m.
An early bird discount of 12% is included in the listed prices. There is also up to 3% discount to particular buyers qualifying for other schemes such as those living in the vicinity, those buying more than one home and repeat customers.
So far, 7 units have been sold since the soft launch one month ago to Singaporeans. Foreigners need SLA approval to buy landed homes.
The houses will have smart home capabilities, basement bedrooms, private lifts with one-year free maintenance and car porches with space for two cars connecting to the basement.
Victoria Park Villas is near Botanic Gardens, shopping areas such as Holland Village and Coronation Plaza as well as renowned schools that include Hwa Chong Institution and Nanyang Primary.
CapitaLand had planned to launch the development in quarter two 2014 but changed due to the unfavorable market conditions. The completion is expected to be in 2018.
CapitaLand has another landed homes development off Bukit Timah Road called Holland Green. The 99-year lease project has 53 bungalows and was completed in 1998.