“Majority of the projects set to be launched in the coming months are expected to generate ardent interest from buyers and they are attractive. They include The Clement Canopy, Park Place Residences, Seaside Residences, Grandeur Park Residences,” said JLL national director of research Ong Teck Hui.
Among the first to be launched in 2017 is The Clement Canopy. The private condo with 505 units is a joint development by Singapore Land and UOL Group.
Its close proximity to educational institutions such as NUS High School, Yale-NUS College and international schools as well as one north’s education hub and also the Jurong Gateway will improve the appeal of the development for both owner occupiers and investors.
The Clement Canopy will not feature 1 bedroom units but will have 194 or about 40% of the units being 2 bedrooms of 635 to 732 sq ft with prices ranging from $0.85 to 1.2 million. Others are 3 bedroom units from 990 sq ft with prices from $1.28m and 4 bedrooms from 1,346 sq ft with prices from $1.62m.
The development has 2 towers of 40 storeys each. Its facilities include 3 swimming pools. Residents will use smart technology to book common facilities such as the clubhouse and tennis court and for their guests to access the premises. They will also use the same mobile app to control lighting, air conditioning and door access.
“The Clement Canopy prices (inital launch) will be between $1,330-1,360 psf. The Clement Canopy showflat and sales gallery opened on Feb 11 with the sales set to start on 25 February. The project’s completion is set for quarter four 2020,” said UOL deputy group CEO Liam Wee Sin.
Mr. Liam added that UOL is riding on the positive market sentiment that has seen improvements since the end of 2016. Even if the group did not have any new launches, it had good traction for projects launched earlier in 2014 and 2015, extending to 2016.
A good example is the Principal Garden a joint development of Kheng Leong and UOL with 663 units, located at Prince Charles Crescent. The project has seen 55% of its units sold since its October 2015 launch. Botanique at Bartley, another project by UOL whose launch was in March 2015 has seen 98% of the units sold. Riverbank has 95% of its units sold. Its launch was in February 2014.
“The Clement Canopy may be attractive to homebuyers since the vicinity has not had any new private condos launched in above 20 years,” said Daniel Lim Huttons Asia associate senior group director.
Dover Parkview whose completion was in 1997 is the nearest private condo with 686 units and 99-year leasehold.
Liam says that Clementi has few launches of private condos and it’s a mature estate. Although The Trilinq off Clementi Avenue 6 is competing with The Clement Canopy, it will use unit and product mix to differentiate itself.
The Trilinq by IOI Properties has sold above 500 units at average prices of between $1,300 to $1,400 psf. The majority of the remaining units are 3 and 4 bedrooms units. Its selling points are its closeness to Clementi MRT and Nan Hua Primary in comparison to The Clementi Canopy.
The Clement Canopy upcoming launch is also causing a spillover effect. This is seen in the Parc Riviera, a 752 unit by EL Development. The project whose launch was in November 2016 has sold more than 200 units at $1200 psf average price. Unlike Clement Canopy, 64% of units at Parc Riviera are 1 and 2 bedroom units.