February
5, 2009
First phase of Caspian going for $580 psf average
(SINGAPORE)
Frasers Centrepoint is pricing the first phase of its 99-year leasehold
Caspian condo next to Lakeside MRT Station in Jurong at an average of
$580 per square foot after discount for buyers who opt for normal progress
payments.
Priced
to sell: Analysts reckon that Frasers Centrepoint may barely be making
money, based on the first-phase pricing. The project will have 712 units
and is coming up on a site that was bought for $248 psf per plot ratio
Those who choose the developer's interest absorption scheme will pay
3 per cent more, or an average price of about $598 psf.
The
pricing for the 250 units, which are spread across the project, is considered
competitive and reflects Frasers Centrepoint's strategy of pricing to
sell in the current recession.
Next
to Caspian, units at Lakeholmz, which was completed four years ago and
also developed by Frasers Centrepoint, are selling at about $600 psf
on average in the resale market.
Further
away, units at The Lakeshore are fetching about $750 psf on average
and developer Far East Organization is understood to have held back
some choice units facing Jurong Lake, presumably for sale later to ride
on the government's plans for the district.
Frasers
Centrepoint is optimistic of good take-up for Caspian. 'We've received
strong interest from prospective owner-occupiers and even investors,
who are now more keen to invest in brick-and-mortar property than risky
financial instruments, especially if the property has a great potential
upside to it,' said Frasers Centrepoint Homes chief operating officer
Cheang Kok Kheong yesterday.
'Potential
buyers will see Caspian's price range as attractive and offering value
for money.'
The
project will have 712 units in total and is coming up on a site that
Frasers Centrepoint bought in late 2007 for $248 psf per plot ratio.
Analysts reckon that Frasers Centrepoint may barely be making money,
based on the first-phase pricing.
BT
understands that the project's private preview is slated for tomorrow,
to be followed by the public preview over the weekend.
'The
idea is probably to raise prices for the later phases to turn in a profit
for the overall project,' a market watcher said.
For
the first phase, prices of typical two-bedroom to four-bedroom (with
study) units range from $540 psf to $640 psf. The average price for
a studio unit is about $350,000.
<<
New home completions could come in below URA estimates
