Singapore property news - Luxury property market set to soar
Weekend
February 4, 2006
Jane Chiapoco
janec@newstoday.com.sg
Projects
such as Sentosa Cove and St Regis are attracting both local and foreign
investors.
JUST
as it helped bring about an upward surge of the property market last
year with projects like The Sail, City Developments (CDL) is all set
to spark off an upward swing in the high-end property market this year
too.
High
expectations for this year are hinged on two major developments in particular
- its Sentosa Cove condominium development and St Regis Residences.
The
launch of the 15-storey Sentosa Cove development, a joint venture between
CDL and TID, is anticipated to take place early this year.
The
99-year leasehold development has an area of 197,151 sq ft and 264 units.
"The
development is set to be another new benchmark for oceanfront luxury
living," said CDL's group general manager Chia Ngiang Hong.
Feeding
the wave of positive sentiment in the super luxury property sector is
St Regis Residences in the prime District 9 area.
Cuscaden,
Tomlinson and Tanglin roads border the 180,000-sq-ft, 999-year leasehold
development. As part of the 23-storey integrated complex, St Regis Residences
has 173 apartments.
The
development will also feature 299 hotel rooms and 15,000 sq ft of meeting
facilities.
Its
affiliation to the famed St Regis in New York automatically gives the
Singapore development its star-appeal. It will be the 12th St Regis
property in the world and the third in Asia.
"St
Regis Residences has already received much eager interest from prospective
buyers," said Mr Chia.
"Thus,
it is a very opportune time to launch, and we hope to do so soon. The
increase in domestic and foreign consumption is a good sign," he
said.
"The
latter is important and foreign investments are a reflection of the
returning confidence in the Singapore market, with upside potential."
Commenting
on the residential price index rise of 1.4 per cent in the fourth quarter
of last year, CB Richard Ellis executive director Soon Su Lin predicts
another active year in the private residential market and sees prices
for luxury homes increasing about 20 per cent.
"Sentiment
in the residential market will also be positive among Singaporean homebuyers
as employment prospects and wage levels improve," said Ms Soon.
"As
growth and business expansion in the Asia-Pacific region is expected
to continue, investors looking for opportunities in the region would
find Singapore a safe and stable haven in which to park their funds."
Mr
Louis Yeap, managing director of Louis Yeap Realty, noted that his foreign
clientele comes mainly from Indonesia, China, Hong Kong, and India.
But people from Europe are also being attracted to Singapore.
"New
high-end properties are attracting buyers from Europe from countries
such as Switzerland and France. That is, if the price is right, "
said the real estate veteran who has 17 years of experience.
According
to Knight Frank's director of Consultancy & Research Nicholas Mak,
a contributing factor to buying activity by foreigners is the more active
marketing overseas by Singaporean developers and agents.
"Some
foreigners have profited from the property market in other countries
and are interested in investing in the Singapore property market,"
he said.
