huaiwei
March 18th, 2004, 11:29 PM
Can Kovan Melody make the property market sing?
Analysts hope the mega condo project will bring back HDB upgraders
By Tan Hui Yee
A 778-UNIT condominium along Upper Serangoon Road may just be the answer that developers have been looking for to kick-start the residential property market. In particular, market players are hoping that Kovan Melody, a 17-storey musically-themed development, will draw Housing Board upgraders back to the private market.
When launched in the third quarter of this year, the 99-year-leasehold project will be one of the biggest projects around. The full price list has yet to be released by the developers: Wing Tai Holdings - which is taking a 60 per cent stake - NTUC Choice Homes and Greatearth Developments, but prices are expected to start from $420 psf.
Wing Tai estimates that two-bedroom units, which range from 900 sq ft to 1,000 sq ft in size, will start from $450,000. Prices of its three-bedroom units are expected to start from $600,000, while its four-bedroom units will cost $700,000 onwards.
Analysts said the project, if priced attractively, will help spur buyer demand and jump-start the stalling market. Mr Nicholas Mak, associate director of real-estate consultancy Chesterton International, said anything priced below $500 psf would be attractive. He added that the sheer volume of sales in the mega project, should it be competitively priced, would then make developers feel more comfortable about raising prices thereafter.
Prices of condos have on average dropped 5 per cent in the last two years and have stayed flat this year. Projects in the surrounding area are currently priced at between $430 and $520 psf. For example, a three-bedroom unit at Sun Glade in Upper Serangoon, the nearest 99-year leasehold condominium, is selling at between $574,000 and $660,000.
Kovan Melody, which is expected to be ready in 2007, is going to be done up along musical lines. The apartment facades will, for example, have piano key motifs. Located next to one entrance of the Kovan MRT station, and opposite Heartland Mall along Upper Serangoon Road, the condo has stirred up interest among residents nearby.
Wing Tai has received about 200 queries from potential upgraders, mostly living near the area. Marketing and communications manager Belinda Yew, who lives in a four-room flat two bus stops away along Upper Serangoon Road, has been eyeing the project since last year. The 28-year-old, who takes the North-East Line to work every day, is looking to buy a three-bedroom apartment in the condo. 'It's pretty convenient,' she said.
Analysts hope the mega condo project will bring back HDB upgraders
By Tan Hui Yee
A 778-UNIT condominium along Upper Serangoon Road may just be the answer that developers have been looking for to kick-start the residential property market. In particular, market players are hoping that Kovan Melody, a 17-storey musically-themed development, will draw Housing Board upgraders back to the private market.
When launched in the third quarter of this year, the 99-year-leasehold project will be one of the biggest projects around. The full price list has yet to be released by the developers: Wing Tai Holdings - which is taking a 60 per cent stake - NTUC Choice Homes and Greatearth Developments, but prices are expected to start from $420 psf.
Wing Tai estimates that two-bedroom units, which range from 900 sq ft to 1,000 sq ft in size, will start from $450,000. Prices of its three-bedroom units are expected to start from $600,000, while its four-bedroom units will cost $700,000 onwards.
Analysts said the project, if priced attractively, will help spur buyer demand and jump-start the stalling market. Mr Nicholas Mak, associate director of real-estate consultancy Chesterton International, said anything priced below $500 psf would be attractive. He added that the sheer volume of sales in the mega project, should it be competitively priced, would then make developers feel more comfortable about raising prices thereafter.
Prices of condos have on average dropped 5 per cent in the last two years and have stayed flat this year. Projects in the surrounding area are currently priced at between $430 and $520 psf. For example, a three-bedroom unit at Sun Glade in Upper Serangoon, the nearest 99-year leasehold condominium, is selling at between $574,000 and $660,000.
Kovan Melody, which is expected to be ready in 2007, is going to be done up along musical lines. The apartment facades will, for example, have piano key motifs. Located next to one entrance of the Kovan MRT station, and opposite Heartland Mall along Upper Serangoon Road, the condo has stirred up interest among residents nearby.
Wing Tai has received about 200 queries from potential upgraders, mostly living near the area. Marketing and communications manager Belinda Yew, who lives in a four-room flat two bus stops away along Upper Serangoon Road, has been eyeing the project since last year. The 28-year-old, who takes the North-East Line to work every day, is looking to buy a three-bedroom apartment in the condo. 'It's pretty convenient,' she said.