[COMPLETED] D15 | The Seaview (4x 23 floors)

At average $750 psf, no sure who is stealing from who?
City Square with soft launch price of $500 plus should be considered as "Free"


Enjoy waterfront living at The Sea View at a steal
Waterfront living continues to beckon with Wheelock Properties' latest offering, The Sea View. Except this one is easier to reach.
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Home buyers at the East Coast condominium's soft launch this weekend will find that each square foot averages $750.
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That is lower than the prices of seaside properties launched earlier: The Sail @Marina Bay averaged $960 psf while The Berth by the Cove at Sentosa Cove went for an average price of $830 psf.
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The charm of The Sea View lies in its developer's name, said analysts. Wheelock, formerly Marco Polo Developments, is known for building luxurious living spaces – such as The Cosmopolitan sitting on the former Times House site, and Grange Residences — in districts 9, 10 and 11.
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This time, Wheelock is building six 23-storey towers where Seaview Hotel once stood on Amber Road. The Sea View houses 546 units, comprising one-, three-, and four- bedroom apartments as well as 24 penthouses.
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Sizes range from 560 sq ft to 2,900 sq ft. All units, except the one-bedroom apartments, come with a big balcony. Besides swimming pools, a jogging track and a clubhouse, there is an underground car park.
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Cushman & Wakefield managing director Donald Han expects the property to garner a good response: "It's Wheelock's quality assurance. And the location is good — five minutes away from the city and walking distance to eateries."
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Another property analyst who declined to be named added that the East Coast area is synonymous with a relaxed lifestyle. What's more, the price is good, she said: "Sometimes a developer's aim is to get the launch off to a good start. They can always adjust it later."
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At this weekend's soft launch, Wheelock will offer units in two towers at a 10-per-cent discount of $650 psf to $890 psf. It would not say when subsequent phases would be and how prices would be adjusted.
Waterfront living continues to beckon with Wheelock Properties' latest offering, The Sea View. Except this one is easier to reach.
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Wheelock sells 110 units in freehold Katong condo

27 Jun 05

(SINGAPORE) Wheelock Properties (Singapore) has sold about 110 of the 189 units that were released last Thursday during the soft launch of The Sea View condo in Katong.



The average price the Singapore-listed developer achieved for the units sold in the freehold condominium is $775 per square foot.

This is higher than the $750 psf average pricing that Wheelock announced last week for the first phase release in the condo, and market watchers say this could be due to the fact that the units sold have the choicest views among those released so far.

The 110 or so units sold include six penthouses, which fetched prices ranging from $1.8 million to $2.4 million. The project has drawn interest from both Singaporeans and foreigners. Wheelock is developing the condominium, which will have a total of 546 apartments in six towers, on the former Sea View hotel site it bought in August 2003 and which it later combined with adjoining sites, including one bought from China Airlines.

Analysts say that assuming a $750 psf average selling price for the entire project, Wheelock should be able to book a pretax profit of about $100 million from the project progressively over the next few years, as it sells units and completes the 23-storey development.

The development comprises mostly three and four-bedroom apartments.

Wheelock's acquisition of the Sea View hotel site in August 2003 marked the beginning of an acquisition trail that was to include the China Airlines site next to Sea View hotel; the Times House site along Kim Seng Road; Scotts Shopping Centre and The Ascott Singapore serviced residences above it; and Angullia View. Its shopping bill on sites over the past two years was about $800 million.

Besides the Sea View and China Airlines sites which are being developed into The Sea View condo, Wheelock has also started developing the former Times House site into a condo named The Cosmopolitan, which was launched earlier this year.

Its most profitable project was The Ardmore Park luxury condo, which generated a pre-tax profit of about $1 billion, booked in stages between financial years ended March 1998 and March 2003.

hyacinthus said:

Try a search on recent property transactions for landed properties in district 15. You will find quite a number of landed properties sold under $900k.

Click to expand...

Yeah I checked, you're right, you CAN get landed property under $900k, albeit tiny ones.

Noticed also that the D15 properties transacted under $900k aren't located in very nice neighborhoods, whereas The Sea View has a nice location. Also, most are old and small terraces and little can be done in rebuilding/refurbishing.

re: D9,10,11. The five properties that were transacted under $900k are also located in not-so-desirable areas, and have small land area. All of them are terraces.

Noticed that of the five, 2 were in Niven Road (District 9). That's the area where Parc Emily is being built. Nearby, there is also [email protected] Sophia and the Cathay building redevelopment. According to some property watchers, this whole area is destined for great things, after some revamping and getting rid of all the sleazy stuff (KTV, billiards saloons, etc.). Maybe it is a better decision to invest in a Niven Road terrace instead of a chi-chi condo like Sea View. Call me naive, but when more big condo developers start coming into that area, you might be able to buy TWO Sea View units after trading your Niven Road terrace! :nuts: