Skyscraper City Forum banner
1 - 20 of 116 Posts

·
By Spirit
Joined
·
25,912 Posts
Discussion Starter · #1 ·
The high, spacious life in Scotts

8 Jun 06

By ARTHUR SIM

CAPITALAND'S latest residential development, Scotts HighPark in Scotts Road, will have large four-bedroom units with verandas that create the feeling of living in a penthouse or landed home. Duplexes even come with outdoor jacuzzis. The 73-unit boutique development has 37 four-bedroom units in a 27-storey tower and 36 two- and three-bedroom units in a 19-storey tower. CapitaLand says it has received 250 expressions of interest. Private previews are expected soon.



This is the site close to Newton MRT. It is sandwiched between Sheraton Towers & Goldbell Tower.

The site used to be occupied by a hotel, the Melia at Scotts.
 

·
By Spirit
Joined
·
25,912 Posts
Discussion Starter · #3 ·
Developers capitalise on surge in demand for high-end homes

8 Jun 06

CapitaLand to start previews for its Penthouse Seriesin Scotts HighPark

AS LUXURY home prices climb to new highs, developers are moving to capitalise on the upswing by further whetting buyers' appetites with new launches of upscale apartments.

Yesterday, CapitaLand said it will soon start previews for its latest development, the 73-unit Scotts HighPark, which boasts a 27-storey block consisting exclusively of spacious apartments of over 3,466 sq ft called the Penthouse Series.

City Developments (CDL) also said it will release 30 more units of its St Regis Residences, where a unit recently set a record price at over $3,000 per sq ft. And Hong Leong Holdings aims to launch its luxury 85-unit Tate Residences this quarter.

The niche high-end homes market is on an uptrend, with new developments reporting favourable sales largely owing to foreign demand.

At St Regis Residences, about 65 per cent of the buyers are from Britain, the United States, Japan, China, Hong Kong, Indonesia and Malaysia.

Since its June 1 launch, CDL has sold 58 of the 173 units at $2,500 to $2,600 per sq ft (psf) on average, and has raised the price of some apartments by 2 per cent to 3 per cent.

Over at the 91-unit Newton One, the Lippo Group has sold 60 units at $1,230 psf on average since its mid-May preview and said prices have gone up to $1,420 psf.

Yesterday, Cheung Kong Holdings also said it has sold 232 units of its 248-unit Cairnhill Crest condominium and has booked a profit of $640 million from the sales.

The 40 units that it sold in March and April were at an average price of $1,825 psf.

More than 70 per cent of Cairnhill Crest owners are foreigners from countries such as Indonesia, China and Australia.

'The recent surge in positive sentiment in the high-end market has attracted a lot of buying interest from foreigners, and developers are trying to capitalise on it,' said property consultancy Knight Frank's director of research and consultancy, Mr Nicholas Mak.

At Scotts HighPark, the 36 four-bedroom units of 3,466 sq ft to 4,112 sq ft would appeal to foreigners, said consultants.

While it is rare to find so many large apartments in a block nowadays, it has not always been so.

Beverly Hills in Grange Road, which has units of about 3,800 sq ft and The Arcadia at Arcadia Road with units of about 3,600 sq ft to 4,200 sq ft are examples, said property consultancy Jones Lang LaSalle's national director, residential, Ms Jacqueline Wong.

Both were built over 15 years ago, she said. Developers then stopped building such large units to cater to demand for smaller, more affordable homes.

But they are building bigger units again as foreigners want them, said market watchers.

Indeed, the chief executive of CapitaLand Residential Singapore, Ms Patricia Chia, said it has had strong expressions of interest from over 250 local and foreign potential buyers for Scotts HighPark. The condo, which also has two- to three-bedroom units, could be ready for previews by the end of this month or early next month.

It follows the sales of Tanglin Residences and the fully-sold The Botanic on Lloyd, said Ms Chia.

'We were able to tap into a wave of strong buying interest for high-end homes, and we expect this momentum to trickle to the high to mid market this year.'

A market watcher said the nearby recently-marketed Newton One could be used as a gauge, while another said CapitaLand may price it above Newton One, at possibly $1,350 to $1,400 psf.
 

·
Success and Happiness
Joined
·
6,696 Posts
RafflesCity said:
Indeed, the chief executive of CapitaLand Residential Singapore, Ms Patricia Chia, said it has had strong expressions of interest from over 250 local and foreign potential buyers for Scotts HighPark. The condo, which also has two- to three-bedroom units, could be ready for previews by the end of this month or early next month.
hmmm... out of 250, what percentage actually purchase at least a unit?
 

·
Moderator
Joined
·
3,636 Posts
Oh, this is a very small site, it has been fenced with a completed showroom and no activity at all for several months already. I'm really surprised they can fit two towers on that plot ^ ^
 

·
By Spirit
Joined
·
25,912 Posts
Discussion Starter · #12 ·
Given its sandwiched location, I'm guessing the units will all face in 1 direction for 1 tower, and the opposite direction for the other
 

·
Registered
Joined
·
11 Posts
My dreamhouse in the sky... but I was hoping it would occupy the empty field beside the Alliance Francaise. I think the psf should be about $1800-2200 max? If it would be more than that then I may take whatever is going to be built on the field. And I hope that most of the "interested" 250 would just look and walk away so that at least my dreams would still have some hope, otherwise I will have to kill some serious competition :)
 

·
Moderator
Joined
·
3,636 Posts
I'm not too sure but there might be something coming up for the plot on another side of Goldbell Tower, although I'd assume it's a different plot that the one you're mentioning. I believe that big plot is zoned for a future shopping mall/bus interchange.

What I wanted to say is that on another side of Goldbell Tower, there's another showflat that is now completed and ready to open, I don't know for what project.
 

·
By Spirit
Joined
·
25,912 Posts
Discussion Starter · #15 ·
Pengui said:
II believe that big plot is zoned for a future shopping mall/bus interchange.
Where did you come across that from?

Large tracts of land around Newton MRT have been lying empty for years...it would make you wonder what plans there are for the area, since such a prominent central location can remain undeveloped for so long.
 

·
Registered
Joined
·
11 Posts
RafflesCity said:
Large tracts of land around Newton MRT have been lying empty for years...it would make you wonder what plans there are for the area, since such a prominent central location can remain undeveloped for so long.
SMRT did mention that they wanted to build a shortcut route from CCK to Newton MRT.
 

·
By Spirit
Joined
·
25,912 Posts
Discussion Starter · #17 ·
yup thats what I half-suspected, with the Newton MRT quite possibly serving as interchange...hence the vacant land needed for infrastructure. But its still my guess, as LTA hasnt yet publically revealed the rail alignment and exact location of the BTL stations ;)

Anyway I suupose once the interchange of the MRT is built, then an integrated development over the MRT station could be planned for :yes:
 

·
By Spirit
Joined
·
25,912 Posts
Discussion Starter · #18 ·
possibly...having an interchange nearby and a future high-end development must only be good for the area...Newton benefits from Orchard's spillover as well
 

·
Savills Realtor
Joined
·
1,113 Posts
RafflesCity said:
Given its sandwiched location, I'm guessing the units will all face in 1 direction for 1 tower, and the opposite direction for the other
my info was that the 4bedroom (2storey) or the penthouse series is facing the Goodwood. 2/3 bedroom facing Sheraton Towers & Goldbell Tower. Cannot remember the exact detail. Sorry.
 
1 - 20 of 116 Posts
Top