21/02/2023
Based on the land rate of S$1,440 psf ppr, Mak estimates the future condominium on this site could be launched at between S$2,400 and S$2,630 psf, after factoring in construction and other development costs.
Construction costs have spiked since the pandemic broke out in 2020 on the back of a manpower crunch and higher building material costs, which is putting pressure on profit margins.
Other freehold private residential projects currently being marketed in district 15 include Amber Park, Coastline Residences and Nyon. According to Mak, the median price for units sold at Amber Park, Coastline Residences and Nyon between January 2021 and mid-November worked out to S$2,448 psf, S$2,436 psf and S$2,317 psf respectively.
TWO freehold development land parcels at Thiam Siew Avenue, a residential street of landed homes adjacent to Tanjong Katong Road, have been sold for S$815 million to a joint venture between Hoi Hup Realty and Sunway Developments. Read more at The Business Times.
