Singapore Property News

13 May 2011 No Comment Print This Post  Email This Post

PROPERTY developer Wing Tai Holdings will be launching the Foresque Residences project at record prices for the Upper Bukit Timah area.

Market watchers say the nearby Petir LRT and Hillview MRT stations could be driving the prices up.

The 99-year leasehold project is on a 244,000 sq ft site on Petir Road, and consists of five 24-storey towers.

The 496-unit development includes one- bedroom to four-bedroom units, penthouse apartments and special cabana garden units.

Prices start from $1,150 per sq ft (psf) for a 463 sq ft one-bedroom unit, while its penthouses, which are from 1,119 sq ft to 2,573 sq ft in size, are going for up to $1,200 psf.

Homes near the upcoming Hillview MRT station have already set price benchmarks. Units at The Lanai on Hillview Avenue sold at an average of $1,450 psf last December.

But units nearer the Petir LRT station are still cheaper. Units at the Tree House condominium, which is next to Foresque Residences, sold for an average of $809 psf last July.

Mr Ong Kah Seng, senior manager for Asia-Pacific research at Cushman & Wakefield, said the stations are likely to support sales of new property projects.

'This is especially true for buyers looking to ride on the capital appreciation of a project,' he said.

He added that the Upper Bukit Timah area would be more accessible and connected to the rest of Singapore when the Downtown Line 2 is completed.

Although Foresque Residences is a leasehold property, its pricing has overshadowed those of freehold resale properties in the neighbourhood.

Mr Ong said such freehold projects in the Upper Bukit Timah vicinity are commanding average prices of about $1,100 psf, depending on the development's age, location, design and amenities.

Foresque Residences is also near the Bukit Timah Nature Reserve, Bukit Panjang Primary School and CHIJ Our Lady Queen of Peace.

It is expected to receive its temporary occupation permit in June 2015.

The project's preview launch will be held tomorrow.

Prices start from $1,150 psf for a 463 sq ft one-bedroom unit, while its penthouses, which are sized from 1,119 sq ft to 2,573 sq ft, are going for up to $1,200 psf.

Source: Straits Times News by Cheryl Lim

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