Sunday, February 8, 2009

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Caspan at Jurong Lakeside selling hot?

Caspan hot? said
"why the media make such a hoohah about Caspan... price drop but only sold 80 units ... economy is going down, more people loosing jobs, so why people stil have to pay high high price for property...making the poor suffer and the rich richer!! HDB flat price also more than half to live"

Anonymous wrote:
"my guess is this going to be like Livia, only hot during initial launch and then sale die again..80 units out of 712 units is only about 10%.. nothing to hoohah about!"

Above comments on Caspan sale are extracted from the Singapore Property Forum.

News report: Business Times - 7 Feb 2009

Frasers Centrepoint brings cheer to market with sale of 80 units at Caspian’s preview at $580psf

THE year’s first major release of a private housing project has shown that there’s still demand for projects priced attractively. Frasers Centrepoint had sold close to 80 units at its Caspian condo near Jurong Lake by late last night, the company’s CEO, Lim Ee Seng, told BT.

About 70 per cent of buyers are estimated to be HDB upgraders; the rest had private addresses. Singaporeans accounted for more than 85 per cent of buyers. Only a fifth of the buyers so far have opted for the interest absorption scheme offered by the developer. This means that they pay 3 per cent higher for their units.

The project is priced at $580 per square foot (psf) on average for buyers who opt for normal progress payment.

Property market watchers expect sales in the 99-year-leasehold condo next to Lakeside MRT Station to pick up steadily over the weekend.

Frasers Centrepoint had meant to open its showflat for sales to staff on Thursday, but decided to start selling in the evening to other buyers who had started gathering outside. The average price of $580 psf - or $598 psf for those who opt for interest absorption - is for the 250 units being marketed in the first phase.

Knight Frank executive director Peter Ow, whose firm is not involved with marketing the project, said: ‘The response is very encouraging in today’s market. It goes to show that there’s still demand in the market, as long as the project is priced attractively. Those who want the location will buy. I believe buyers would be buying predominantly for owner occupation.’

The 712-unit Caspian is being built next to LakeHolmz, an earlier condo by Frasers Centrepoint that was completed about four years ago. Units in LakeHolmz are going for about $600 psf on average in the resale market, while further away, units at The Lakeshore, which was completed more recently, are fetching an average price of around $750 psf.

Frasers Centrepoint indicated that 80 per cent of the Caspian units sold are two and three-bedders.

A strong draw of the project is its location in the Jurong Lakeside District, for which the government has big growth plans as a unique destination for business and leisure, and a vibrant regional centre serving the west region of Singapore. The project’s location next to Lakeside MRT Station will also receive a boost from the extension of the East-West MRT Line with the opening of new stations this month.

Frasers Centrepoint’s Mr Lim said: ‘We’re happy with the positive response generated by Caspian, which will hopefully create some impetus to the otherwise sluggish market.

‘We did a thorough market research and survey, which resulted in a substantial number of potential buyers indicating firm interest within a certain price range. We then launched below this price range to further boost the demand.’

He did not indicate what the surveyed average price range was, but BT understands that it was in the low to mid-$600 psf range.

May also want to read:
99 Leasehold Property: Calculation of Depreciation Rate based on Singapore Land Authority Data
Spore Property History 1960-2008
Property Investment Tip: Don't put all your eggs in one basket
HDB Resale Price Index 1990-2008: Graph & Chart


danny said...

When you buy at Jurong West it's all about location

Anonymous said...


Anonymous said...

The buyers at Alexis are jokers... So Small apartments costing $900 to $1100 psf... in Queenstown.... These people just follow the queue... and hype... Sure to see more launches, more people jump in...

The smart buyers are still waiting... Best buys are actually behind...

Anonymous said...

If you have been following the property news, it was last reported that Caspian is 65% sold, and the recently-launched Alexis@Alexandra is fully sold.

Smart Buyer - I resonate with your comments that property prices are still high, but I hope you could report both sides of the story and not just post the negative news while largely ignoring the positive ones. (sorry maybe you are really busy these days that you neglected blogging...)

Smart Buyer said...

Yes indeed, I really have been very busy with my new venture. I haven't been following the news too much because I've been out of town mostly. So I'm trying to redirect blog-visitors to the forum where there are enough wise people there to advise.

Apologies for the neglect.

Smart Buyer said...


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