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SINGAPORE - Chinese developer Qingjian Realty will open its first mixed-use development - Le Quest in Bukit Batok - for preview on Saturday (July 22).

The average selling price for private homes at the project is about S$1,280 psf, the developer said on Wednesday (July 19).

Le Quest, a 99-year leasehold development, will feature 516 residential units - along with more than 6,000 sq m of retail space on the ground floor.

About 40 per cent of the commerical space will be devoted to food and beverage, with the remaining area going to other retail and lifestyle offerings.

Qingjian said about 30 per cent of the retail space has been leased, with anchor tenant NTUC Fairprice Finest set to take up more than 1,200 sq m of space, and food court operator Koufu to occupy over 500 sq m of the area.

This is the first retail mall that Qingjian is managing here.

The residential units - from studio apartments to four-bedders - will be spread across five blocks comprising 12-storeys each.

There are 132 studio and one-bedroom units with size ranging from 431 sq ft to 614 sq ft. Indicative prices for the studio start from S$588,000 and S$648,000 for the one-bedders.

Two-bedroom units, which spans 592 to 829 sq ft - accounting for about 28 per cent of the development - will cost at least S$758,000.

Most of the units in Le Quest - 192 of them -are three-bedders, with sizes from 818 to 1,206 sq ft. Prices for these units start from S$990,000.

The 48 four-bedroom apartments have a starting price of S$1.38 million. They are between 1,130 sq ft and 1,528 sq ft.

"We think this is a fair price. It is the first mixed development in the area... looking at the market now, we are optimistic about response for the project," noted Ms Yen Chong, deputy general manager at Qingjian Realty (South Pacific) Group.

Le Quest will be launched for sale on Aug 5, when Ms Chong said the firm is aiming to sell 150 apartments on that first launch weekend.

The development is expected to be completed at the end of 2021.

 

Credits: The Straits Times

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Chinese developer Qingjian Realty will open its first mixed-use development - Le Quest in Bukit Batok West - for preview this weekend.

The average selling price for private homes at the 516-unit project is about $1,280 per sq ft, the developer said yesterday.

Le Quest, a 99-year leasehold development, will also have more than 6,000 sq m of retail space on the ground floor, with about 30 per cent of the space already leased.

"We think this is a fair price. It is the first mixed development in the area... Looking at the market now, we are optimistic about response for the project," noted Ms Yen Chong, deputy general manager at Qingjian Realty (South Pacific) Group.

Le Quest will be launched for sale on Aug 5, with hopes that 150 apartments will go.

Sales of new private homes have been robust this year, boosted by positive market sentiment following the slight easing of certain cooling measures in March.

The homes at Le Quest - from studios to four-bedders - will be spread across five 12-storey blocks. There are 132 studio and one-bedroom units with sizes ranging from 431sq ft to 614sq ft.

Indicative prices for the studios start at $588,000, with one-bedders at $648,000, Qingjian said at a briefing yesterday.

Two-bedroom units, which span 592 to 829 sq ft, account for about 28 per cent of the development. They will cost at least $758,000.

Prices for the 192 three-bedders (818 to 1,206 sq ft) will start at $990,000, and the 48 four-bedroom apartments (1,130 to 1,528 sq ft) will start at $1.38 million.

Some analysts told The Straits Times that the prices seem to be on the high side.

"The average selling price is a bit rich for the neighbourhood and it is not near the MRT station. Buyers will be paying a premium," said International Property Advisor chief executive Ku Swee Yong.

On the commercial component, Ms Chong said despite the challenges facing the retail industry, Le Quest is drawing good response from prospective tenants.

Anchor tenant FairPrice Finest supermarket is set to take up more than 1,200 sq m, while foodcourt operator Koufu will occupy about 500 sq m.

The developer, which will be managing a mall for the first time here, is in talks with potential tenants, including fast-food joints and cafes, on leasing for another 20 per cent of the commercial space.

Ms Chong said the mall will have a "hipster/contemporary" theme, with 40 per cent of the retail space for food and beverage outlets and the remaining area going to other offerings.

Le Quest, which will feature smart-home technologies, is expected to be completed at the end of 2021.

This will be Qingjian's final new project launch this year.

The developer plans to launch a new development on the site of Shunfu Ville, which it acquired for $638 million via a collective sale last year, in the third quarter of next year.

 

 Credits: The Straits Times

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Should local players be scared?

According to BNP Paribas, in the past few years, it has seen foreign developers, especially the Chinese developers, making an effort to gain market share, possibly for scale effect, and for beefing up their pipeline to sustain their business operations in Singapore.

Here's more:

Since the recovery in 2009, more foreign developers have entered the land market to compete against local developers. While they may have contributed to the property market in terms of fresh development ideas and product diversity, their presence has in no doubt heated up competition for land. Based on SLP studies, foreign players' participation rate has increased from 8% in 2009 to 26% in 2013.

Before 2009-10, foreign developers were mainly from Malaysia such as IOI Properties (IOIPG MK), SP Setia (SPSB MK) and Sunway (SWB MK), and from Hong Kong such as Cheung Kong Holdings (1 HK) and MCL Land. Since then, we have seen more Chinese developers entering the market, such as Qingjian (not listed), MCC Land, Hao Yuan and Kingsford Development.

Although relative newcomers as developers, some of them (such as Qingjian and MCC Land) are familiar with the Singapore property market, and have operated here for over a decade as construction companies.

Different approaches of participation

Foreign developers adopt various approaches when investing in the Singapore land market. Japanese players tend to participate in joint ventures with local developers.

For example, Mitsui Fudosan (8801 JP) has a JV with Hong Leong via TID. Mitsubishi Estate (8802 JP) has a long standing partnership with CapitaLand, while Sekisui House (1928 JP) with Fraser Centrepoint and Far East. We also see Malaysian developer, Sunway, teaming up with local Hoi Hup (not listed), while more recently China Vanke entered the Singapore land market by partnering with Keppel Land.

Hong Kong players such as Cheung Kong and MCL Land (part of Hong Kong Land group) tend to participate on their own, as do most Chinese players such as Qingjian, MCC Land, Hao Yuan and Kingsford.

Credits: Singapore Business Review

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