Keppel Land pricing Corals units at $1800 - $3000 psf

Keppel Land is said to be pricing the initial 100 apartments at its Corals at Keppel Bay condo at between $1,800 psf and $3,000 psf.

The project - being developed on a site with 99-year leasehold tenure starting February 2007 - has a total of 366 units in 11 blocks between four and 10 storeys high.

Nearly 45 per cent of the units are one and two-bedders. Corals at Keppel Bay will have one, two, three and four-bedroom apartments sized between 600 sq ft and 3,600 sq ft in addition to eight penthouses (4,800 sq ft to 7,800 sq ft).

BT understands that for the 100 apartments in the initial batch that will be previewed today, absolute prices start from $1.31 million for a 624 sq ft one-bedder (reflecting a unit price of $2,100 psf).

The priciest apartment is said to cost around $10.7 million for a four-bedrom deluxe unit of nearly 3,600 sq ft. This works out to around $3,000 psf for the unit, which has a full waterfront view.

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Over in Pasir Ris, Elitist Development - controlled by the Lim family behind industrial developer Sin Soon Lee - has begun sales at the Stratum condo. The average price in the 99-year leasehold project is $900 psf.

The developer has released some 170 units, or nearly half of the project's 380 units. Absolute prices are said to start from around $540,000 to $550,000 for a studio unit. Stratum has studio units, one to five-bedroom apartments, penthouses (with three to five bedrooms) and four-bedroom dual key units.

Units span from 432 sq ft for a studio unit to 2,446 sq ft for a five-bedroom duplex penthouse.

The five-storey condo will have 14 blocks. Elitist Development is building the project on a site at the corner of Elias Road and Pasir Ris Drive 3 that it bagged at a state tender in April last year for $472 per square foot per plot ratio (psf ppr).

Last month, developers' sales halved to 1,375 private homes from the record 2,793 units in March - mainly due to a dearth of big project launches. The 1,158 private homes that developers released last month was just a third of March's 3,489 units, according to data from the Urban Redevelopment Authority released on Wednesday.

Generally, property consultants expect sales in May to come in at below 2,000 units - given that most projects scheduled for release this month are smallish.

Source: Business Times –17 May 2013