Condominium Sales increase in Alexandra and Commonwealth area

Sales activity has heated inside the Alexandra- Commonwealth neighbourhood, as you are watching approaching preview of Artra over the weekend of April 15 and 16. The mixed-use development comprises only one 44-floor tower with 400 apartments, 16 retail units plus a supermarket. The 99-year leasehold project will likely keep up with the Redhill MRT station, and chances are it’ll be transported in 2021. There’s a mixture of two- to five-master master bedroom units of 786 to 2,583 sq foot inside the development.

Alongside Artra could be the 429-unit Alex Residences on Alexandra View, where developer United states . states . Industrial Corp moved 16 units in March. That is equivalent to the whole units offered from last September to February. Prices ranged from $952,000 ($2,010 psf) for virtually any 474 sq foot, one-master master bedroom unit to $1.91 million ($1,828 psf) for virtually any 1,044 sq foot, three-master master bedroom unit. The job is finished 70% offered and sure to finish up produced by in conclusion of the year.

Meanwhile, however of Artra could be the Metropolitan Condominium, a 99-year leasehold project on Alexandra View jointly created by CapitaLand and Lippo Group. The 382-unit, high-rise development with units spread over two 45-floor tower blocks was transported in ’09. Single,066 sq foot, two-bedder altered hands for $1.35 million ($1,267 psf), with assorted caveat lodged on March 29.

However, it’s Principal Garden on Prince Charles Crescent, however of Alexandra Road, that has seen the very best increase in sales. In February, 27 units were offered within the median price of $1,657 psf. In March, another 44 units found buyers, based on caveats lodged. Units offered in March ranged from $1,539 psf for virtually any 764 sq foot, two-master master bedroom unit to $1,793 psf for virtually any 1,076 sq foot, three-master master bedroom unit. Based on caveats lodged, 430 units, or 65% from around 663, were offered. The job is jointly created by UOL Group and Kheng Leong Co.

One MRT stop from Redhill is Queenstown. Near the Queenstown MRT station is Commonwealth Towers, which saw the very best leap in monthly sales – with 43 units offered in March. Prices ranged from $788,000 ($1,786 psf) for virtually any 441 sq foot, one-bedder to $2.34 million ($1,797 psf) for virtually any 1,302 sq foot, four-master master bedroom unit. It absolutely was the very best quantity of units offered in a single month since the project premiered in May 2014. That month saw 238 units clicked up. The 845-unit project is jointly created getting a consortium made up of City Developments, Hong Leong Holdings and Hong Property.

Alongside Commonwealth Towers could be the 736- unit Queens Peak, a 99-year leasehold condo created by Hao Yuan Investment, with MCC Land handling the marketing, project management software software software software and construction. Lately, 20 units were supplied by prices totally different from $721,000 ($1,634 psf) for virtually any 441 sq foot, one-bedder to $3.03 million ($1,515 psf) for virtually any 2,002 sq foot, five-master master bedroom unit. The job is about 44% offered, according to caveats lodged with URA Realis.

The area within the Queenstown MRT station has additionally attracted interest from land-hungry developers. A residential site on Stirling Road, alongside Queens condo, will likely be launched for sale by tender within a few days. Recently, a developer triggered the website for sale by committing low bid of $685.25 million or $718 psf per plot ratio (psf ppr).

The website, that’s within easy achieve inside the Queenstown MRT station, features a maximum allowable gross floor a part of 954,327 sq foot and could yield an believed 1,110 units. It’s substantially bigger in comparison to Commonwealth Towers and Queens Peak condo sites, which fetched prices of $883 and $871 psf ppr correspondingly.

Last December, there is 14 bids within the close to the coast the tender for virtually any residential site at Margaret Drive, inside the Dawson Road and Strathmore Avenue neighbourhood, off Alexandra Road. It is also near Commonwealth Towers and Queens Peak on Dundee Road.

The champion inside the 238,907 sq foot site on Margaret Drive was MCL Land, which compensated $238.39 million or $998 psf ppr. The website might be brought to some completely new condo project of roughly 300 units, and chances are it’ll be launched for sale late this year or early 2018. This project could be the tiniest of all of the current launches in the area, like the approaching site on Stirling Road.

It seems as if interest, from buyers and developers, is clearly starting to warm-up inside the Alexandra- Queenstown area.