20 units of The Arte sold over weekend

Posted by goldenpeace on 23-Apr-2009

CITY Developments Ltd (CDL) sold 20 units at The Arte at Thomson over the weekend. This takes total sales since the property’s official launch to 170 units, with last weekend’s sales fetching a total of $30 million.

‘The sales volume indicates that buyers have greater confidence in the property market and in the future of their investment. This reinforces CDL’s view that the current market is now attracting savvy but cautious investors,’ said Chia Ngiang Hong, Group general manager of CDL.

Buyers’ interest was also evidenced by the strong turnover of over 1,000 visitors at The Arte’s showroom over the weekend.

Among other factors, these prospective buyers were drawn by the property’s location and proximity to a MRT station, according to a CDL release.

The Arte is located within the Thomson area with convenient connections to the City and the expressways. It is also a short walk from Toa Payoh MRT station.

Priced at $880 psf on average, the freehold project comprises two 36-storey towers and will be completed in 2012. Most of the 336 units available are going for under $2 million.

Buyers can opt for CDL’s interest absorption scheme (IAS), which allows them to defer the bulk of their purchase until The Arte’s completion on the condition that they take up a housing loan at the point of sale.

A majority of buyers of The Arte have private home addresses and many say they want to invest in another property or to move into a new and upscale residence.

Singaporeans’ renewed interest in private property saw the sales of 2,660 private homes in the first three months of 2009, which is about 62 per cent of total new home sales in 2008, according to the CDL release.

Source : ST - 21 Apr 2009

CDL sells 60 units in The Arte at Thomson

Posted by goldenpeace on 27-Mar-2009

CITY Developments Ltd (CDL) sold about 60 apartments at its 336-unit project The Arte at Thomson last weekend.

The developer said yesterday that the average selling price was $880 per sq foot (psf). It released 100 units during the ‘private preview’ and will release more this weekend.

The freehold project comprises two-, three- and four-bedroom apartments, as well as penthouses. Most of the units sold last weekend were smaller two- and three-bedders.

Unlike other recently launched projects, units at The Arte are large, which means buyers have to fork out more.

For example, two-bedders are 1,055 sq ft and three-bedders range from 1,399 sq ft to 1,625 sq ft. Assuming $880 psf for a two-bedder, the price of the smallest unit would be $928,400.

But according to CDL general manager Chia Ngiang Hong: ‘The Arte offers superb value for a prime freehold property in the Thomson area. Buyers get a luxurious condo without paying a premium price.’

CDL is offering an interest absorption scheme.

Analysts expect more projects to be launched in coming weeks as developers try to capitalise on a recent surge in buying interest. They sold 1,323 new private homes last month - eleven times more than in January. Numbers are expected to be strong for March as well, on the back of sales at The Arte, and at UOL Group and Kheng Leong’s Simei condominium Double Bay Residences, where more than 200 units were sold this month.

Amid the buying surge, BT understands that Far East Organization is set to launch its mass market project Mi Casa. The 457-unit development near Choa Chu Kang MRT is expected to be popular with HDB upgraders in neighbouring estates.

Separately, Tee International and Hup Soon Global said that they are teaming up with a Bangkok-based company for the Singapore launch of a freehold luxury condominium located in the Thai capital. The Surawong will be launched this weekend at the Grand Hyatt Hotel here.

Source : Business Times - 27 Mar 2009