The Lakefront Residences: 250 units sold in preview

By The Folks @PropTalk - November 13, 2010 No Comments

Yes, the wife and I are back from our one-week vacation...ANYWAY,

The BT today reported that Keppel Land sold about 250 units of The Lakefront Residences at the project’s preview yesterday.

The units sold in the 99-year leasehold condo – next to Lakeside MRT Station and near Jurong Lake – were priced at about $1,020psf on average – a new record for the location.

Next door, units at Caspian have been changing hands mostly at $700-800psf in the subsale market since August.

Caspian – which was the first major property launch in Singapore after Lehman’s collapse – was previewed in February last year by Frasers Centrepoint at the carefully researched average price of $580psf; it sold like hot cakes, drawing out pent-up demand and sparking a revival in home sales.

This means that prices in the location are now 1.75 times what they were 21 months ago.

KepLand’s The Lakefront Residences is a 629-unit development comprising three 18-storey blocks. Unit sizes range from 484sqft for a one-bedder to about 3,000sqft for a penthouse. The project includes 69 one-bedders, 158 two-bedders, 255 three-bedders and 98 three-bedroom-plus-study units. There are also 32 four-bedroom apartments and 17 penthouses.

Keppel Land said it sold a range of unit types yesterday. The positive response was credited to the project’s choice location next to an MRT Station, unique lifestyle and recreational amenities in the upcoming Jurong Lake District as well as KepLand’s expertise in developing waterfront homes.

The Jurong Lake District is planned as a commercial, leisure and residential hub by the Urban Redevelopment Authority. In addition, the project is close to the Canadian International School, which is slated to open next year.

While some analysts suggested the strong response for The Lakefront Residences could be a sign that the initial effects of the Aug 30 property cooling measures could be wearing off, others said it is erroneous to draw this conclusion as The Lakefront has two big pluses – a plum location next to an MRT Station and the exciting plans for Jurong.


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