Project sales update: The Hillier & The Nautical

By The Folks @PropTalk - December 23, 2011 No Comments

The Hillier
Over at Hillview Avenue, Far East Organization is said to have collected more than 100 cheques for Soho-style apartments at The Hillier since it began previewing the project last Friday. The buyers for the 99-year leashold project are mostly Singaporeans.

The average price achieved is $1,150psf, after absorption of the standard 3% stamp duty and provision of a furniture voucher. The apartments, ranging from about 500sqft to 800-plus sqft, come with a flexible floor plan and a 3.4-metre ceiling height, in line with Far East's recently launched Soho brand offering "strategic locale, excellent connectivity and flexible space". The brand is inspired by New York City's trendy Soho neighbourhood.

The Hillier, near the upcoming Hillview MRT Station on the Downtown Line, will be a mixed-use development with 528 Soho apartments sitting on a two-storey retail and lifestyle podium, hillV2. Far East will retain the retail component, where well-known New York grocer Dean & DeLuca will have an outlet.

The Nautical
Over at Jalan Sendudok in Sembawang, Hao Yuan Investment, controlled by mainland China parties, is said to have issued options for about 50-plus units for The Nautical condo. The developer is understood to be deciding when to hold an official launch of teh project, which will be accompanied by the start of an advertising campaign.

The average price of about $860psf for the five-storey project, which will have 435 apartments, is after a 5% early-bird discount.

Prices of a typical unit without private enclosed space or roof terrace will be in the $850-880psf range on average.

The Nautical comprises one, two, three and four-bedroom units and penthouses (including 32 dual-key units). Absolute prices start from about $409,000 for a 420sqft one-bedder. The highest-priced unit, at slightly over $1.5 million, is a 1,916sqft penthouse.

Buyers of the 50-plus units are mostly HDB upgraders, comprising predominantly Singaporeans.

CBRE, GPS and PropNex are marketing agents for The Nautical.

The project's development is managed by MCC Land, a unit of Chinese state-owned enterprise Metallurgical Corporation of China or MCC Group. MCC Land is also the developer of Canberra Residences, which is next to The Nautcial. The 320-unit Canberra Residences, which was released in January at an average price of around $830psf, is about 90% sold. Both condo projects are on 99-year sites and are five storeys high.
Source: THE Business Times

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