RESIDENTIAL PROPERTY | Krisana Gallezo-Estaura, Singapore

Possibly one of the last luxury condos below 1,000 psf at Pasir Ris launched

Stratum over 50% sold over the weekend.

Singapore Business Review’s spot check with property agents said that nearly 80% of the 250 units released were snapped up since launching on May 18. An agent said around 130 units were sold on the first day alone.

Stratum, a development by Elitist Development Pte Ltd at Elias Road in the heart of Pasir Ris Town is comprised of 380 units housed in 14, 5-storey blocks. It was launched at an average price of $900 psf.

According to HSR, this development could possibly be one of the last high-end condominium offerings in this area to be sold, on average, under the thousand-dollar psf mark this year.

Mr Alan Tan, Head of Local Projects for HSR International Realtors said: “As Government Land Sales (GLS) bids for city fringe residential land parcels l crossed $1,100 psf per plot ratio (the most recent being at Kim Tian Road, was priced at $1,162 per plot ratio), it is inevitable that the prices of future residential projects would be launched at even higher price points in line with an overall increase in property prices.”

Head of Research for HSR Property Consultants, Ms. Elaine Chow found evidence that as at May 2, 2013, the median sales price for some new sales and sub-sales projects in Pasir Ris have already exceeded the $1,000 psf benchmark.

According to URA, the Property Price Index of Uncompleted Non-Landed Residential Properties in Outside Central Region (OCR) has increased by around 4% y-o-y both in Q1 2012 and in Q1 2013, and by an average of 7% for the past five years and has already crossed the average, $1,000 psf selling mark.

Specifically in Pasir Ris, HSR notes that uncompleted residential projects saw median price increases of 7% y-o-y in Q1 2012 and 12% y-o-y in Q1 2013.

“We have conservatively assumed (in tandem with an economic outlook) that there will be a 2% to 5% increase in prices on a y-o-y basis. But even with this estimate, the median price for new private residential projects in Pasir Ris will certainly breach the $1,000 psf by end-2013, if not earlier.”

Sizes range from 432 sq ft for a studio to 2,446 sq ft for a five-bedroom duplex penthouse.

According to HSR, the development is conceptualized around an idyllic tropical resort style living theme, and is complemented with terraced landscape, an infinity-edge pool, floating cabanas, water jet plaza, gymnasium tennis court and two impressive size pools of 50 and 30 metres.

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