The introduction of additional buyer’s stamp duty on December 8 may have left some residential developers in a twist, but two new projects have already gone ahead with previews: The Hillier in the Hillview area and The Nautical in Sembawang, both 99-year leasehold projects.
(The Hillier is one of the two new properties that our successfully wooing local buyers despite an increase in buyer's stamp duty. Image courtesy of Far East Organization.)
More than 50 units have already been snapped up at The Nautical at an average price of about $860 per square foot since its preview opened last weekend.
In comparison, The Hillier has already sold 100 Soho-style apartments averaging $1,150 per square foot since its preview began last Friday. Buyers for both residences have mostly been Singaporeans, according to The Business Times.
Inspired by New York City’s trendy Soho district, units in The Hillier—528 Soho apartments in total—range from 500 square feet to over 800 square feet. It is part of developers Far East Organization’s new brand that offers “strategic locale, excellent connectivity and flexible space”.
The Hillier will be located near the upcoming Hillview MRT Station on the Downtown Line and will house a two-storey retail and lifestyle podium, dubbed hillV2. About 60% of the 55,500 square foot hillV2 will be filled with F&B outlets, including famous New York grocer Dean & Deluca. It is expected to be completed by the end of 2013.
Despite the new cooling measures, SLP International managing director Peter Ow is bullish on The Hiller, calling the sales so far “good” given the current lacklustre buying mood. “The attractions are the project’s commercial component as well as the proximity to Hillview MRT Station,” he told The Business Times.
The government recently implemented a 3% increase in the buyer’s stamp duty that Singaporeans will have to pay when they buy their third and subsequent homes.
On the other hand, The Nautical, which will have 435 aparments, comprises one, two, three and four-bedroom units and penthouses. Prices range from about $409,000 for a 420 square foot one-bedder to $1.5 million to a 1,916 square foot penthouse. Developers Hao Yuan Investment is still deciding when to hold an official launch of the project, The Business Times reports.
These two new properties herald a surge in the number of private homes hitting the market this year, the highest in the decade analysts told The Star.
Experts told the paper that 18,300 new homes could be released this year, easily surpassing the 16,500 last year.
“Some developers have managed to expedite the sales preparation process and shorten the period from a typical timeline of between nine and 12 months to between six and nine months,” director of research and advisory at Colliers International Chia Siew Chuin told The Star.
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