150 units of CDL's EC project sold on first day

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Business Times - 12 Jan 2012

150 units of CDL's EC project sold on first day

CityDev plans to release at least 3 other residential projects this year


CITY Developments Ltd (CDL), which sold 150 units on the first day of sales yesterday for its The Rainforest executive condominium (EC) project in Choa Chu Kang, is planning to release at least three other residential projects this year.

BT understands one will be a project of about 70 apartments at Robertson Quay which will be part of a mixed development that will also include 310 hotel rooms. CDL is developing this project on a 99-year-leasehold hotel plot which it clinched at a state tender in March last year.

Those looking to buy a landed home in the popular Serangoon Gardens area can look forward to CDL's launch of a 99-year project which it will develop jointly with Hong Realty.

The duo paid $105 million or $343 per square foot (psf) of land area for the site at a state tender in August last year. They outbid 15 other parties.

CDL had said at the time of the tender's close that it plans to develop terrace houses on the 305,711-sq-ft site at Serangoon Garden Way.

At Bartley Road, CDL is partnering Hong Leong Holdings and TID to develop a 702-unit condo, The Bartley Residences, which is expected to go on the market after Chinese New Year. The average price for the 99-year project, which will have one to four-bedroom apartments, could be around $1,200 psf, suggest sources.

The same consortium was the top bidder for another condo site diagonally opposite The Bartley Residences at an Urban Redevelopment Authority tender which closed on Tuesday.

Over in Choa Chu Kang, CDL has priced The Rainforest EC at about $730 psf on average for buyers on the normal progress payment scheme. Those who opt for the deferred payment scheme (DPS) - which is still available for EC projects - will pay 3 per cent more.

The first-day sales result for The Rainforest is similar to the slightly over 150 units CDL sold for its Blossom Residences EC project at Segar Road in July last year. That project was priced at $685 psf on average on normal progress payment scheme with a 3 per cent premium for DPS.

The two projects are about 2.5km apart, with The Rainforest in a choicer location, near Choa Chu Kang MRT Station and Lot One Shoppers' Mall.

In line with EC rules, only 5 per cent of the project's 466 units are allocated for sale to second-time buyers in the first month of launch and these were all taken up yesterday. The remaining units will be opened to second-time buyers on Feb 11.

ECs are a public-private housing hybrid with initial buyer eligibility and resale conditions, which are lifted completely 10 years after the completion of an EC project.

'Besides the appeal of being near an MRT station, shopping mall and other amenities, The Rainforest's prime location within a mature estate has also been a draw for many of our buyers who already have families living within this area or are familiar with the locale,' said CDL's group general manager Chia Ngiang Hong.

Unit sizes range from 818 sq ft for a two-bedroom plus study apartment to 2,174 sq ft for a penthouse.

CDL is developing The Rainforest jointly with TID Pte Ltd, which in turn is a tie-up between CDL's parent, Singapore's Hong Leong Group, and Japan's Mitsui Fudosan.

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