Prices expected to start from under $700,000 for one-bedder
WHEELOCK Properties unveils tomorrow The Panorama in Ang Mo Kio Avenue 2, its first 99-year suburban condo project in Singapore in nearly two decades. The showflat will open with sales bookings expected to begin around Jan 17/18, BT understands.
The developer declined to reveal prices. Agents have been quoting absolute prices from under $700,000 for a one-bedroom apartment of about 430 square feet on the ground floor to more than $3 million for a five-bedroom penthouse of around 2,400 sq ft boasting nice views of Lower Peirce Reservoir.
Wheelock clinched the site at a state tender a year ago. Its winning bid of $550 million works out to nearly $790 per square foot per plot ratio. Located close to CHIJ St Nicholas Girls' School, the project will be near the future Mayflower MRT Station on the Thomson Line that is expected to be operational around 2020, Wheelock said.
Market watchers suggest that for Wheelock to move units in the 698-unit project, a realistic pricing could be $1,350-1,400 psf on average. The developer is said to be aiming higher: $1,400-1,600 psf.
A Wheelock spokesman said: "We are mindful of the impact of the TDSR (total debt servicing ratio) framework, especially for the suburban property market and our price will reflect this."
The Panorama will offer a range of unit types. One-bedroom apartments make up 13 per cent of the development; two-bedders, 28 per cent; three-bedders, 45 per cent; four-bedders, 10 per cent; five-bedders, 3 per cent; and penthouses, one per cent.
"Sizes vary from 430 sq ft for a single-bedroom unit to 2,400 sq ft for the penthouses," Wheelock said.
Tan Bee Kim, senior executive director of Wheelock Properties Singapore, said: "This is a much coveted site as the tender attracted bids from 12 developers. The potential to attract owner occupied buyers as well as investors is high as the location is excellent."
There are a number of premium schools catering to different education levels - St Nicholas Girls' School, Anderson Junior College, Nanyang Polytechnic, James Cook University and Australian International School.
The project will bear a number of "premium quality features". Living and dining rooms of all units will have marble flooring and kitchens will be fitted with Miele appliances.
MKPL Architects has optimised and enhanced the undulating terrain of the 198,942 sq ft site with a "thoughtful design to connect residents with nature".
Landscape architect Sitetectonix has earmarked a large central open space that offers greenery and grounds for facilities. A 247-metre-long panoramic trail walk among trees will be built across this central open space.
Besides 96,000 sq ft of landscaped garden at ground level, there will be another 10,000 sq ft of rooftop greenery. The 21st floor skypark will include a gym.
The last 99-year suburban project Wheelock developed was Parc Oasis in Jurong, which was completed in 1995.
ERA and Knight Frank are the marketing agents for The Panorama.
Source from Business Times