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17-04-2012, 07:31 AM
The Straits Times
Apr 17, 2012
Katong Regency pricey but likely to draw buyers
Rejuvenation of Paya Lebar area could be a major selling point for mixed-use project
By Amanda Tan
A MIXED-USE freehold project to be launched in Paya Lebar on Thursday is expected to get a good response despite a hefty price tag, property consultants said.
Residential units at Katong Regency, which sits on the former Lion City Hotel and Hollywood Theatre sites, will cost an average of $1,500 to $1,600 per sq ft (psf), a price experts said is 'on the high side'.
Still, the take-up rate for the 244-unit UOL Group project could be 'quite good', said Mr Nicholas Mak, head of research at SLP International Property Consultancy.
'The area is fairly middle-class... there will be a catchment of residents here who have the means to buy this project.'
More than half of the residences at Katong Regency are one-bedroom and one-plus-study units. Prices for a 550 sq ft one-bedroom unit start at about $950,000 and go up to over $2.5 million for a 1,970 sq ft three-bedroom penthouse.
A major selling point could be the upcoming rejuvenation of the Paya Lebar area, consultants said.
R'ST Research director Ong Kah Seng said: 'The area is considered promising... and will be a major business hub in years to come.' He estimated that monthly rental for one-bedroom units could reach $3,000, especially if there are 'visible signs of the spillover effect from the rejuvenation of Paya Lebar' by the time the project is completed in 2014.
UOL Group could be banking on similar interest to that shown for the recently launched Sky Habitat, believed to be the priciest suburban condo in the market.
The 99-year Bishan project has average prices ranging from $1,747 psf for a one-bedder to $1,642 psf for a four-bedder. Still, over 70 per cent of units that were released were sold in the first weekend of its launch.
Mr Mak said: 'I won't surprised if people would be willing to pay (for Katong Regency). It's a bit on the high side but... this one is freehold, and there's a mall.'
A new mall, One KM, will be built on the lower levels below the flats.
Mr Kam Tin Seah, senior general manager of UOL Group, said yesterday that the mall, with a net lettable area of 210,000 sq ft, will follow a similar concept seen in United Square, but will focus more on performing arts education.
United Square, known for its myriad of enrichment centres and lifestyle retailers, is also developed by UOL.
One KM, which has signed Cold Storage as an anchor tenant, will have over 150 tenants. UOL said 'serious retailers' have shown interest for about half of the available units.
tamanda@sph.com.sg
Apr 17, 2012
Katong Regency pricey but likely to draw buyers
Rejuvenation of Paya Lebar area could be a major selling point for mixed-use project
By Amanda Tan
A MIXED-USE freehold project to be launched in Paya Lebar on Thursday is expected to get a good response despite a hefty price tag, property consultants said.
Residential units at Katong Regency, which sits on the former Lion City Hotel and Hollywood Theatre sites, will cost an average of $1,500 to $1,600 per sq ft (psf), a price experts said is 'on the high side'.
Still, the take-up rate for the 244-unit UOL Group project could be 'quite good', said Mr Nicholas Mak, head of research at SLP International Property Consultancy.
'The area is fairly middle-class... there will be a catchment of residents here who have the means to buy this project.'
More than half of the residences at Katong Regency are one-bedroom and one-plus-study units. Prices for a 550 sq ft one-bedroom unit start at about $950,000 and go up to over $2.5 million for a 1,970 sq ft three-bedroom penthouse.
A major selling point could be the upcoming rejuvenation of the Paya Lebar area, consultants said.
R'ST Research director Ong Kah Seng said: 'The area is considered promising... and will be a major business hub in years to come.' He estimated that monthly rental for one-bedroom units could reach $3,000, especially if there are 'visible signs of the spillover effect from the rejuvenation of Paya Lebar' by the time the project is completed in 2014.
UOL Group could be banking on similar interest to that shown for the recently launched Sky Habitat, believed to be the priciest suburban condo in the market.
The 99-year Bishan project has average prices ranging from $1,747 psf for a one-bedder to $1,642 psf for a four-bedder. Still, over 70 per cent of units that were released were sold in the first weekend of its launch.
Mr Mak said: 'I won't surprised if people would be willing to pay (for Katong Regency). It's a bit on the high side but... this one is freehold, and there's a mall.'
A new mall, One KM, will be built on the lower levels below the flats.
Mr Kam Tin Seah, senior general manager of UOL Group, said yesterday that the mall, with a net lettable area of 210,000 sq ft, will follow a similar concept seen in United Square, but will focus more on performing arts education.
United Square, known for its myriad of enrichment centres and lifestyle retailers, is also developed by UOL.
One KM, which has signed Cold Storage as an anchor tenant, will have over 150 tenants. UOL said 'serious retailers' have shown interest for about half of the available units.
tamanda@sph.com.sg
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