The Cascadia in Singapore previews at up to S$1,600 psf

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The Cascadia in Singapore previews at up to S$1,600 psf

By Cecilia Chow of The Edge Singapore
Friday, 21 May 2010 16:47

SINGAPORE: The Cascadia at Bukit Timah held VIP private previews on May 17 for the directors and business associates of the developer, listed Allgreen Properties, followed by public previews. The official launch of the project is expected in end-May.

Construction of the 536-unit development is well underway, and the project is scheduled for completion before year-end. The Cascadia, comprising 13 10-storey blocks, sits on a sprawling freehold site of close to 300,000 sq ft.

The 536-unit Cascadia sits on a freehold site of close to 300,000 sqft and has ample sapce for landscaping, facilities like a clubhouse, tennis court and swimming pools

Located along Bukit Timah Road, next door to Tan Chong Motors, The Cascadia is just a short distance from Methodist Girls’ School on Blackmore Drive, just off Bukit Timah Road. It is also close to other elite schools like Nanyang Girls’ High School, Hwa Chong Institution and National Junior College. The condominium is expected to attract families with schoolgoing children.

What’s more, the upcoming King Albert Park station (part of the Downtown Line 2) is nearby, at the corner of Bukit Timah Road and Blackmore Drive.

About 187 units in the development have already been pre-sold. Around 180 units were bought by two foreign property funds in late-2007 for approximately S$1,500 (RM3,536) psf. The remaining units were purchased by individual buyers.

Of the 349 units available for sale, around 130 (37%) are below 1,000 sq ft. Based on the trend at property launches since last year, these tend to be snapped up first, especially by investors, notes Yong Voon Chen, Allgreen Properties’ general manager (sales). These units include studio and one-bedroom apartments of 570 to 710 sq ft, and two-bedroom apartments of 871 to 882 sq ft. Hence, quantum price starts from around S$880,000, he adds.

Deferred payment scheme carrot

Allgreen Properties also dangled a carrot in the form of a deferred payment scheme (DPS), whereby the buyer needs to pay only a 5% deposit upon signing of the option agreement, followed by another 5% upon signing of the sale & purchase agreement eight weeks later, with the rest only payable when the project obtains its TOP (Temporary Occupation Permit). The developer had received approval to offer the DPS for The Cascadia before the scheme was withdrawn by the government in late-October 2007.

Indicative pricing of The Cascadia will be S$1,300 to S$1,600 psf, which is in line with that of existing launches in the neighbourhood, says Peter Ow, managing director of residential at Knight Frank, the marketing agent for the project.

For instance, at The Floridian next door, a joint-venture project by Far East Organization and Wing Tai Holdings, units have been sold at a median price of $1,400 psf, according to new home sales figures provided by URA as at end-March. The highest price achieved was S$1,670 psf, when a 958 sq ft unit was sold for S$1.6 million, according to an April 1 caveat. To date, around half of the units in the development have been sold. The project is expected to obtain TOP sometime in 2013.

Across the street, along Dunearn Road near Jalan Anak Bukit, is Far East Organization’s other project, the 140-unit Jardin, which contains a mix of loft units and apartments. The expected completion date is also sometime in 2013. Of 84 units released to date, 35 have been sold at a median price S$1,645 psf, with the highest price of S$1,903 psf achieved for a 1,163 sq ft unit that was sold for more than S$2.2 million, according to URA Realis.

The showflat of a typical four-bedroom unit at The Cascadia

Year-end completion

Given that The Cascadia is expected to be completed by year-end, it will appeal to both owner-occupiers and investors, as owners with schoolgoing children can move into their units before the start of the New Year and investors can find tenants immediately, says Ow. Typically, new condos can command a rental premium of at least 15%, compared with existing ones in the vicinity, as most expatriates prefer new developments, which have new kitchen and bathroom fittings and few service or maintenance issues, he adds.

With a site area of close to 300,000 sq ft, there’s ample room for landscaping and facilities such as a clubhouse, swimming pools and water features, and a large underground carpark linked to the basement of each block for easy access. All the units are north-south facing, with views of the landed housing area in Hua Guan Park on one side and the Good Class Bungalow (GCB) neighbourhood of Brizay Park and

Old Holland Road on the other. Even low-floor units will have views of the landscaping or water features, adds Allgreen’s Yong.

Cecilia Chow is Editor of City&Country of The Edge Singapore

This story appeared in the May 17 – 23, 2010 issue of The Edge Singapore