PETALING JAYA: IOI Properties (S) Pte Ltd (IOIP), a wholly-owned unit of IOI Properties Bhd, is proceeding with luxury residential projects in Singapore as the property market there strengthens amid an economic recovery.
The projects there have been delayed for almost a year due to the recession.
The preview sale of its maiden project, Seascape Collection, on March 26 received encouraging response with S$200mil worth of sales chalked up to date.
The limited units available for sale have an average selling price of S$2,700 per sq ft.
A substantial portion of the sales were from high net-worth individuals from various countries, including Malaysia, Singapore, Indonesia, India, China and the Middle East.
Datuk David Tan, the executive director of IOI Properties, said the official launch of Seascape was rescheduled to May to leverage on the strong market recovery.
The recent completion of Resorts World Sentosa, Singapore’s first integrated resort, which opened for business on Feb 14 is also a major boost.
“The economic recovery and more positive market sentiment have been a boon for Singapore’s property market. The opening of the two integrated resorts in Marina Bay and Sentosa this year and their potential spillover effect on the other commercial and tourism activities is driving buying sentiment as investors are looking forward to good capital appreciation,” Tan told StarBiz.
Singapore’s second integrated resort, Marina Bay Sands, is scheduled to open for business on April 27.
Tan said waterfront homes boasting unobstructed sea views were being marketed as “the ultimate experience in lifestyle living”.
IOI Properties has two high-end condominium projects in Sentosa Cove – Seascape Collection and Pinnacle Collection – all sea facing residences.
Tan said the projects were the last two remaining and most strategic condominium sites at Sentosa Cove.
The 1.44-ha Seascape project is a 50:50 joint venture between IOI Properties and its Singapore partner, Ho Bee Investment Ltd.
It comprises two eight-storey condominium blocks of 151 residences with net saleable area of 408,800 sq ft. The residences have prices ranging from S$2,500 to S$2,800 per sq ft, for a gross development value of S$1.1bil.
IOI Properties is also in a joint venture with Ho Bee to develop the S$2.2bil Pinnacle.
Located on 5.3 acres, it will have 304 units with total net saleable area of 716,000 sq ft. The site was tendered for S$1.1bil in 2008.
The project is currently at piling stage and the launch is slated to be next year, depending on market conditions.
Flanking the entrance of the marina leading into Sentosa Cove, Pinnacle will have seven 18-storey blocks and one 20-storey block of luxurious condominiums.
The company’s third project in Singapore is Cityscape@Farrer Park. It will have 250 units with net saleable area of 297,400 sq ft and GDV of S$350mil.
It is now at the building plan approval stage and scheduled for launch in August.
Tan said the company was also on the lookout for other property development and investment opportunities in Singapore.
Locally, he said IOI Properties preferred to leverage on its expertise as a reliable township developer with a broad range of residential and commercial properties for the mass market.
The company also places priority on community relationship development in all its townships through neighbourhood residential associations, community events, a dedicated community website at myioi.com and township newsletter, Reachout.
On the company’s latest development, 16 Sierra, a new 220-ha township at the entrance to Cyberjaya, Tan said the maiden launch of two phases of Sierra 8 terrace houses priced at RM468,000 had been very successful.
Within the next 1 1/2 years, there will be launches of townhouses (GDV of RM170mil), terrace houses (RM115mil) and semi-detached houses (RM95mil).
Other upcoming launches are in Bandar Puteri Puchong, Bandar Puchong Jaya and IOI Resort Putrajaya in the Klang Valley. Its ongoing projects in Johor – Bandar Putra Senai and Kempas Utama also have new phases for launch.
The company currently has an undeveloped land bank of around 1,635ha, of which 400ha are in the Klang Valley, 880ha in Johor and 5.2ha in Singapore.
For the past two financial years, it recorded sales of RM630mil a year. For this financial year ending June 30, sales from its Klang Valley and Johor projects are expected to increase by 50% to more than RM900mil.
By The Star