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1. Written by News on 24-02-2009 13:04
 
 
515 units sold
Over at Jurong Lake District, Frasers Centrepoint found buyers for another 35 units for its Caspian condo over the weekend, raising total sales in the 99-year-leasehold project to 515 units. 
 
The overall average price achieved is just over $600 psf, reflecting the sale of better-facing units in the past week. About 32 per cent of Caspian’s buyers have opted for an interest absorption scheme; they will pay 3 per cent more in exchange for not having to foot beyond the 20 per cent initial payment until the project receives TOP. On average, three-bedroom units at Caspian cost $700,000 to $750,000.
 
2. Written by News on 09-02-2009 12:01
 
 
300 units of Jurong West condo sold
THE first major condominium launch this year attracted very strong interest at its preview, with crowds packing its Jurong West showflat three days beginning last Friday. 
 
Property developer Frasers Centrepoint said it had sold 300 units at the 712-unit Caspian by 9pm yesterday. It sold out the first batch of 250 units at the condo, which was priced at $580 per square foot (psf), by the afternoon. It subsequently released another 100 units with better facing, and priced them at $20 psf more. 
 
The 300 units were sold at between $340,000 and $990,000. Most of the buyers were Singaporean HDB upgraders. Foreigners and permanent residents accounted for just 6 per cent of the sales. About 31 per cent of the buyers opted for the interest absorption scheme. They paid 3 per cent more on the purchase price. 
 
The developer said the response to the private preview last Friday was so keen it kept the Caspian showflat open past midnight, and sold 80 units. It sold another 120 units last Saturday. 
 
‘There is pent-up demand for new properties,’ said Chesterton Suntec International’s head of research and consultancy, Mr Colin Tan. 
 
A market watcher said the $580 psf price for Caspian is not exactly very cheap but some buyers are probably hoping that the development plans for the Jurong area will help to raise the value of their properties in the future. 
 
The 99-year leasehold condo is near Lakeside MRT station in Jurong, a new growth area in Singapore. Caspian was also priced cheaper than nearby condos Lakeholmz and Lakeshore. Caveats lodged show Lakeholmz units were traded in the third quarter of last year, at $564 to $626 psf. Lakeshore units were going for around $750 psf. 
 
Recent deals for The Centris at Boon Lay, one MRT station away, were done at an average of $550 psf, according to caveats lodged last month. 
 
Frasers Centrepoint chief executive Lim Ee Seng said the brisk sales for Caspian showed there is demand for mass market projects at the right price. He said: ‘A well-located, reasonably-priced mid-market development always has its following.’
 
3. Written by News on 05-02-2009 13:59
 
 
First phase @ $580 psf average
Frasers Centrepoint is pricing the first phase of its 99-year leasehold Caspian condo next to Lakeside MRT Station in Jurong at an average of $580 per square foot after discount for buyers who opt for normal progress payments. 
 
Those who choose the developer’s interest absorption scheme will pay 3 per cent more, or an average price of about $598 psf. 
 
The pricing for the 250 units, which are spread across the project, is considered competitive and reflects Frasers Centrepoint’s strategy of pricing to sell in the current recession. 
 
Next to Caspian, units at Lakeholmz , which was completed four years ago and also developed by Frasers Centrepoint, are selling at about $600 psf on average in the resale market. 
 
Further away, units at The Lakeshore are fetching about $750 psf on average and developer Far East Organization is understood to have held back some choice units facing Jurong Lake, presumably for sale later to ride on the government’s plans for the district. 
 
Frasers Centrepoint is optimistic of good take-up for Caspian . ‘We’ve received strong interest from prospective owner-occupiers and even investors, who are now more keen to invest in brick-and-mortar property than risky financial instruments, especially if the property has a great potential upside to it,’ said Frasers Centrepoint Homes chief operating officer Cheang Kok Kheong yesterday. 
 
‘Potential buyers will see Caspian’s price range as attractive and offering value for money.’ 
 
The project will have 712 units in total and is coming up on a site that Frasers Centrepoint bought in late 2007 for $248 psf per plot ratio. Analysts reckon that Frasers Centrepoint may barely be making money, based on the first-phase pricing. 
 
BT understands that the project’s private preview is slated for tomorrow, to be followed by the public preview over the weekend. 
 
‘The idea is probably to raise prices for the later phases to turn in a profit for the overall project,’ a market watcher said. 
 
For the first phase, prices of typical two-bedroom to four-bedroom (with study) units range from $540 psf to $640 psf. The average price for a studio unit is about $350,000.
 
4. Written by News on 04-02-2009 12:35
 
 
Preview soon
DEVELOPERS of at least two residential projects will be testing the market with previews soon, offering interest absorption schemes that mimic the old Deferred Payment Scheme (DPS). 
 
First off the mark will be Frasers Centrepoint, which will begin to preview later this week its Caspian condo , a 99-year-leasehold project next to Lakeside MRT Station. The price is expected to be in the ‘low to mid-$600 per square foot range’ on average, to appeal to HDB upgraders. 
 
Over at the corner of Alexandra Road and Commonwealth Avenue, Yi Kai Development and Fission Group are also expected to begin previews soon for Alexis @ Alexandra, a 293-unit freehold project comprising mostly smallish units of one and two bedders. The average pricing is tipped at above $1,000 psf. One-bedroom apartments will be priced at below $500,000. The development is near Queenstown MRT Station. 
 
Developers of both projects have tied up with United Overseas Bank (UOB) to offer an interest absorption scheme (IAS), which, like the now-scrapped DPS, eases cash flow for buyers, as they do not make any payments beyond an initial downpayment until the project receives the Temporary Occupation Permit (TOP). This is expected to be around 2012 for both projects. 
 
IAS buyers will have to sign up immediately for mortgages with UOB and make a 20 per cent downpayment using cash and CPF savings. UOB will pay progress billings during the projects’ construction to the respective developers. 
 
Buyers will not service the principal amount of the loan while the projects are being built, as UOB will defer collection on the principal during this period. 
 
Collection of the interest will not be deferred; however, this will be serviced or absorbed by the developer on behalf of its buyers. 
 
After the project receives TOP, the buyer will have to start servicing both principal and interest. 
 
Property agents say typically, those who buy on IAS pay about 3 per cent more on the purchase price of the property than buyers who make normal progress payments. 
 
This price differential is similar to the 3-5 per cent premium that DPS buyers used to pay compared with purchasers who opted for the normal progress payment scheme. 
 
However, market watchers say the good thing about IAS is that buyers have to secure a housing loan at the outset from the bank, and this entails a mandatory credit-assessment of the buyer. This would weed out poor-quality borrowers dabbling in properties beyond their means, something DPS has been criticised for. 
 
Frasers Centrepoint’s Caspian , near Jurong Lake, will have a total of 712 units housed in 11 blocks, all 17 storeys high. Units range from studios to four bedders with study rooms. 
 
The development is next to the group’s Lakeholmz condo. 
 
Market watchers note that the low to mid-$600 psf average price said to be targeted by Frasers Centrepoint is lower than the average of about $750 psf at which units in The Lakeshore, a completed development nearby, have been selling at in recent months. 
 
‘However, Caspian is a new launch with over 700 units and they have to price it more affordably if they want to attract HDB upgraders and investors in today’s recessionary climate,’ an analyst said.
 
5. Written by KT on 01-02-2009 22:39
 
 
Caspian
1. What is the price - $psf for 2 bedroom ? 
2. When is the Launch - on the 7th Feb 08 ? 
3. How is the payment like - Preferred?
 
6. Written by News on 16-01-2009 12:33
 
 
Launching soon
Frasers Centrepoint is also preparing to launch a development on Boon Lay Way. A spokesman said: ‘ Caspian , our 712-unit development on Boon Lay Way, is launch-ready. At this point, we are still finalising several details, with regard to the actual launch period, pricing, etc, and will announce them once we are ready.’
 
7. Written by News on 30-12-2008 16:17
 
 
New Launch
Frasers Centrepoint has plans to release Caspian , its 700-unit condo near the Lakeside MRT station after Chinese New Year late next month.
 

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