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Centro Residences Print E-mail

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1. Written by News on 04-08-2009 13:27
93 units sold
Over in Ang Mo Kio, another new suburban launch has attracted relatively strong demand, though some price resistance may have settled in over the weekend. 
The 329-unit Centro Residences has sold 93 out of the 144 units that were released for sale last week. 
Most of the units sold were two- to three-bedders. The smallest two-bedders have been sold, leaving those from 872sqft and above, and priced from $1million. 
Far East Organization said yesterday that 50per cent of the buyers are HDB upgraders from nearby towns, while the rest are residents from private estates. 
Prices at the 99-year leasehold condominium started from $1,100 psf - a price level more typical of city-fringe or prime projects, property watchers observed. 
'Such prices can get you a freehold condo in Upper Bukit Timah,' said Mr Nicholas Mak, a former property consultant. 'Buyers should be a bit more rational. Demand at such price levels shows that some buyers may be getting carried away by the current euphoria. 
'If they are hoping for capital appreciation, they must ask themselves who is going to buy from them at an even higher price when a three-bedroom unit in a suburban project is usually priced less than $1,000 psf,' he added.
2. Written by News on 25-07-2009 02:20
Preview planned next week
TWO 99-year-leasehold condominium projects next to MRT stations are slated to be previewed next week Ė Far East Organizationís Centro Residences next to Ang Mo Kio Hub and TIDís Optima@Tanah Merah. 
Prices at the 34-storey Centro Residences are tipped to start from $1,150 per square foot (psf). Far East bought the site at a state tender in September 2007 for $601 psf per plot ratio. That was a record price for suburban condo land. 
Analysts reckon Far Eastís breakeven cost for the project could be close to $1,000 psf. 
They suggest that Far East is releasing the project, which is along Ang Mo Kio Avenue 8, to ride on the current home buying momentum but it may release only about 100 or so units initially and sell the rest as construction proceeds to extract higher prices progressively. The condo has a total of 329 units. 
Far East is starting its preview on Wednesday evening and will release two and three-bedroom units. 
A typical two-bedder of about 800 square feet could cost about $900,000, while a typical three-bedroom apartment of 950 sq ft may be priced on average at about $1.15 million.

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