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1. Written by News on 13-03-2010 20:01
All units in phase 1 sold out
HONG Kong developer Cheung Kong has set record selling prices for residential projects in the West Coast area. 
It managed to sell all 100 units released in the first phase of sale for the 99-year-leasehold The Vision yesterday. Of these, two penthouses went for $3.6 million each, which works out to around $1,332 per square foot (psf). 
Buyers paid around $1,000-$1,200 psf for two, three and four-bedroom units, which start from 818 sq ft in size. Cheung Kong also sold several strata terrace units, and the highest price fetched was $3.2 million. 
According to the developer’s sales manager Cannas Ho, upgraders made up more than 60 per cent of the buyers, and investors accounted for the remainder. 
The Vision will have 281 apartments and 14 strata terrace units altogether. In view of the strong demand, the developer will release another 20 units of two to four-bedders for sale this weekend. Cheung Kong had planned to start the second phase of sale by Q4 this year. Whether it brings the release forward will depend on market response to the project, Ms Ho said. 
Take-up so far surprised some market watchers, given that The Vision’s asking prices are higher than those of other developments nearby. 
One of the newer launches in the area, City Developments’ Hundred Trees, achieved prices of above $1,100 psf in recent months. But those transactions involved mainly smaller units measuring 484 sq ft, and the project has a 956-year lease. 
The robust take-up of units at The Vision ’shows the strong underlying demand for mass-market homes’, said Colliers International research and advisory director Tay Huey Ying. The prices achieved could raise the value of homes in the vicinity, and provide a guide for future launches, she added. 
Cheung Kong’s Ms Ho attributed The Vision’s attractiveness to ‘good location and first-class amenities’. The site is across the road from West Coast Park and the sea. 
Another developer felt that prices at The Vision are not that staggering, considering the attributes of the site, and that West Coast is home to several private housing estates. The market should not see the prices as signs of a bubble forming, he said. 
Nevertheless, observers will be keeping watch on prices of upcoming launches nearby. Far East Organization’s Horizon Residences, a freehold 72-unit project in the Pasir Panjang area, could be previewed in the next few weeks. 
Elsewhere, the buzz is starting for property agents promoting 76 Shenton Way. Some will be presenting information on the 99-year-leasehold 202-unit project to potential buyers today. Asking prices are said to range from $1,600 psf to above $2,000 psf, depending on the level of the units. 
Agents are also gathering interest for Fragrance Group’s 161-unit Parc Elegance in Telok Kurau and Novelty Group’s Primo Residences near Kovan MRT station.
2. Written by News on 11-03-2010 23:14
Cheung Kong launching luxury condominium
Hong Kong property giant Cheung Kong is launching a luxury condominium at West Coast. 
It is hoping to ride on the bright outlook for the high-end residential property segment, with an expected pickup in the leasing market and demand from expatriates. 
This latest project by Cheung Kong promises to stand out from neighbouring developments. 
When completed, the waterfront condominium will be the only luxury residence in the area. And it will comprise an unusual mix of strata terrace homes and apartment units. 
Cheung Kong is optimistic the project will attract interest. 
Cannas Ho, sales manager, Cheung Kong, said: “We see this need and demand for high-end residences in this area. And also, there are new developments coming up, just like Sentosa Resorts World, which is just 10 minutes drive from our site, and also there will be a new commercial hub called One North nearby, and there are lot of international companies, IT companies. 
“The leasing market is very strong in this area. There will also be the new Circle Line station just around, and this also further enhances the leasing value of this property.” 
While small-sized units are popular among investors, they will not be found at the Vision. Cheung Kong has opted for relatively larger units with three to five bedrooms. 
Some analysts said this may make it less attractive to investors. 
Colin Tan, Head of Research and Consultancy, Chesterton Suntec International, said: “The market now is dominated by investors, so if your project is tailored towards investors, you will do well. In this market, I wouldn’t say the price is too much of a hurdle, but maybe the unit sizes. 
“Normally for developers who are aiming at the investors market, they tend to make the unit smaller. In this case, these units are a bit larger than the usual sizes, so that may pose a problem for some investors. Investors generally tend to prefer smaller projects, because they feel that it is easier to flip over.” 
The Vision is sold on a 99-year leasehold and will be initially priced at about S$1,000 to S$1,200 per square foot. 
The strata terraces will be sold on a “best offer” basis from interested parties. 
The first phase of some 100 units will be launched this Friday, and completion is scheduled for 2015.
3. Written by News on 26-02-2010 00:05
Preview soon
Meanwhile, at West Coast Crescent, agents marketing The Vision are said to be collecting cheques ahead of the 99-year leasehold project’s preview planned in the second week of March. 
Those issuing cheques are said to have been told prices could be in the $1,000 to $1,200 psf range, although there will be an early bird discount. 
The Vision, being developed by a Singapore unit of Cheung Kong Holdings, comprises 281 apartments housed in two 33-storey towers and 14 strata houses. The development will not have any one-bedroom apartments, which typically are the first to be snapped up these days because of the lower entry barrier in terms of a smaller lumpsum investment. 
Instead, The Vision’s apartments will be two, three, and four bedders as well as penthouses. The majority of units are three-bedroom apartments – mostly ranging from 1,259 to 1,313 sq ft, with three ground floor units (inclusive of private enclosed space) of 1,776 sq ft to over 2,000 sq ft.

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