Allure of nature inspires buyers
One of the most popular developments to be launched this year in Singapore is City Development's nature-inspired Hundred Trees.
Situated in the West Coast area and close to Clementi MRT station, the development consists of six 12-storey blocks and two 11-storey blocks with 396 one- to four-bedroom apartments and penthouses.
Within a few days of its first soft launch last month, more than 90 per cent of the launched units had sold, with average prices of around S$910 (HK5,064) per sqft. All of the 22 one-bedroom units, with prices upwards of S$500,000 were sold, and 66 of the two-bedroom apartments went for prices over S$701,000.
At the higher end of the price range, all six penthouses were sold for prices ranging from S$2.4 million to S$2.6 million.
'We are very pleased with the enthusiastic response,' says City Developments group general manager Chia Ngiang Hong. 'From our observations we can say that the majority of buyers have bought for owner occupation.'
He explains that a number of buyers are holding properties for investment of rental income in view of the upcoming redevelopment projects in Clementi Town Centre and University Town.
Hundred Trees is one of the last developments that buyers can use the Interest Absorption Scheme for, and about 25 per cent of buyers used the scheme, which is available at about 2.5 per cent of the sale price.
By far the majority of buyers were local, but about 15 per cent were from overseas.
The development takes its name from an avenue of 100 pink mempat trees that will form the entrance to the estate. '[The development] appeals to families and professionals seeking a special residential experience in a mature estate,' Chia says. 'The realisation of the exciting redevelopment plans for Clementi Town Centre and University Town in the vicinity offers an excellent investment opportunity.'
Hundred Trees is next to a substantial park and is accessible from the Ayer Rajah Expressway. It has good access to a number of educational institutions, including Nan Hua Primary School, NUS High School, Anglo-Chinese independent School, Japanese School, United World College, the National University of Singapore and Singapore Polytechnic.
The development includes a 25-metre pool and sun deck, a 50-metre lap pool, jet pools, outdoor fitness stations, tennis courts, barbecue areas, children's playgrounds, a jogging track and clubhouse.