ST : 1,715 units coming up at Farrer Court

Nov 23, 2010

1,715 units coming up at Farrer Court

THE much-anticipated project to be built on the former Farrer Court site is expected to be previewed later this month after almost two years of delay.

Marketing material obtained by The Straits Times indicates that CapitaLand's massive 1,715-unit development will be named D'Leedon.

The 99-year leasehold project, consisting of seven 36-storey towers and located on a 838,488 sq ft site, will include one- to four-bedroom apartments, penthouses and 12 strata villas.

Marketing agents said the average price across the project will be in the $1,600 to $1,800 per sq ft (psf) range.

However, with City Developments' freehold project, The Glyndebourne, in the vicinity selling at an average price of $2,100 psf, smaller units might fetch comparable prices as well, they added.

The Straits Times understands that a preview will be held for the developer's invited guests on Thursday and for ex-owners of the former HUDC estate on Friday.

One-plus-study units will range from 592 sq ft to 840 sq ft, two-bedroom units will be between 786 sq ft and 1,216 sq ft, while three-bedroom apartments will be between 1,076 sq ft and 1,668 sq ft.

The project is designed by internationally renowned Pritzker Architecture Prize winner Zaha Hadid - the award's first female recipient - and is expected to be completed in 2014.

CapitaLand had bought the former HUDC estate in a collective sale in 2007 for a record $1.34 billion.

The upmarket condo was to have been launched for sale in the first half of last year and then in the first half of this year but had been delayed owing to market conditions.

Initially, about 1,500 generously sized units were planned.

CapitaLand is developing the 99-year leasehold plot with three partners. Hotel Properties and a Morgan Stanley Real Estate fund will each hold 22.5 per cent, while Wachovia Development will take 20 per cent.

Separately, Sim Lian Group said yesterday that it has sold 332 units out of the 390 units launched at the 696-unit Waterview at an average price of $838 psf.

The condo, at the junction of Tampines Avenue 1 and Tampines Avenue 10, was launched last Friday. Twelve of its 24 penthouse units have also been sold.

Sim Lian said that 90 per cent of the buyers were Singaporeans with the remaining buyers permanent residents and foreigners, from countries such as Australia, China and Malaysia.

It will be releasing 110 new units this week which will be launched at slightly increased prices, bringing the total number of units released to 500.

The 99-year leasehold 341,654 sq ft site comprises twelve 15-storey blocks.

ESTHER TEO