Forest-themed condominium completely sold

1252049Property and jewellery group Aspial Corporation has secured $275 million in earnings after selling all the units at Waterfront @ Faber, which comprises 199 apartments and 11 strata -landed dwellings.

Once the residential project receives its TOP in the first half of 2017 the group expects to receive a large payout.

Located within Faber Hills estate, the woods-themed development looks out on Sungei Ulu Pandan, and is close to the one and Jurong Lake District -north R&D bunch. Unit types range from two- to four-bedroom and double-key apartments.

Meanwhile, Fragrance and Aspial Group’s 582-unit Urban Vista condo obtained its TOP this month.

Situated within walking distance from Tanah Merah MRT station, the development features one- to five bedroom units and penthouses, including double-essential options.

Aspial stands to gain around $100 million in cash over the forthcoming months, which it could use to trim down debt by fulfilling the aforementioned demands.

“In the short term, Urban Vista’s finish in April 2016 will efficiently lower our bank borrowings through paying off the development’s project financing, and further providing $100 million of cash to the group’s balance sheet,” noted Koh.

New launch Condo: Kingsford Waterbay

The group’s fiscal standing is also anticipated to enhance once The Hillford and Kensington Square are completed later this year, he included.

In late-March, Aspial issued a $200 million retail bond with an attractive interest rate of 5.3 percent.

KepLand releasing new blocks at Highline condominium

Highline Residences contains 500 dwellings ranging from one-bedroom to four-bedroom units, double-key flats and penthouses, spread across three residential towers and four low-rise blocks.
KEPPEL Land (KepLand) is establishing its Highline Residences on April 30, with a fresh block which has 60 units released on the market. The developer had formerly sold about 86 per cent of the 210 published units at private events held for possibilities that were registered.

In September last year, KepLand said home buyers had picked up more than 80 per cent of the first 160 units released at its closed-door sales at an average price of S$1,900 per square foot (psf) after discount.

The developer had formerly given an indicative price of S$2,000 psf for dwellings in the 99-year-leasehold condominium, which is situated within walking distance from Tiong Bahru MRT Station.

Highline Residences consists of 500 one-bedroom to four-bedroom houses, dual- key flats in addition to penthouses. They’re spread across three residential towers and four low-rise blocks.

There will be six penthouses ranging in sizes from 2,174 sq ft to 2,260 sq ft.

Executive director, Joseph Tan, residential services , CBRE said: The project’s close connectivity to transport nodes and an entire net of comforts in a mature enclave presents strong fundamentals for future growth.”

Mok Wei Wei of W Architects designs the project and features an elevated ridge that was green on level five which spans 180 metres with an extensive range of communal and amateur facilities. This was inspired by New York City’s High Line, a public park constructed on a historic elevated rail line.

Future residents at Highline Residences can also anticipate personalised concierge services and privileged membership. These include complimentary golfing at Ria Bintan Golf Club in Indonesia and privileged accessibility to the golf courses of KepLand, and housekeeping and limousine services in China.

Bernard Lee, director (business & research) at Huttons Asia, noted that the rental market in Tiong Bahru is resilient due to its low supply.

He included: “Rental rates reached are normally stronger in comparison to other locations. This could also be attributed to the unique heritage neighbourhood that expatriate tenants enjoy living in.”

Meanwhile, Aspial Corporation announced that its 50 per cent owned Urban Vista has obtained its Temporary Occupation Permit (TOP) and that its wholly owned Waterfront @ Faber project has been fully sold.

Aspial expects to receive approximately S$100 million cash in the coming months upon getting Subsidiary Strata Certificate of Title of Urban Vista and TOP, Certificate of Statutory Completion ; this will go towards repayment of its bonds due in July 2016 and January 2017.

Aspial included that it has further locked in S$275 million of sales revenue from its Waterfront @ Faber project. The group expects to begin receiving cash flow when the project receives TOP, anticipated to be in H1 2017.