SINGAPORE: Qingjian Realty’s Bellewoods, which opened for application on Sept 27, was the first executive condominium (EC) to be launched this year.
More than 1,500 people visited the showflat in Woodlands on the first weekend of its opening, with more than 400 applications received by Sept 28.
The majority of the e-applicants were those residing in the northern region, said the developer in a statement.
To entice buyers, the developer is offering a GIA-certified, princess-cut, one-carat diamond to the first 20 successful e-applicants at Bellewoods.
With the back-to-back launch of two ECs — the 561-unit Bellewoods in Woodlands, followed by the 651-unit Bellewaters in Sengkang — Qingjian has established itself as a leading player in the HDB upgraders’ market with five EC projects under its belt.
It has also raised the benchmark in sales gallery and showflat presentation at both projects.
Bellewoods’ sales gallery and showflats were designed by ID Dept, the same interior designers for the showflats at Commonwealth Towers.
Meanwhile the ones at Bellewaters were designed by Patty Mak of Suying Metropolitan Studio, who is known for the interior designs of Good Class Bungalows owned by the rich and famous in Singapore, and luxury condo developments such as Keppel Land’s Corals at Keppel Bay, OUE’s Centennia Suites and Twin Peaks, as well as Sing Holdings’ The Laurels at Cairnhill.
The developer is pricing both EC projects at between $750 and $820 psf, which means most units will cost less than $1 million.
It has also fine-tuned its “CoSpace” concept, which will be offered for some of its three-, four- and five-bedroom units, which make up about 37% of the units in each development.
The CoSpace provides flexibility and allows owners to change its usage according to their needs and lifestyles at different stages of their lives, explains Donald Ng, director of sales and marketing at Qingjian Realty.
Since its first project, the Natura Loft at Bishan, which was launched in 2008, Qingjian Realty, the property development arm of mainland Chinese construction giant Qingjian Group, has come a long way in terms of product quality and market acceptance, says Ng.
Ng: The CoSpace provides flexibility and allows owners to change its usage according to their needs and lifestyles at different stages of their lives
Natura Loft was an HDB development under the design, build and sell scheme (DBSS).
Qingjian had built many of the HDB projects in the northern region of Punggol and Sengkang in the early years when it was mainly involved in construction.
Having developed four of 11 residential projects in Punggol so far, it has earned the nickname of “King of Punggol”.
On Sept 30, Qingjian added a sixth EC site to its portfolio.
The developer emerged as the top bidder for the EC land parcel at the junction of Sembawang Road and Canberra Link, which is just 400m from the proposed new Canberra MRT station.
The site can be developed into a 600-unit EC project.
“We remain confident of the continued demand in the EC market,” says Li Jun, general manager of Qingjian Realty (South Pacific) Group, in a statement.
The living room of a five-bedroom CoSpace unit
The tender for the EC site at Sembawang attracted just two bids.
Qingjian submitted the top bid of $229.38 million, which translates into $353 psf per plot ratio (ppr).
It is also 10% higher than the second bid, notes Nicholas Mak, executive director of SLP International.
Qingjian’s site is next to another EC site on Canberra Drive won by a joint venture between City Developments and TID, which paid $320.88 psf ppr for the site in January.
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The kitchen of a five-bedroom CoSpace unit
Excluding Bellewoods, which launched its e-application exercise on the weekend of Sept 27, there are four other EC projects in the pipeline for launch in the northern region, with a total of 2,230 units, says SLP’s Mak.
These projects are likely to be launched from 2Q2015, given that developers can only launch a new EC project for sale 15 months after acquiring the site, or upon completing its piling works, whichever is earlier.
This is one of the restrictions introduced in the EC market last year.
However, Qingjian’s Ng notes that there is still pent-up demand in the EC market.
This is because there hasn’t been a launch since last November, he explains.
“With Bellewaters in Sengkang and Bellewoods in Woodlands, we are giving people a choice.
Each location has its own captive audience.”
This article appeared in the City & Country of Issue 646 (Oct 6) of The Edge Singapore.