The Tre Ver sells over 140 of 200 units in first 3 hours of launch

The Business Times - Aug 06
More than 140 units of The Tre Ver, a new 99-year leasehold condominium in Potong Pasir, were sold within the first three hours of its launch on Saturday. The sales represent over 70 per cent of the 200 units released in Phase 1.

The project, designed by Woha Architects, is developed by UVD (Projects), a 50:50 joint venture between UOL group and United Industrial Corporation (UIC). 

The first phase of The Tre Ver's launch achieved an average transacted price of S$1,550-S$1,600 per sq ft (psf), The Business Times has learnt. According to UOL, a one-bedder starts at S$738,000 while a two-bedder costs S$898,000 or higher. A three-bedder and four-bedder costs upwards of S$1.54 million and S$2.08 million, respectively. 

Tricia Song, Head of Research: 

We think it is a commendable performance, especially given that it came after the fresh round of cooling measures in July and after Park Colonial’s launch, which probably absorbed some of the pent-up demand in the Potong Pasir/ Woodleigh area. The decent sales at 729-unit Tre Ver on its first day of launch, therefore reflect genuine occupier demand. Buyers could be attracted by its serenity and river views, in addition to its palatable pricing. The price of SGD1,550-1,600 psf at Tre Ver is realistic, given its further distance from the MRT than Park Colonial, which is next to Woodleigh MRT station and have been well-received at c. SGD1,730 psf. 

Windy Heights launches second tender for collective sale; unit owners seek to slash reserve price

The Business Times - Aug 01
Residents of Windy Heights in Kembangan are putting the freehold property on the market in its second collective-sale attempt this year, according to marketing agent Knight Frank on Wednesday.

Owners are also working to garner enough fresh signatures to lower the reserve price for the development to S$750 million, from S$806.2 million before. No development charge is payable.

The new price tag would see the land rate fall to S$1,089 per sq ft per plot ratio (psf ppr), including the 10 per cent bonus balcony gross floor area (GFA), subject to the authorities' approval. The price on a unit basis was S$1,171 psf ppr previously, or S$1,288 psf ppr without the balcony area.

The four-block Windy Heights, in Jalan Daud, now houses 192 apartments, eight penthouses and two commercial units on a 23,291 sq m (250,702 sq ft) site zoned for residential use.

Tricia Song, Head of Research:
Based on our observation, there were no successful collective sale transactions since the implementation of the cooling measures on July 06. The market appears to be taking a wait-and-see approach as they assess the impact of the measures. Understandably, developers will need more time to assess the new market conditions, supply and demand dynamics, and price trend before building their land banks further.

The fresh measures will increase land acquisition costs for developers and owners must now consider the new market realities when they set the asking price for their development. 

Certainly, the first deal to be done will be keenly watched. Overall, the market is eagerly anticipating the first acquisition post-cooling measures in order to get a sense of the new price levels.