Chyau Fwu Group has unveiled plans for its upcoming super-luxury condominium on Grange Road, called Parkview Éclat, with prices expected to be around $3,000 per square foot (psf).
Construction costs will be $500-$600 psf for Chyau Fwu, which owns the Art Deco-inspired office building Parkview Square at Bugis. This is almost double the industry average construction costs of $300 psf.
Eddie Chow, a senior executive at Chyau Fwu, said that none of the units has yet been sold, as a sales licence has not yet been received.
Prices have not been confirmed either, but Mr Chow said that Chyau Fwu was comfortable with the projected $3,000 psf price for super-luxury condominiums, adding that the group ‘is not in a hurry to sell’.
The most expensive feature in each of the 35 ‘limited edition’ units will be the private 3m by 8m pool on the balcony.
Unit sizes start at 3,000 square feet with the penthouse topping 10,000 sq ft.
As with Parkview Square, Parkview Éclat is designed by James Adams, best known for his designs for Forum Casino at Ceasars Palace, MGM Grand Casino in Detroit and Galaxy Casino and Resort in Macau. However, being a residential development, Parkview Éclat will be more subdued.
Mr Adams said: ‘Respect for subtlety is important.’
n pricing, recent caveats lodged reveal that average prices for super-luxury developments are still below $3,000 psf. St Regis Residences did complete another sale at $3,050 psf in December 2006 but the average price for units in that month was $2,672 psf.
Vincent Chong, director (residential) at Colliers International, said: ‘With the latest launch of The Beaufort at Nassim already hitting $3,200 psf, we feel that it is possible for the good units in Parkview Éclat to achieve $3,000 psf.’
Vivian Sze, assistant general manager of HKR International, developer of Beaufort at Nassim, says it has already sold 12 units and the average selling price is $2,600-$2,700 psf.
Savills Singapore director of marketing and business development Ku Swee Yong believes Parkview Éclat may not achieve an average launch price of $3,000 psf, but reckons instead that the upcoming Orchard Turn could - because ‘they already have enough people who want to buy’.
Also on Orchard Turn, Tay Huey Ying, director (research and consultancy) at Colliers, said: ‘If the project is launched while market optimism is still high and buying frenzy is still very much alive, the average launch price for Orchard Turn could possibly reach $3,000 psf and the penthouses or units on the high floors could even hit $3,500 psf and above.’
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