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Singapore Property News

Junction Nine sells 85% of retail units on first day

But residential segment of Yishun mixed project sees moderate interest

Posted on 12-Oct-2013
By: Cheryl Ong

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Junction Nine sells 85% of retail units on first day

NEW launches are still finding favour with buyers going by the response to CEL Development's project in Yishun Avenue 9 yesterday.

The commercial part of the 99-year leasehold Junction Nine sold 85 per cent of its 146 retail units at an average of $3,600 per sq ft (psf) on the first day of sales.

Three retail units were sold to key executives of Chip Eng Seng - CEL's parent - including executive chairman Lim Tiam Seng and group chief executive Raymond Chia, according to a Singapore Exchange filling on Thursday.

Units range from 118 sq ft to 10,516 sq ft.

The mixed project's residential component - Nine Residences - saw 60 of 186 units snapped up for $1,070 psf on average.

"This goes to show that people are more confident in the retail segment because the outlook doesn't seem to be as bleak in terms of no over supply, better rental yields and capital appreciation," said PropNex Holdings chief executive Mohamed Ismail.

"From an investor's perspective, there is also no additional buyer's stamp duty.

"I attribute the stronger interest in retail units to the smaller sizes, therefore the quantum is not huge. This is reflected in the pick-up rate of residential units, which is less than 40 per cent."

Nine Residences has one-bedroom units of about 495 sq ft, two-bedders of about 700 sq ft, three-bedders spanning 915 sq ft to 1,001 sq ft, four-bedders of 1,173 sq ft and 1,367 sq ft five-bedders. The development also has duplex units of 1,550 sq ft.

The show-flat will be open for walk-in purchases today.

Other new projects open today include Hong Leong Holdings' The Inflora and The Venue Residences and Shoppes from City Developments (CDL).

The Inflora - a 396-unit condo - in Flora Drive has nine eight-storey blocks, with one- to four-bedders ranging from 462 sq ft to 1,302 sq ft. The project also includes dual-key units of 1,463 sq ft. Prices start from $400,000 for a one-bedder.

Hong Leong said it expects to attract Housing Board upgraders and first-time home buyers. Sales for The Inflora start on Oct 25.

Elsewhere in Potong Pasir, another mixed development is also open for viewing. CDL's 99-year leasehold The Venue Residences and Shoppes in Tai Thong Crescent has 266 flats and 28 retail units up for sale.

Units range from one-bedders of about 495 sq ft to penthouses measuring 2,142 sq ft. Retail units are about 301 sq ft to 1,302 sq ft.

Residential units are expected to be sold for an average of $1,450 psf when it opens for sales next Friday. The Straits Times understands that retail units are marketed at an average of $5,000 psf.

E-applications start today for JBE Holdings' 506-unit SkyPark Residences - the last executive condominium launched this year and the first in Sembawang. It will have three-, four-, and five-bedders and five-bedroom maisonettes, from 1,141 sq ft to 1,722 sq ft. Sales start on Nov 16.

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