Rise in affordable freehold homes

More freehold units will be offered in the market over the next few years for as low as S$600 psf to S$900 psf.

According to research conducted by Kim Eng, City Developments’ and Hong Leong’s familiarity with the area helped them to best the bid for a 99-year leasehold residential site south of Edelweiss and which has now been released for sale.

Called Hedges Park Condominium, the project is situated on a site which was sold last May for S$148.3 million, or S$321 psf ppr.

The site also offers the south of Ferraria, which is included in the confirmed list of the Government Land Sales (GLS) programme and will be launched for sale this April.

In terms of demand, the Gale has been sold out, with its last deal at just under S$1 million (S$847 psf) for a 1,150 sq ft unit.

The Flora Road area is situated in Pasir Ris in eastern Singapore, near Changi Prison. Located to the east of the prison is Singapore Changi Airport.

According to Kim Eng, the supply of completed units in the area is abundant. The A to F series of the alphabetically named collection offers 2,500 units ready for dwelling. To the north of the site are two other large projects.

Currently in development, the Gale offer add 329 residential units in 2013 and Hedges Park Condominium will offer 501 additional units in 2014. The future GLS site is likely to reap 380 units, which will be offered for as low as S$600 psf to S$900 psf.