View of one of the semi-detached garden villas at Victoria Park Villas. (Photo: CapitaLand)
The showflat of Victoria Park Villas, a luxury landed housing project in District 10, is reopening this weekend amid more positive market sentiment.
Home builder CapitaLand is launching 31 semi-detached units, also known as garden villas, on Saturday (20 May). The floor areas of the homes which face Coronation Road range from 4,176 sq ft to 4,327 sq ft, and are priced from $3.85 million to $4.5 million.
“These are ‘star buy’ units offered at promotional pricing,” a CapitaLand spokesperson told PropertyGuru.
In comparison, a smaller garden villa measuring 4,166 sq ft had a higher price tag of $4.4 million when the project was officially launched in September last year.
More than 90 percent of the 109-unit project comprises garden villas. There are also six semi-detached pool villas and three bungalows available. The 99-year leasehold property is expected to be completed by the end of 2018.
“We have seen healthy viewings at Victoria Park Villas and have sold 21 out of the 30 launched semi-detached units to date,” said the spokesperson.
This is the first prime landed residential Government Land Sales site in districts 9, 10 and 11 to be awarded since 1996. It is also the first landed housing project to offer smart home features that allow home buyers to remotely control the lighting, air-conditioners and security system via their mobile device, the spokesperson added.
Commenting, R’ST Research Director Ong Kah Seng said it isn’t surprising that previously launched projects are now reopening their showflats.
“Much resources have gone into building them to offer a comprehensive and impressive reference for buyers, and the recent home buying sentiment supports and encourages the reopening of showflats,” noted Ong.
He shared that many buyers of landed homes have been sitting on the sidelines in recent years as market sentiment was “especially dispiriting”, leading to pent-up demand.
However, as buying interest is highly dependent on attractive pricing, Ong believes any improvement in sales activity is unlikely to support a significant increase in prices of landed homes.
“Going into 2018, prices of landed homes could increase by up to three percent, with centrally located homes leading or even exceeding the average expected price increase,” he said.