{"id":24687,"date":"2016-09-02T08:00:50","date_gmt":"2016-09-02T01:00:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-launches-victoria-park-villas-at-lower-prices\/"},"modified":"2016-09-02T11:44:16","modified_gmt":"2016-09-02T04:44:16","slug":"capitaland-launches-victoria-park-villas-at-lower-prices","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-launches-victoria-park-villas-at-lower-prices\/","title":{"rendered":"CapitaLand launches Victoria Park Villas at lower prices"},"content":{"rendered":"


\nVictoria Park Villas comprises 109 luxury landed homes in the Bukit Timah area. Source: CapitaLand
\nDespite softer market conditions, property developer CapitaLand will officially launch Victoria Park Villas tomorrow. The 99-year leasehold project in District 10 comprises a cluster of 109 luxury landed homes perched on elevated land next to a Good Class Bungalow (GCB) area in Bukit Timah.
\nThe 403,000 sq ft site at the junction of Coronation Road and Victoria Park Road was awarded to CapitaLand in June 2013 after it submitted the top bid of $366 million ($908 psf) on the land. This is the first and only landed residential site to be awarded under the Government Land Sales (GLS) Programme since 1996 in the prime districts of 9, 10 and 11.
\nThe project features 106 semi-detached homes ranging in size from 4,166 sq ft to 6,943 sq ft, with prices from $4.4 million to $5.9 million each for 100 of them. The other six semi-Ds are more expensive ($6.3 million to $7.6 million) as they each feature a swimming pool on the ground floor.
\nThere are also three bungalows measuring 10,904 sq ft to 11,539 sq ft in floor area, which are priced between $11 million and $12 million each.
\nFamed architect Mok Wei Wei of W Architects was engaged to conceptualise the development\u2019s master plan.
\n\u201cThe development will appeal to buyers who prefer move-in ready landed houses without having to bear the high costs and time needed to rebuild an existing house or build a house from scratch,\u201d said Wen Khai Meng, CEO of CapitaLand Singapore.
\nHe said the units were priced based on prevailing market conditions. \u201cIn a better market, it could have easily cost $1 million more.\u201d
\nBy comparison, four older semi-Ds at the nearby King\u2019s Drive, with only 82 years left on their leases, were each sold for $3.45 million to $3.85 million between August 2015 and May this year. Based on their land areas of 2,605 sq ft to 2,756 sq ft, this translates to a psf price of between $1,323 and $1,395.
\n\u201c(The) prices (for Victoria Park Villas) are very comparable and reasonable,\u201d said Jack Chua, CEO of ERA Realty, the project\u2019s marketing agent. Highlighting its rarity, he added: \u201cThere are not many landed properties for sale in this area.\u201d
\nThe listed prices include a 12 percent early bird discount. The developer is also offering additional discounts of up to three percent for certain buyers who qualify for other schemes, such as repeat customers, buyers of more than one unit, and those living within the project\u2019s vicinity. The practice of offering discounts is common among developers looking to drive sales during the initial launch period.
\nTo date, seven units, all semi-Ds, have been sold to Singaporeans after the project was soft-launched a month ago. Foreigners are not allowed to buy landed homes in mainland Singapore and must first seek approval from the Singapore Land Authority\u2019s (SLA) Land Dealings Unit.
\nMeanwhile, in a first among landed housing developments in Singapore, CapitaLand is installing smart home features that will allow homeowners to remotely control the lighting, air-conditioning and a security system via their mobile apps.
\nThere will also be bedrooms on the basement level, which can house elderly residents. To further support multi-generational living, private lifts which can hold up to five people each will be installed in every home, connecting the various floors. In Singapore, installing lifts in landed homes can cost anywhere between $80,000 and $100,000. CapitaLand is offering one year of free maintenance for the lifts. But owners will subsequently have to fork out their own cash for maintenance, which will cost about $2,000 to $3,000 a year.
\nIn addition, there will be sheltered car porches connected to the basements, which can accommodate at least two cars each. Excluding the car park area, prices for liveable space within the project will average between $1,200 psf and $1,400 psf.
\nThe development is close to the Botanic Gardens, as well as eateries and shops at Coronation Shopping Plaza and Holland Village. Established schools in the area include Nanyang Primary School, Hwa Chong Institution and National Junior College, and CapitaLand hopes the site\u2019s proximity to these institutions will attract buyers with school-going children.
\nCapitaLand had previously revealed that Victoria Park Villas would be launch-ready around Q2 2014, but moved back the launch date due to less favourable market conditions at the time.
\nCommenting on the current state of the market, Wen said it remains \u201cgenerally quite muted, although there have been some signs of improvement recently\u201d. Despite this, the \u201coverall market sentiment could have been more robust\u201d, he added.
\nThis isn\u2019t the first landed housing development undertaken by CapitaLand, which also developed Holland Green off Bukit Timah Road. Completed in 1998, the 99-year leasehold project comprises 53 luxury bungalows.
\nWen noted that landed properties only account for five percent of Singapore\u2019s housing stock. As such, their scarcity offers a better resale value, from an investment point of view.
\nVictoria Park Villas is expected to be completed in 2018.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CapitaLand launches Victoria Park Villas at lower prices<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Victoria Park Villas comprises 109 luxury landed homes in the Bukit Timah area. Source: CapitaLand...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-24687","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6qb","jetpack-related-posts":[{"id":55357,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-to-launch-star-buy-units-at-victoria-park-villas-from-3-85m\/","url_meta":{"origin":24687,"position":0},"title":"CapitaLand to launch \u2018star buy\u2019 units at Victoria Park Villas from $3.85m","date":"May 19, 2017","format":false,"excerpt":"\r 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123490,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdl-unit-to-acquire-upper-bukit-timah-site-for-126-3mil\/","url_meta":{"origin":24687,"position":1},"title":"CDL unit to acquire Upper Bukit Timah site for $126.3mil","date":"November 29, 2021","format":false,"excerpt":"\r The two adjoining sites are located at 798 and 800 Upper Bukit Timah Road and have an area of 16,620 sq m (178,900 sq ft). Source:\u00a0Google\u00a0Maps CDL Aries, a unit of City Developments Limited (CDL), has been granted a call option to acquire two adjoining sites at 798 and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/upper-bukit-timah.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":91209,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/5-most-searched-condos-for-sale-in-may\/","url_meta":{"origin":24687,"position":2},"title":"5 most searched condos for sale in May","date":"June 12, 2018","format":false,"excerpt":"\r The prestigious Marina One integrated development features luxury residences, Grade A offices and 140,000 sq ft of retail space. (Photo: M+S Pte Ltd) A 65,000 sq ft biodiversity garden, Singapore\u2019s longest man-made river and kitchenware designed by Porsche. 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Revenue fell 12.3 percent to S$992.4 million from the previous\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":65598,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-building-integrated-development-in-indonesia\/","url_meta":{"origin":24687,"position":4},"title":"CapitaLand building integrated development in Indonesia","date":"September 6, 2017","format":false,"excerpt":"\r Artist\u2019s impression of The Stature Jakarta. Source: CapitaLand Singapore-based CapitaLand is on track to complete its first integrated development in Indonesia, The Stature Jakarta, by end 2020. With a total gross floor area of around 55,500 sq m, The Stature Jakarta comprises a 29-storey luxury residential tower called Stature\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":75687,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/2-freehold-landed-projects-off-upper-bukit-timah-launching-this-friday\/","url_meta":{"origin":24687,"position":5},"title":"2 freehold landed projects off Upper Bukit Timah launching this Friday","date":"January 3, 2018","format":false,"excerpt":"\r Artist\u2019s impression of Kismis Residences, the first new launch of 2018. \u00a0 Singapore-listed property developer Low Keng Huat is launching two new freehold landed housing projects this Friday (5 January) to kick off 2018, marketing agent ERA Realty Network revealed in a statement.\u00a0 ERA and OrangeTee & Tie are\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24687"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=24687"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/24687\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=24687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=24687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=24687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}