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PR Newswire
12-12-2018, 07:15 PM
There is a new 99-year leasehold project that is going to launch soon at Handy Road, the Haus on Handy condo by City Developments Limited. The name is quite nice and catchy actually. This development is also generally attractive and so is the location.
The site sits along Handy Road, with its top boundary verging on Mount Sophia. At the top end of the Haus on Handy condo land parcel is a conservation mansion that used to be called House on a Hill, or Tower House before that. CDL plans to convert that into a one-of-a-kind clubhouse.
CDL is known for their efficient and functional floor plans, so we are expecting quite good designs for the Haus on Handy condo. Other than that, it is super convenient - less than 3 minutes walk to the Doby Ghaut MRT station, and less then 5 minutes to Plaza Singapura.
The Haus on Handy condo site was sold under a GLS (Government Land Sale) programme. CDL topped the bidding out of a field of 10 bidders, which gives a pretty good indication of the desirability of the location. As expected, the winning bid was not cheap, at $1,722 per square foot per plot ratio. This means that break-even could be around $2,300 PSF, leading to a selling price of possibly around $2,700 to $2,800 PSF.
Whether buyers will bite at that price for this location and a 99-year leasehold development when we have a few freehold projects near by, remains to be seen. What could be encouraging is that Sophia Hills, another 99 year leasehold project just behind the Haus on Handy condo, has sold out. Albeit at a lower pricing, but then again, it is not so conveniently located, since it takes a steep walk up and down the winding stairway, to get to the MRT station.
The site sits along Handy Road, with its top boundary verging on Mount Sophia. At the top end of the Haus on Handy condo land parcel is a conservation mansion that used to be called House on a Hill, or Tower House before that. CDL plans to convert that into a one-of-a-kind clubhouse.
CDL is known for their efficient and functional floor plans, so we are expecting quite good designs for the Haus on Handy condo. Other than that, it is super convenient - less than 3 minutes walk to the Doby Ghaut MRT station, and less then 5 minutes to Plaza Singapura.
The Haus on Handy condo site was sold under a GLS (Government Land Sale) programme. CDL topped the bidding out of a field of 10 bidders, which gives a pretty good indication of the desirability of the location. As expected, the winning bid was not cheap, at $1,722 per square foot per plot ratio. This means that break-even could be around $2,300 PSF, leading to a selling price of possibly around $2,700 to $2,800 PSF.
Whether buyers will bite at that price for this location and a 99-year leasehold development when we have a few freehold projects near by, remains to be seen. What could be encouraging is that Sophia Hills, another 99 year leasehold project just behind the Haus on Handy condo, has sold out. Albeit at a lower pricing, but then again, it is not so conveniently located, since it takes a steep walk up and down the winding stairway, to get to the MRT station.