Straits Times: No shoebox flats for CapitaLand
By Cheryl Lim published on MON, JAN 10, 2011.
"At CapitaLand Residential Singapore, chief executive Wong Heang Fine noted that changing market dynamics would inevitably lead to smaller homes, but he stressed that the firm would not build flats under 500 sq ft. He said its focus for the year ahead would be on replenishing its land bank.
It has 2,500 launch-ready homes that have yet to be released for sale. It will launch 1,700 units this year, with the majority entering the market over the next three months.
At d'Leedon, more units will be released this year - 750 - with the first batch being rolled out this week. The remaining 390 units at The Interlace will be released soon after, followed by 55 luxury homes at The Nassim. Some of the 500 units set aside for the new development at the Bedok Town Centre site will also be launched this year, during the second or third quarter.
In addition, the 64 homes from the Urban Resort project at Cairnhill Road will come on stream this year. Units at both Urban Resort and The Nassim will be sold through private appointments.
Mr Liew indicated that CapitaLand had its eye on several collective-sale sites. He said it was also keen on residential sites - on both the confirmed and reserved lists - offered as part of the first half of this year's Government Land Sales programme.
Sites at the city fringe or near MRT stations would be high on CapitaLand's wish list.
Still, Mr Wong and Mr Liew agreed that even though CapitaLand's balance sheet was healthy enough to allow it to bid for all the sites it was interested in, it would do so with 'disciplined aggression'.
CapitaLand predicts that home prices are likely to increase by 5 to 10 per cent this year, with those in the high-end segment rising by 10 to 15 per cent.
Its optimism with regard to this segment has spurred it to market projects such as The Interlace in China and India.
It does not believe government measures will be introduced to curb foreign interest in the high-end market.
'Singapore is a very open economy. If we start to have such restrictions, it would destroy the image we have of being an open economy,' said Mr Liew."
