CapitaLand launches its Victoria Park Villas landed housing project in District 10 tomorrow.
The project comprises 106 semi-detached houses and three bungalows on a 403,000 sq ft site at the junction of Coronation and Victoria Park roads.
The 99-year leasehold estate is about a 10-minute walk from Farrer Road and Tan Kah Kee MRT stations, and is near several schools.
The floor area of the 106 semi-detached houses ranges from 4,166 sq ft to 6,943 sq ft, with prices from $4.4 million to $7.6 million.
The three bungalows range from 10,904 sq ft to 11,539 sq ft in floor area and are priced from $11 million to $12 million. Semi-detached houses have a land area of 2,153 sq ft to 3,835 sq ft while bungalows sit on 5,696 sq ft to 6,551 sq ft sites.
This means land prices of about $2,000 per sq ft (psf) for the semi-detached houses, although they are lower for the bungalows.
The homes seem slightly pricey but this could be due to the land cost, noted Mr Nicholas Mak, SLP International executive director.
Semi-detached houses at Kingsville in King's Drive, and terrace houses at Hillcrest Villa in Hillcrest Road and at Greenwood Mews in Greenwood Avenue have sold for about $906 psf to $1,351 psf of land since January last year.
CapitaLand won the Government Land Sales site with a bullish bid of $908 psf in June 2013, about 17 per cent higher than the next highest bidder. That said, "it is quite rare to have such a large landed housing project up for sale in Singapore", Mr Mak added.
While Mr Wen Khai Meng, chief executive of CapitaLand Singapore, declined to say how close to cost it was pricing the project, he said the company is "practical, and prices are based on the market".
In a better market, the houses could have been priced at $1 million more, he noted. CapitaLand has sold seven semi-detached houses in the project in the past month.
Its recently introduced deferred payment scheme, or stay-then-pay programme, has also panned out well, Mr Wen said. There were 59 options exercised under the scheme at d'Leedon as at Aug 30 while 42 were exercised for The Interlace units. It has also issued about 50 options that have not been exercised, while some buyers have bought units without using the scheme.
CapitaLand is working on a marketing scheme for Sky Habitat, while it will launch Marine Blue after it is completed in a few months.
Correction Note: This story has been edited for clarity.