The Clement Canopy, built by UOL Group and Singapore Land joint venture, opened on 11 Feb 2017 may start sale two weeks later on 25 Feb 2017.
According to Straits Times, UOL deputy group CEO Liam Wee Sin said the developers are riding on positive market sentiment: “We are seeing it quite clearly. seriously, in our launches. We are seeing a lot more traction across the board for all our projects.”
The Clement Canopy, constitutes two 40-storey towers with a unit mix of two to four-bedroom apartments including 635 sqft to 1,539 square ft. Unlike its competitors launching in the first quarter of 2017, almost two-fifths of The Clement Canopy is two bedrooms with the absence of one bedroom.
Developers will price The Clement Canopy around S$1,330 to $1,360 per sqft. Two bedrooms units will likely be priced from S$850.000 to S$1.2 million. Three and four bedrooms will start from S$1.28 million and S$1.62 million, respectively.
Transaction in 2016 have been generally healthy, Mr Liam described. 8,136 private residential units was sold last year, up 9.4 percent from the 7,440 units transacted in 2015 showing increase demand of new units. According to Urban Redevelopment Authority data, private residential property prices dropped by 3.1% in year 2016, lesser compared to 3.7% drop in 2015, a potential indication of stabilisation.
For the proiects of UOL, Botanique@Bartley has only 11 unsold units of the total 797 units. Followed with Riverbank@Fernvale with only 26 units left of the 555 units offered. Principal Garden at Prince Crescent is approximately 55% sold.
SLP lnternational Property Consultants head of research Nicholas Mak mentioned that price in The Clement Canopy appear to be benchmarked against the other two developments in Clementi, Trilinq and The Rochester. Trilinq averaged at S$1,333 psf from January 2015 to February 2017. Similarly, The Rochester averaged at $1,334 psf.
In contrary to the lack of near proximity to the train station compared to its neighbouring development, the tenant pools are predicted to be strong for The Clement Canopy. With its immediate location to the Kent Ridge cluster of tertiary institutions such as National University of Singapore (NUS), the Yale-NUS college, NUS High School of Mathematics and Science, Singapore Polytechnic, Anglo Chinese Junior College, Anglo Chinese School Independent.
Its fair distance to One-North, Singapore‘s biomedical, infocomm and media hub is also encouraging to investors looking for big tenant pools.
Forthcoming projects in 2017 includes the highly-anticipated Park Place Residences at Paya Lebar Quarter, Grandeur Park Residences in Tanah Merah and Seaside Residences in Siglap.