STOCK IN FOCUS
GUOCOLAND SELLS 40 LEEDON RESIDENCE UNITS
Singapore'listed property arm GuocoLand has sold about 40 units or 10 per cent of the total 381 units in its freehold Leedon Residence condo in the Holland Road area. It began a private preview of the project in mid'August at an average price of $2,000 per square foot.

Leedon Residence will not have any one'bedders. It will have around 60 two'bedroom apartments, generously sized at around 1,050 sq  ft each and priced at $2.4 million and upwards.The vast majority of units in the development will be three and four'bedders.

Typical unit sizes are around 2,100 sq  ft  for a three'bedroom apartment and 2,700 sq  ft  for a four'bedder. On the ground 'oor, though, four'bedders are much larger (4,600'5,900 sq  ft), each with a private pool and garden. Pricewise, three bedders start from $3.7 million and four bedders, from $4.7 million. Leedon Residence will have four penthouses ' all triplex units of about 7,000 sq ft, spanning the 11th and 12th levels as well as the roof terrace.

GuocoLand is developing Leedon Residence on the former Leedon Heights site which it clinched through a collective sale in 2007 for $835 million, or $1,062 per square foot per plot ratio inclusive of development charges. A back'of'the'envelope calculation suggests the breakeven cost for Leedon Residence is around $1,500'1,600 psf.

Assuming a $2,000 psf selling price on a project'average basis, the pretax pro't from the development would be around $420'520 million.

Next door, at the 99'year leasehold d'Leedon project being developed by a CapitaLand'led consortium, 10 units were sold in July at a median price of $1,527 psf, according to developers' sales stats 'led with Urban Redevelopment Authority (URA).


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Source: The Business Times

Source: AmFraser