Business

Two new condos poised to hit market over next few weeks

The property scene is stepping up the pace over the next few weeks with two new condominiums poised to hit the market.

Sales will be closely watched for signs of how the sector might fare in the new year.

The opening gambit comes tomorrow when the showflat opens for the 505-unit Clement Canopy project in Clementi.

A week after, the 720-unit Grandeur Park Residences near Tanah Merah MRT station, will open its showflat for viewing.

Sales for Clement Canopy kick off on Feb 25, while Grandeur Park Residences will go on sale in early March.

Two other condos - Park Place Residences at Paya Lebar Quarter and Seaside Residences in Siglap - are expected to be on the market by April.

Grandeur Park is being developed by CEL Development, part of Chip Eng Seng Corporation.

Chip Eng Seng chairman and chief executive Raymond Chia told a briefing yesterday that the company is hoping for a similar level of success that it enjoyed with its High Park Residences in Sengkang.

The project has just eight units left after selling nearly 1,100 of 1,399 units in its first weekend of sales in July 2015.

Mr Chia said High Park faced competition with new launches in the area, but grabbed the market's attention with "good product and affordability".

Grandeur Park rides on the same success formula, he added, but with a focus on wellness. The condo has tied up with Amore Fitness to offer fitness classes and spa facilities.

CEL executive director Chng Chee Beow added: "With good location and good design, we think that in this challenging market, we should do well."

Mr Chia said that the average price for the project will be about $1,350 per square foot.

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