Victoria Park Villas started to launch its VVIP soft launch on 16 July 2016. At least four semi-detached houses were sold at prices ranging from $4.39 milion to $4.9 million, according to caveats over the week of 19-26 July.
The Victoria Park Villas project comprises of 106 semi-detached and 3 Bungalows. It is a 99 year leasehold and developed by CapitaLand. The project is scheduled to be completed early 2018.
The semi-detached houses at Victoria Park Villas are priced from $4.3 million or about $2,000 psf. For the VVIP preview, CapitaLand is offering 12% discount with an additional 3% for those who live within the same district, an education discount for families whose children are studying in nearby schools; an upgrader discount for HDB upgrader or a loyalty discount for owners who have bought CapitaLand developed units; or buyers who bought two or more units and multi family discount who bought two or more units. Total discount is capped at 15%.
Most of the purchases at Victoria Park Villas are said to be Singaporeans, who are buying for own stay or for their children.
At starting price of $4.3 million, it is a great entry price especially in the prime district 10 along Victoria Park Road and Coronation Road. In fact, the Developer is practically selling at cost. Developer bought the 403,012 sq ft of land at a bidded price of 366 million in June 2013. This translated to a land price of $908 psf per plot ratio. If 366 million divided by 109 units, it translates to average $3..35 million per unit. Assuming construction cost of about $1 million per unit to build, this is easily $4.35 million, which is practically what it is selling for most of the semi-detached. Furthermore, Developer still has to do the land levelling, road construction, the garden design and construction plus the architecture design etc...this easily can be another $500,000 cost per unit...
According to Grace Ng from Colliers International, the last time a leasehold landed housing development was launched in the prime district 10 was two decades ago. It was Kingsville, a 106 unit semi=detached housing project on King's Drive. Developer is Tuan SIng. The project was much sought after as it is adjacent to Nanyang Primary School. Similarly Victoria Park Villas is also within 1 km to Nanyang Primary School. Certain units are also within 1 km to Raffles Girl's primary school.
The units is Kingsville also contain five bedrooms with built-up areas ranging from 2,800 to 3,400 sq ft. The land area of the units is from 2,325 to 3,843 sq ft. In 1997, units were sold at prices ranging from $1.99 million ( $855 psf) to $2.75 million ( 808 psf) according to the caveats lodged then.
The latest transacted price at Kingsville was for a semi-detached house sitting on a land area of 2,756 sq ft was $3.85 million. This is like 17 years old and has remaining lease of 82 years only.
So do you want to buy an old house that needs rebuilding or a brand new house with top class architecture. Needless to say, the Victoria Park Villas would appeal to people who want a new property that they can move in immediately as they find it too troublesome to fix up an old house or supervise the main contractor. Furthermore, they still have the one year defect free period.
To view the Victoria Park Villas video, click onto the link https://youtu.be/GUAFYUp9Qig