CITY Development's (CDL) latest resort-themed condo project at Pasir Ris, Coco Palms, is open for booking on May 17, with one-bedroom units starting from $498,000.
The showflat, which opened last Saturday, already drew more than 3,000 visitors in that weekend alone, said CDL, which is developing the project with Hong Leong Holdings and Hong Realty.
According to indicative prices from agents, a two-bedder may start from $718,000, a three bedder from $888,000 while a four bedroom unit may start from $1.23 million.
Comprising 12 blocks, Coco Palms offers one to five-bedroom apartments, dual key units and penthouses. Unit sizes range from 463 square feet for a one-bedder to 3,111 sq ft for a penthouse.
The 99-year lease of the site starts from January 2008, as the plot is part of CDL's historical Pasir Ris landbank acquired decades ago.
Property consultants noted that the developer seems to be making sure that the overall quantum of the units is affordable to upgraders.
"Most of the projects in Outside Central Region have been targeting at HDB upgraders, as investors are more cautious in view of the pipeline supply and softening demand," said OrangeTee research head Christine Li. "After all, HDB prices have almost doubled since 2006 and many HDB upgraders are sitting on tidy profits."
R'ST Research director Ong Kah Seng noted that the lowest quantum was at least $500,000 in CDL's earlier projects in Pasir Ris - NV Residences, D'Nest and The Palette. Most of the units in these three projects have selling prices of at least $1,000 per sq ft (psf), he said.
Since the mid-tier and suburban condos have started cutting prices, new projects have to be priced accordingly to entice buyers, Mr Ong said.
A key draw of the new 944-unit project is greater proximity to the Pasir Ris MRT station, bus interchange and White Sands shopping mall - a mere five-minute walk away - compared with earlier condo projects in the vicinity.
CDL's other joint venture projects in Pasir Ris - Livia, NV Residences and The Palette - have been fully sold. Its fourth project further south of the other three projects, D'Nest, is 94 per cent sold since it was launched in March 2013 at an average $920 psf.
According to CDL, Coco Palms' architecture incorporates organic and eco-friendly features.
Two to five-bedroom and dual key apartments offer the option of floor-level or bay-window level smart storage system, for extra bedding and luggage.
The project is a short drive to the upcoming mall Project Jewel at Changi Airport, Changi Business Park, Tampines Wafer Fab Park and Pasir Ris Wafer Fab Park.