RV Altitude, Fyve Derbyshire and Fourth Avenue Residences poised to kick off 2019 launches

Singapore

RV ALTITUDE, Fyve Derbyshire and Fourth Avenue Residences are gearing up for launch next week, setting the stage for the first string of property launches for 2019.

Roxy-Pacific Holdings' freehold developments RV Altitude and Fyve Derbyshire are slated to commence sales on Jan 18 and Jan 19 respectively at an average price of S$2,900 per square foot (psf) and S$2,380 psf respectively. Private previews were organised for both projects on Jan 5, a spokesman for Roxy-Pacific said.

The 140-unit RV Altitude (formerly RV Millenia) along River Valley Road comprises only two-bedroom units, ranging in size from 441 square feet (sq ft) to 624 sq ft. It is within walking distance to the upcoming Great World MRT station and Great World City.

"For RV Altitude, the project is expected to be priced attractively at below S$2 million for its units," DBS Group Research analysts Rachel Tan and Derek Tan wrote in a report issued on Tuesday. "The aim, in our view, is to target investors who might look to rent out the units to expatriates, given the location."

They estimate that RV Altitude has a break-even price of S$2,400 psf.

In comparison, St Thomas Walk, which is in close proximity, was transacted at an average price of S$3,200 psf, they went on to note.

Meanwhile, 71-unit Fyve Derbyshire (formerly Derby Court) in District 11 offers a mix of two- and three- bedroom units in one 19-storey block. The units range from 560 sq ft to 936 sq ft in size. Situated in Novena, it is within walking distance to Novena MRT station, as well as shopping centres such as Velocity @ Novena and United Square shopping mall.

Allgreen Properties' 99-year leasehold Fourth Avenue Residences, which is located within a Good Class Bungalow area in Bukit Timah, is expected to launch on Jan 19.

Prices for the low-rise development in prime District 10 start at S$1.05 million for its one-bedroom units (474-517 sq ft), while the biggest unit - four-bedroom plus study (1,475-1,496 sq ft) - will start from S$3.387 million. These prices include a 5 per cent plus 3 per cent early bird discount.

The one- and two-bedroom units total 320 units, accounting for about two-thirds of the 476 units. There are 132 three-bedroom units, of which 68 units include a study.

A spokesperson from Allgreen told The Business Times that the first weekend preview on Jan 5 and 6 attracted over 2,000 visitors to the sales gallery, which is situated on site at Fourth Avenue, next to the Sixth Avenue MRT Station.

The development is close to The Grandstand mall as well as National Junior College and Nanyang Girls' High School. Allgreen has appointed ERA, Huttons and Knight Frank as the sales agents.

Recently launched projects in the vicinity include Mayfair Gardens, which sold for an average price of S$1,900 psf during its launch weekend.

"While we have seen some moderation in pricing strategy for new launches, developers are still sticky in reducing their margins especially for projects with good locations," wrote the two DBS analysts. "With these pricing strategies and pipeline launches ahead, sales volume continues to be a key datapoint to monitor and gauge buyers' sentiment."