Recently, I was catching up with a client who was looking for good property deals. I happen to fall upon this project at Tanjong Rhu call The Line. It is having a very special promotion until 1st June. It is rather impressive as I do not recall anything like this done before by any developer.
For those of you who are not familiar with this project, it is a freehold project situated along Fort Road and just 500 meters from East Coast Park. The entrance of the future Katong Park MRT Station along the Thomson-East Coast line is built directly next to this project. There are several freehold projects of similar size along the coast but The Line is geographically closest to the city among them all.
Some details about The Line:
Developer: Lakeview Investments Pte Ltd
Tenure: Freehold Development
Site Area: 54,500 sqft (square feet)
Plot Ratio: 2:1
T.O.P: Dec 2016
Total Units: 130 Units with 132 car park lots
Towers: 2 Towers of 20 stories
Maintenance Fees: Estimate $89/share (1br: 5 or 6 shares), (2br: 6 shares), (3br: 6 or 7 shares)
Recreational Facilities @ 4th Level Sky Terrace: 30m lap pool, garden lobby, grass maze pavilions, playground, meadow walk/corner, forecourt, sky deck lobby, white lounge, garden function deck, floating indoor gym, BBQ terrace, floating clubhouse, forest Jacuzzi, sunken garden bar & spa.
What is the promotion?
From now till 1st June 2020, the developer is ready to sell the first three of ANY of its remaining units at $2,000psf (per square foot) net. So for a 3bedroom unit at 1,055 sqft, it is going for $2.11m before stamp duties. A quick check of the most recently transacted unit in October last year was at $2,426 for a 581sqft unit facing the sea. Buying in today at 2,000psf puts you ahead for potential capital gains.
In most developments especially along the coast, sea-facing privilege is mainly prioritised for 3-4 bedrooms i.e. family-size units. However, for The Line, all units including its 1 and 2 bedrooms are facing the sea.
You may ask, “How do I view the units when Circuit Breaker ends the same date as this promotion?”
The answer is, you cannot.
But would you rather enter the market now versus a bullish market where developers are in no need to give discounts and promotions?
If this is something that interests you, I would like to hear your thoughts.