Developer Qingjian Realty (South Pacific) Group, part of international construction and real estate conglomerate Qingjian Group Co, is looking to launch more units at Le Quest this year, says Yen Chong, its deputy general manager. She adds that buyers have continued to enquire about the project, despite the developer’s decision to halt sales.
Chong in the sales gallery of Le Quest, which is 56% sold over its first weekend of sales
When completed, the 516-unit Le Quest will have five 12-storey apartment blocks sitting atop a four-storey podium that will house close to 100 F&B and retail shops, a childcare centre and car parks. At least 287 units, or 56%, were sold at an average of $1,280 psf each over the first weekend of sales on Aug 5 and 6 last year, according to Qingjian. “We planned to launch 200 units but released more because we didn’t want to disappoint the buyers,” says Chong, adding that sales of Le Quest were stopped “to control our inventory”. Qingjian has less than 1,500 units available for sale, including those at its redevelopment of Shunfu Ville, she estimates.
Qingjian paid $638 million ($747 psf per plot ratio) for the 408,927 sq ft Shunfu Ville site in May 2016, in the early days of the current en bloc fever. Although it was Singapore’s third-largest en bloc deal by quantum then, surpassed only by the sale of Leedon Heights (now Leedon Residence) at $835 million and Farrer Court (now d’Leedon) at $1.34 billion in the previous collective sale fever in 2007, the price was below the $688 million reserve price set by the owners of Shunfu Ville. The site previously occupied by the privatised HUDC estate can yield about 1,100 units with an average size of 1,000 sq ft, according to JLL, which brokered the deal.
Chong expects strong interest from buyers, owing to the project’s excellent location. The site is at the junction of Shunfu Road and Marymount Road, less than 200m from the Marymount MRT station and close to popular schools such as Ai Tong School and Catholic High School. The new condo will feature smart homes, developed in partnership with hiLife, which is billed as a platform that seamlessly integrates smart condominium management and lifestyle offerings. Smart homes have become a standard provision at Qingjian’s developments, says Chong. “It’s how people want to live.”
Chong expects strong interest from buyers for the redevelopment of Shunfu Ville
hiLife was first introduced at Qingjian’s 590-unit Riversound Residence in Sengkang when it was completed in 2015. The platform was then rolled out at Qingjian’s existing projects: the 219- unit Nin Residence in Potong Pasir and 504-unit RiverParc Residence in Punggol. It was also made available to the homeowners at Qingjian’s subsequent projects: the 610-unit River Isles; 383- unit Waterbay executive condo; 512-unit Ecopolitan EC; 561-unit Bellewoods EC; 651-unit Bellewaters EC; 632-unit The Visionaire EC; 497-unit iNz Residence EC; and Le Quest.
The Visionaire was the first of Qingjian’s developments to feature smarthome devices connected via the Internet of Things. Users can control the air-conditioning, lights and appliances via the smart-home app. Access to the home can be monitored through cameras and controlled by a doorlock linked to the app.
The Visionaire is Singapore’s first EC with smart homes
Buyers of The Visionaire could choose not to have the smart-home features, but “the opt-out rate was very low” because they were convinced of the value they were getting, says Chong. When the project was launched for sale in April 2016, 154 units were sold at a median price of $821 psf, according to URA data. The last three units were snapped up last December, according to URA data, making the project fully sold in less than two years.
Bellewoods received its TOP last year and was awarded the Conquas Star by BCA
Last year also saw the completion of two of Qingjian’s projects. Located in Woodlands, Bellewoods is its eighth project as a developer. When it was launched in November 2014, buyers snapped up 79 units at a median price of $800 psf. The project received its Temporary Occupation Permit last year and was awarded the Construction Quality Assessment System (Conquas) Star by the Building and Construction Authority. The accolade is given to projects that meet more than 95% of BCA’s workmanship quality standards and is the authority’s highest for construction quality. It is a testament of Qingjian’s commitment to build top-quality projects, says Chong.
Bellewaters in Sengkang was launched in November 2014, and 170 units were sold at a median price of $813 psf that month, according to URA data. The project, which occupies a 2.3ha site, is fully sold and received its TOP in 2017.
The 651-unit Bellewaters occupies a 2.3ha site in Sengkang
Buyers looking for an EC by Qingjian will have to act fast, as the only EC units available for sale are at its iNz Residence. In its first month of sales, Qingjian sold 187 units, or 38%, at a median price of $774 psf, according to URA data. The project is located in Choa Chu Kang and expected to receive its TOP in 2019. More than 95% of the units have been sold.
In addition to preparing for the launch of the second phase at Le Quest, Chong is also working to make the hiLife platform available to tenants of the mixed-use development’s retail component. The mall will cater to not only residents of Le Quest but the entire neighbourhood as well. “We want to make it a mall where everybody would like to come,” says Chong, which is why Qingjian is being very careful in curating the tenant mix. “We want a win-win situation for the retail tenants and residents.”
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