Spanning 43 stories high with 400 residential units in a single towering block and 21 commercial units, Artra condo will be built on a site area of 90,401 square feet with a gross area of 442,970 square feet.
Winning with a bid of $373.1 million dollars for the plot of land ($842.28 per square foot), the 99-year leasehold condominium will be developed by Tang Skyline Pte Ltd. It received about 10 bids for this plot of land, this is seen as a healthy interest and confidence in this area and market.
Artra condominium will have 21,528 square feet of commercial facilities and amenities for its residents right at their doorstep. Daily necessities can be met without having to travel far from home. Shopping centers such as Central Plaza Shopping Centre, Anchorpoint Shopping Centre, Queenstown Shopping Centre and IKEA are merely a 5 minutes drive away from Artra.
Artra Condominium Cost Projection · The Artra Prices Analysis
It is always harder to estimate prices based on the property price PSF merely, if the project has commercial included. That is definite since the value of the industrial space could jack up the price, off-setting some of the price of the residences thus. On the various other hands, the developer could equally decide to value them, while keeping the commercial products for leasing.
Presuming the same worth, and expenses, structure and funding of $450 PSF, break-even PSF can be in the region of $1,300. Some market specialists possess in reality approximated a break-even of about $1,350 to $1,400 PSF.
In accordance to Mr Nicholas Mak, SLP Worldwide professional this might, “… offer the programmer with a comfy income margin, based upon the selling cost of similar new real estate in the vicinity that range fróm $1,530 to $1,950 psf.”
Our estimation is that the Artra condo price range could bé in the area of $1,500 to $1,800 PSF, different with the device facing, size, and level.
Notice: Released typical pricing for a projects generally pertains to the prices of mid-fIoor & mid-size units like 3 & 4 bedders. Average prices of 1 & 2 bedroom units are higher than the average mentioned PSF for a project usually.
There were 10 bidders for this site, and competition for it was quite keen. Which was surprising hardly, as the site can be appealing provided its nearness to Redhill MRT station, and its commercial elements at the 1st storey.
What was surprising nevertheless, was that the best bet came in át the lower énd of marketplace anticipations. In fact, it even comes close extremely favourably with the land cost of other new tasks in the area that still possess significant figures of units for sale.
For purposes of estimating the Artra condominium cost range, Alex Residence ought to be the one to look at, as it is thé nearest, an extra few mins walk from Redhill MRT simply.