Park Olympia ignites price war in Flora Drive

Speculators see Fraser's Palm Isles cutting prices as Koh Brothers launches 486-unit Parc Olympia over the weekend.

Koh Brothers Group Limited, through its wholly-owned subsidiary, Koh Brothers Development Pte Ltd, is set to launch a sporting themed 486-unit condominium, Parc Olympia, in Flora Drive over this weekend (July 14-15, 2012).

To be developed on a land area of over 300,000 sq ft, Parc Olympia will comprise 52 1-bedroom units, 212 2-bedroom units, 169 3-bedroom units and 53 4-bedroom units, with sizes ranging from 495 sq ft to 2,702 sq ft.

The property is launching at an average $820 psf which caught speculators by a surprise.

“I Initially thought Parc Olympia was going to cost much more considering its unique features,” an industry observer which requested anonymity said adding that Comparatively speaking with other 99-yr leasehold projects, it is cheap.

The sporting themed condominium will offer over 60,000 sq ft of wide-ranging sporting area and facilities, which includes a synthetic jogging track, rockclimbing wall and an air-conditioned badminton court. Koh Brothers will also be the first developer to introduce the SPEEDRACER brand of outdoor gym equipment for children.

The 380-unit and 99-yr leasehold development Palm Isles, meanwhile, by Fraser CentrePoint was launched on March 28 at an average $830 psf. It was able to sell 102 units out of 297 units launched.

With Parc Olympia launching this Satrurday however, speculators said that Palm Isles may have to lower down their price ranges for their remaining units.

A source from its sales agent Global Property Strategic Alliance said that Palm Isles is now 70% sold.

Here’s a price comparison:

Another industry observer meanwhile mentioned that it is also interesting to note that the maximum building height of Parc Olympi is 45 AMSL while that of Palm Isles is 40 AMSL.

Location-wise Flora Drive is accessible to Upper Changi Road North, TPE and PIE. Thus, speculators are expecting that Parc Olympia will also receive strong market response as Palm Isles.