Rethink, revamp... RESELL

Rethink, revamp... RESELL

By Koh Hui Theng THE offer price to buy the development en bloc was below expectations. So the developer, Melodies Limited, which owns Cassia View, decided to refurbish the place and then resell each unit individually. The units, which had been rented out, are all owned by the developer. The company is now expecting to get S$15 million more from the sale of the units. And with 80 per cent of the units sold so far, the developer looks to be on target. It started when the 20-storey, 72-unit freehold project on Guillemard Road was put on the market last year. At that time, it attracted a S$70 million bid, or about S$780 per sq ft (psf) of strata area. Melodies felt that the offer price was too low. "We were not pleased with the response as we felt the property could fetch a higher rate," a company spokesman said. So Melodies decided to spruce up the apartments and sell them individually. The S$3 million renovation bill it chalked up included refitting kitchens with new tiles, cabinets and appliances. Bathroom fixtures from high-end brands were installed, doors were changed and bedroom parquet floors were polished. External walls received a new coat of paint. Mr Liang Thow Ming, the executive director and head of residential services of Credo Real Estate, which is marketing Cassia View, said: "It's almost a total makeover. The refurbishment was undertaken as it adds more value to the property." Renovations started in May. The New Paper  Oct 20, 2010