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14-11-13, 11:15
http://www.straitstimes.com/premium/money/story/strong-demand-alex-residences-preview-20131114
MARKETS
Strong demand at Alex Residences preview
Published on Nov 14, 2013
By Melissa Tan
BUYERS snapped up about 150 units in the space of an afternoon at the preview of Alex Residences near Redhill MRT station yesterday.
Homes at the 429-unit development went for an average of $1,650 per sq ft (psf). Singaporeans and permanent residents were prominent among the buyers, although a few Malaysian and Chinese buyers signed up as well.
Sales were evenly distributed between one-, two- and three- bedroom units, said Mr Michael Ng, group general manager of UIC, SingLand's parent company.
Mr Ng said SingLand originally put up 150 units for sale at the 99-year leasehold project but released 50 more, due to demand.
It was scheduled to launch on Saturday but will be released today instead.
The project was said to have received 550 cheques before preview sales began, according to a Business Times report yesterday.
Prices start at $760,000 for a 474 sq ft one-bedder and go up to slightly above $2 million for a 1,044 sq ft three-bedroom unit.
The development's average psf price is lower than that of its next-door neighbour Echelon, which was launched last December and is fully sold. Units there went for an average $1,795 psf, according to Urban Redevelopment Authority data.
Knight Frank's executive director of residential services, Mr Tan Tee Khoon, said "sensitive pricing" at new launches is important, citing restrictions on home loans imposed under a total debt servicing ratio framework in late June.
SingLand paid $970 psf per plot ratio (ppr) for the Redhill site last December, which translates to a breakeven price of about $1,450 psf ppr.
The land cost was much higher than the $754 psf ppr a City Developments consortium paid for the Echelon site in December 2011.
Alex Residences is expected to be completed in February 2019.
All eyes are now on Duo Residences in Bugis, developed by M+S, where sales begin today.
[email protected]
MARKETS
Strong demand at Alex Residences preview
Published on Nov 14, 2013
By Melissa Tan
BUYERS snapped up about 150 units in the space of an afternoon at the preview of Alex Residences near Redhill MRT station yesterday.
Homes at the 429-unit development went for an average of $1,650 per sq ft (psf). Singaporeans and permanent residents were prominent among the buyers, although a few Malaysian and Chinese buyers signed up as well.
Sales were evenly distributed between one-, two- and three- bedroom units, said Mr Michael Ng, group general manager of UIC, SingLand's parent company.
Mr Ng said SingLand originally put up 150 units for sale at the 99-year leasehold project but released 50 more, due to demand.
It was scheduled to launch on Saturday but will be released today instead.
The project was said to have received 550 cheques before preview sales began, according to a Business Times report yesterday.
Prices start at $760,000 for a 474 sq ft one-bedder and go up to slightly above $2 million for a 1,044 sq ft three-bedroom unit.
The development's average psf price is lower than that of its next-door neighbour Echelon, which was launched last December and is fully sold. Units there went for an average $1,795 psf, according to Urban Redevelopment Authority data.
Knight Frank's executive director of residential services, Mr Tan Tee Khoon, said "sensitive pricing" at new launches is important, citing restrictions on home loans imposed under a total debt servicing ratio framework in late June.
SingLand paid $970 psf per plot ratio (ppr) for the Redhill site last December, which translates to a breakeven price of about $1,450 psf ppr.
The land cost was much higher than the $754 psf ppr a City Developments consortium paid for the Echelon site in December 2011.
Alex Residences is expected to be completed in February 2019.
All eyes are now on Duo Residences in Bugis, developed by M+S, where sales begin today.
[email protected]