Boutique project sold out in 2 hours
http://www.straitstimes.com/Money/St...ry_624014.html
Jan 14, 2011
Boutique project sold out in 2 hours
A BOUTIQUE development in Holland Road has sold out within two hours of a private preview.
Loft@Holland, a project by small-format homes specialist Oxley Holdings, saw all 41 apartment units taken up yesterday.
As there were more buyers than homes on offer, balloting was conducted for all but two units.
On average, there were about three buyers for each unit.
Prices ranged from $1,630 per square foot (psf) to $2,166 psf.
The buyers were mainly Singaporeans, Oxley said in a press release.
Said its executive chairman and chief executive Ching Chiat Kwong: 'The market's overwhelming response to our latest projects is extremely encouraging. We see this as an affirmation of Oxley's unique selling proposition.'
Located at 151 Holland Road, the five-storey development comprises 37 one-bedroom units, ranging from 323 sq ft to 484 sq ft.
There are also four two-bedroom penthouses with private jacuzzis, ranging from 980 sq ft to 1,141 sq ft.
Communal facilities include a basement carpark, a swimming pool and a gymnasium.
Loft@Holland's successful sale underscored the developer's belief in strong demand from buyers for small-format apartments.
Mr Ching had said earlier he was confident that these units, popularly known as shoebox apartments, would be well received as quantum prices will be affordable.
The group has launched five other projects so far: Suites@Katong, Parc Somme, Loft@Rangoon, Viva Vista and RV Point.
Shoebox flats tend to have low overall values - often under $1 million - but high prices on a psf basis.
Sales of these flats - they are under 500 sq ft - have been steadily increasing since they hit the market in 2006.
According to figures from property consultancy CB Richard Ellis, a total of 1,436 caveats were lodged for new shoebox units by mid-December last year, compared with 725 in 2009 and only 274 in 2008.
