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Thread: UOL to release 80 more units at Spottiswoode

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    Default UOL to release 80 more units at Spottiswoode

    [url]http://www.businesstimes.com.sg/sub/companies/story/0,4574,413568-1290023940,00.html?[/url]

    Published November 17, 2010

    [B][SIZE="5"]UOL to release 80 more units at Spottiswoode[/SIZE][/B]


    UOL Group said it is releasing another 80 units at its Spottiswoode Residences for the project's official launch today after finding buyers for 130 of the 150 units released last week during the project's preview.

    The units sold thus far have achieved prices ranging from $1,720 psf to $2,150 psf. Four of the project's seven penthouses were sold, with one fetching $1,850 psf.

    'Of the buyers, 86 per cent were Singaporeans who snapped up the higher-priced units which command sea views. They include doctors, professionals, bankers and businessmen . . . ' UOL said.

    The freehold 36-storey development comprises 351 apartments - mostly one- and two-bedroom apartments. It is near Outram MRT Station.

    The 130 units sold include about a dozen bought by former owners of apartments in the two developments that used to stand on the site - Spottiswoode Apartment and Oakswood Heights.

    UOL acquired the two adjoining sites through separate collective sales in 2007. It paid $740 psf per plot ratio for Oakswood Heights; no development charge was payable for this site.

    UOL bought the next-door Spottiswoode Apartment site for $732 psf per plot ratio including a development charge based on an earlier media report.

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    [url]http://www.straitstimes.com/Money/Story/STIStory_604130.html[/url]

    Nov 17, 2010

    [B][SIZE="5"]Brisk sales at UOL's condo near Tanjong Pagar[/SIZE][/B]

    By Esther Teo


    SPOTTISWOODE Residences, near the soon-to-be-rejuvenated Tanjong Pagar area, has achieved brisk sales of 130 units during a three-day preview.

    Prices ranged from $1,720 per sq ft to $2,150 psf, developer UOL Group said. Four out of the seven penthouses were also sold, with one fetching a price of $1,850 psf.

    UOL said that 86 per cent of the buyers were Singaporeans, mostly aged 40 and above. They tended to buy higher-priced units commanding sea views, and included doctors, professionals, bankers and businessmen, UOL said.

    The remaining 14 per cent of buyers were evenly split between permanent residents and foreigners, who were mostly Malaysians.

    The freehold plot, which will host a 36-storey tower, is next to Spottiswoode Park and close to Tanjong Pagar, which is slated to be transformed into a bustling waterfront district once container terminals in the vicinity move out.

    The firm will release 80 more units at the 351-unit project during its main launch today.

    UOL Group chief operating officer Liam Wee Sin told The Straits Times that the good take-up rate - and benchmark prices seen at some recent property launches - reflected the growth potential that some of these locations offered.

    Private home sales for the entire Singapore market last month totalled a healthy 1,058 units, he said.

    'We don't want to see sales figures drop drastically low... I'm not worried that the market is overly hot if sales are about 1,000 units a month.'

    Demand remains healthy for homes in good locations and for well-conceived projects, as buyers - often in the prime of their careers and with financial reserves - recognise the longer-term potential of many of these projects, Mr Liam added.

    He said that the Government's Aug 30 property market cooling measures, together with the increase in supply of residential sites through the government land sales programme, have also had their intended effect in cooling the mass market segment. Mr Liam expects prices to remain steady across the market.

    The Spottiswoode plot is the last in UOL's residential land bank here. However, Mr Liam said the firm is continually looking for new market opportunities.

    UOL said that more than 10 former owners of units in Spottiswoode Apartment and Oakswood Heights - which stood on the site before being sold en bloc in 2007 - bought units in the new project. Several people bought multiple units for family members, it added.

    Spottiswoode Residences comprises a 36-storey block with mostly one- and two-bedroom apartments, 25 three-bedroom units and seven penthouses.

    Sizes for the typical one- to three- bedroom units vary from 603 sq ft to 1,421 sq ft.

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