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UE sells over 200 units at Eight Riversuites: Sources
Reports of project's average price vary from $1,300 psf to $1,400 psf. -BT
Tue, May 08, 2012
The Business Times
United Engineers is said to have sold about 200 units at its Eight Riversuites condo project in Whampoa near Boon Keng MRT Station, which previewed over the weekend, according to market reports.
Reports of the project's average price after discounts varied, with some suggesting it was around $1,300 psf, while others said it was closer to $1,400 psf. The company declined to comment.
Estimates of the number of units sold in the project, too, varied.
A UBS Investment Research report issued yesterday morning put the figure at "more than 200 units" and the average price at $1,400 psf after a 5 per cent early-bird discount.
The 99-year leasehold project comprises 862 units including 19 strata terrace homes.
The apartments are housed in four blocks (two of which are 29 storeys and the other two, 30 storeys, high).
The project - at the corner of Bendemeer Road and Whampoa East - is next to Sungei Whampoa.
The majority of units are two- and three-bedroom apartments (each accounting for about 35 per cent of the total 862 units).
But the most popular units were the one-bedders (mostly around 450 sq ft) and two-bedders (the majority of which are about 700 sq ft).
Their average prices are around $600,000 and $900,000 respectively, UBS' report said.
UE clinched the site at a state tender in April last year, outbidding seven contenders.
Its winning bid of $543 million or about $774 per square foot per plot ratio (psf ppr) was 12.6 per cent or about $60.8 million above the next highest bid by Keppel Land of $482.23 million or $687.51 psf ppr.
UBS estimates UE's breakeven cost at about $1,150 psf, reflecting a gross margin of about 20 per cent, "giving little margin for error in terms of pricing".
Meanwhile, property giant Far East Organization last week found buyers for 67 units at its 99-year Seahill project in the West Coast location, taking sales to 185 units of the 249 units released in the 338-unit project.
The average price achieved is $1,329 psf.
Last week, Far East also sold 34 units at its other projects - including Hillsta in Choa Chu Kang, euHabitat in Eunos and Silversea, which faces the East Coast Park.
MCL Land, a unit of Hongkong Land, too is said to have sold nearly 40 units last week at its Ripple Bay condo near Pasir Ris Beach, taking total sales to 532 units.
The 99-year project has 679 units.
The average price is about $870 psf. MCL began selling the project in late March at about $850 psf.
Last week, the developer also sold four units each at Uber 388, a freehold project along Upper East Coast Road, and Terrasse, a 99-year development in the Hougang/Yio Chu Kang area.
The two projects have respective average prices of about $1,300 psf and $950 psf.
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