Avenue South Residence pricing half of units below S$1.5 million

One-bedroom units to start from S$858,000, 2-bedroom units from $1.15m; preview on Friday

Thu, Aug 29, 2019


HALF of the units at the 1,074-unit development Avenue South Residence will be priced below S$1.5 million, with public previews for the project to commence on Friday.

Three hundred units will be initially launched for sale about a week later on Sept 7. One-bedroom units (474 to 527 square feet) will start from S$858,000 and two-bedroom units (657 to 883 sq ft), from $1.15 million.

The consortium behind Avenue South Residence - UOL Group, its subsidiary, United Industrial Corporation (UIC), and Kheng Leong Company - expects it to draw interest from both owner-occupiers and investors, pointing to upcoming projects in the vicinity such as the Greater Southern Waterfront, the Rail Corridor and the SGH Campus.

The 99-year leasehold development at Silat Avenue consists of one-, two-, three-, and four-bedroom units across two 56-storey towers, as well as five conserved four-storey blocks dubbed the Heritage Collection. There are 223 3-bedroom units ranging in size from 947 to 1,302 sq ft, and 104 4-bedroom units sized 1,496 to 1,668 sq ft.

Its Heritage Collection units are going at an average price of S$1,780 per square foot (psf), the Horizon Collection -- or units from the 3rd to the 35th floor - at SS1,980 psf and the Peak Collection at more than S$2,250 psf. Units categorised as the Peak Collection - from the 37th storey onwards - offer unblocked views of the city skyline.

Meanwhile, Avenue South Residence will also feature nearly 10,000 sq ft of commercial facilities, including F&B outlets and a childcare centre.

Speaking to media and analysts at a briefing on Wednesday, group chief executive of UOL Group, Liam Wee Sin, said: "It's definitely a very attractive price. I think it will start with strong momentum." He also said prices may be scaled up subsequently, while certain units with potential upside may be kept aside to sell later on.

The developers secured the land parcel via government tender in May last year at S$1.035 billion or S$1,138 psf, based on gross floor area.

After releasing the first wave of units, the consortium will look at marketing the project overseas.

In response to a question on the relative resilience of the property market in Singapore following the cooling measures, Mr Liam noted that while the property market has moderated, certain projects are still able to sell well. He said: "There is a lot of underlying demand from people looking for good products. Developers then have to deliver value."

Facilities at Avenue South Residence include a clubhouse, function rooms, a fitness suite, a 50-metre lap pool, and a mini golf course. The project is situated close to the future Circle Line 6, with the new Cantonment and Keppel MRT stations to open by 2025.

The sales gallery for Avenue South Residence is along Alexandra View and will be open daily to the public starting 30 Aug. The project is marketed by PropNex, ERA Realty, Huttons and SRI.