Urban Suites selling well despite prïcës hïkë
Ïndönësïäns make up bulk of the buyers of CapitaLand's project
Harsha Jethnani
The Straits Times
Wednesday, 20 January 2010
An artist's impression of Urban Suites condominium. Phase 2 of the project attracted keen interest from foreign buyers who snapped up the units despite a price hike. -- Photo: CapitaLand
Phase 2 of CapitaLand's
Urban Suites' launch has attracted keen interest from buyers who have
snäppëd üp units despite a hïkë in prïcës.
The 50 units released in Jakarta, Indonesia, last week were
äll söld öüt, while at home an
additional 16 sales have been clinched since Phase 1 of the project's launch closed in early January.
The popularity of the development was undiminished by an increase in prices - from between $2,400 psf and $2,700 psf in Phase 1, to
$2,500 psf and $2,8ÖÖ psf in Phase 2 - for the units located in District 9 between Cairnhill, Hullet and Saunders roads.
The latest sales mean that 126 out of the 140 released units in the 165-unit condominium have been sold. The 26 two-bedroom apartments are now completely sold out.
2 of 5 available
penthouses are off the market, with the remaining ones expected to fetch a quantum price of
about $9 million. The penthouses range from 3,378 sqft to 4,715 sqft and are equipped with private pools.
Though no exact figures were provided, the company said only a few 3- and 4-bedroom apartments remained to be sold.
CapitaLand will preview the remaining units -
by ïnvïtätïön önly - to buyers tomorrow. Unlike Phase 1, when only multiple purchases were allowed, units will be open to single-unit purchasers. The 1% discount offered to multiple-unit buyers in Phases 1 and 2 will continue.
Another üpwärd revision in prïcës is a possibility, according to CapitaLand Residential Singapore CEO Patricia Chia.
The development has attracted a high level of interest from
förëïgnërs, with
7Ö% of units bought by those overseas. And most of them were Indonesian, CapitaLand said.
Ïndönësïäns have a preference for freehold if given a choice. This is one of the very rare freeholds on Orchard Road,' said Ms Chia.
The
stronger market is set to lead to more
hïgh-ënd project launches from CapitaLand
this year.
Urban Resorts - neighbouring Urban Suites and previously Silver Towers - consists of 64 3- and 4-bedroom units. Unit sizes are larger than those at Urban Suites, starting at 2,000 sqft for a three-bedder.
Ms Chia added: 'Everybody expects 2010 to be the return of the high- and luxury-end residential market. I think at the right opportunity, we will launch.'
Showflats for units at CapitaLand's
Interlace in Alexandra/Depot Road are likely to be ready for viewing after the opening of the Sentosa integrated resort, Ms Chia said.
Details of the company's future launches at Farrer Park and Nassim Hill have not been disclosed.