DEMAND for new private property developments remains strong, judging by the interest generated at two previews held over the weekend.
At high-end condominium Ascentia Sky's preview for selected clientele, over 90 per cent of the 80 units released were snapped up for as much as $1,250 per sq ft (psf), according to developer Wing Tai's spokesman.
'We received strong public demand at the launch,' said the spokesman, citing the prime location in the Alexandra-Tanglin area as a key selling point.
A public preview is set to be held this weekend before the official launch, which is likely to take place over the following weeks.
The high-rise development has 373 units comprising two- to four-bedroom units, two five-bedroom penthouses and three super penthouses.
Mass-market-priced freehold condominium The Gale, located at Flora Road, was already 65 per cent taken up after its preview that began last Friday. Units were sold at an average price of between $650 and $700 psf.
Hong Leong Holdings had originally planned to release 80 units at the preview, out of a total of 329, but ended up opening 135 more units to interested buyers.
It had employed a novel marketing strategy by setting up a Facebook page featuring information about the property and the preview dates.
The official launch will be held on Saturday, where units including one-bedroom and two-plus-one types - the largest being four-bedroom apartments with a roof terrace - can be viewed.
Buyers have the option to join the Interest Absorption Scheme, meaning they have to pay only 20 per cent of the price of the unit upfront and the remainder upon the condominium's completion.
The Gale is the latest project from Tripartite Developers' Upper Changi properties. Tripartite Developers is a joint venture involving Hong Leong Holdings, City Developments, and Trade and Industrial Development.
Source: Straits Times, 14 July 2009
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