Brisk sales continue at new launches

Sales picking up after quiet June with World Cup, school holidays

SALES have stayed fairly hot at a new condominium in Bukit Timah with 114 flats in the 172-unit estate now sold in just over a week, including 24 of the 30 pricey penthouses.

Ten apartments were snapped up at the official launch of the Terrene yesterday following the 104 that have been sold since a private preview started on July 8, UOL Group said.

The 999-year leasehold condo in Jalan Jurong Kechil is priced at an average of $1,250 per sq ft (psf) for a typical unit, with a one-bedroom flat starting from $719,000.

The penthouses are priced from $1.7 million for a three-bedroom unit to $2.79 million for a five-bedder.

Terrene is a 50-50 joint venture between UOL and La Salle Asia Investment Management.

The newly released 368 Thomson has also done well.

City Developments (CDL) said yesterday that it has sold more than 90 per cent of the 157-unit freehold condo in Thomson Road since it started a private preview on July 8.

The Straits Times understands that 144 units have been sold, leaving a balance of 13 units.

Last Friday, CDL announced that it had sold 96 out of 120 launched units. Prices were about $1,350 psf, or from $918,000 for a one-plus-study unit to $4.4 million for a five-bedroom penthouse.

Since then, the developer has released more units with prices 2 to 3 per cent higher.

The market for new private homes quietened last month with buyers distracted by the euro zone debt crisis, school holidays and the World Cup. A certain amount of price resistance had also set in.

But this month will be a slightly busier month, say property consultants.

Hong Leong Holdings said in a statement yesterday that it will launch the 99-year leasehold The Scala at the end of this month.

The Scala, which is in Serangoon Avenue 3 and near the Circle Line’s Lorong Chuan MRT station, will have 468 units. It has one- to four-bedroom units ranging from 474 sq ft to 2,142 sq ft.

Hong Leong said the condo will have seven pavilions, each designed to give residents a different interactive experience. One will be an Italian pavilion with a wood-fired oven for residents to make their own pizzas.

More property launches can certainly be expected from September, after the traditionally quiet Hungry Ghost Month, experts say.

CDL said its 642-unit, joint venture condo in Pasir Ris will be released in the third quarter.

Source: Sunday Times, 18 Jul 2010