THE 76 Shenton condominium in the Central Business District sold out in one day during its preview as hundreds of buyers made a beeline for the prime project yesterday.
There were so many people vying for one of the 202 units that balloting was needed to sort out who got first crack.
The Straits Times understands that there were about 300 names in the ballot, with the buyers mostly Singaporean investors and permanent residents.
The Hong Leong Holdings project has nothing over 1,000 sq ft: 134 one-bedroom units from 592 sq ft to 624 sq ft and 68 two-bedroom units of 968 sq ft to 975 sq ft. One-bedroom units were priced between $1,600 and $2,600 per sq ft (psf), or about $1.2 million, while two-bedroom units went for between $1,600 and $2,300 psf. That is about $2 million.
Hong Leong credited the strong sales to the development’s ‘prime location, its attractive pricing, a solid design and healthy pre-launch interest’.
Sources said property agents were apparently collecting cheques from keen buyers even before the project’s launch.
The 99-year leasehold condominium has 39 floors of residences and commercial space that will feature seven restaurants and retail units.
Chesterton Suntec International’s research and consultancy director, Mr Colin Tan, said the project’s smaller units could be a reason for its popularity.
‘The developer knows the market… Small units are more digestible and also gives home owners an easier exit strategy should they ever want to sell the property,’ he said.
Mr Peter Ow, managing director of residential services at Knight Frank, said that growing interest in the luxury end of the market is evident but the strength of this demand would still depend on the sustainability of the economic recovery.
He added that 76 Shenton was well-received due to its reasonable pricing. Another reason was that even units on the lower floors would get a sea view.
The condo is expected to be completed by late 2014.
Hong Leong will release Nathan Suites in Nathan Road, in the Bishopsgate area, at the end of the month at an average price of $2,100 psf.
On the weekend, buyers snapped up 29 out of the 30 launched units at Keppel Group’s Reflections at Keppel Bay. Prices averaged $2,200 psf with some hitting $2,600 psf.
Source: Straits Times, 26 Mar 2010