HONG Leong Holdings has sold all 202 units in its upmarket 76 Shenton condominium in just one day.
The one- and two-bedroom apartments in the 99-year leasehold project were snapped up after a ballot yesterday. One-bedroom units went for $1,600-$2,600 per sq ft, and two-bedders for $1,600-$2,300 psf.
Hong Leong attributed the fast sales to the project’s location in Shenton Way, attractive pricing, ’solid’ design and healthy pre-launch interest.
Marketing agents began collecting cheques from potential buyers as early as two weeks ago. Balloting of 300-plus people was carried out yesterday to determine the order in which they could choose units.
Hong Leong is converting 76 Shenton from office space. Besides apartments, it will have commercial space featuring seven restaurants and retail shops. It is scheduled to be completed by end-2014.
Separately, Hong Leong unit City Developments said yesterday it will launch its high-end project The Residences at W Singapore Sentosa Cove this weekend. The 228 apartments in the project will sell for $2,500-$3,000 psf.
Some 60 units will be released this weekend, comprising two- to four-bedroom apartments, and penthouses ranging from 1,227 sq ft to 6,297 sq ft.
CityDev is partnering Starwood Hotels & Resorts Worldwide, which owns the W Hotels brand, to develop the project, which will be at the heart of CityDev’s The Quayside Isle.
The Quayside Isle will also have an adjoining 240-room W Singapore Sentosa Cove hotel and 86,000 sq ft of retail space featuring ‘quaint’ waterfront restaurants and shops. CityDev paid $255 million for the coveted marina Quayside site in July 2006 in a government tender.
CityDev managing director Kwek Leng Joo said that when all the components are completed, likely by 2012, Sentosa Cove will be one of the most compelling destinations in the region.
Mr Kwek expects most of the apartment buyers to be foreigners. Besides the Singapore launch, CityDev and Starwood will market the project in Hong Kong, Shanghai and Jakarta.
Also at Sentosa Cove, Ho Bee Investment and IOI will preview their 151-unit Seascape today. Units in that project are expected to sell from about $2,600 psf upwards.
Source: Business Times, 26 Mar 2010