Another condominium in District 10 is selling like hot cakes at its preview.
More than 90 per cent of the 175 apartments at Sixth Avenue Residences were snapped up over the weekend after previews started last Friday.
The freehold project on the former Avenue Park site is being developed by Keppel Land and Singapore Land (SingLand). It fetched average prices of $1,000 per sq ft (psf) or between $1.4 million and $1.5 million for a three-bedder.
This comes just three weeks after nearby Ford @ Holland sold all its 85 units within a few hours, and just days after buyers took up all 422 units in two days at Marina Bay Residences, another project being jointly developed by Keppel Land.
About 85 per cent of the buyers at Sixth Avenue Residences were Singaporeans, roughly the same proportion as at Ford @ Holland.
Sixth Avenue Residences was initially scheduled for a public launch early next year, said Mr Vito Koh, group general manager of SingLand.
But that may not be necessary now, he said, adding: ‘Enquiries were very strong and the mood is good, so we started selling the units now.
‘Slightly less than 90 per cent of the apartments were sold on Friday and Saturday and I believe we could have cleared all the units over the weekend except for the heavy rain on Sunday.’
The high level of interest was likely prompted in part by the project’s desirable location off Sixth Avenue, market watchers said.
They pointed out that few developments have been launched in that area over the past 10 years.
SingLand took a 48 per cent interest in the Avenue Park site last March, a stake that was formerly held by ComfortDelGro.
The deal valued the 172,820 sq ft plot of land at $112 million or $463 psf per plot ratio (ppr).
Keppel Land had originally bought 47 of the 48 Avenue Park units in April 1997 for $161.1 million, but wrote down the site’s value to $366 psf ppr in November 2001 after the property downturn.
Source : Straits Time - 19 Dec 2006
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