Hong Leong Holdings, after having recently won a site along Serangoon Avenue 3 in a hotly contested government tender, said that it is planning to build a unique project on the site with over 400 units.
The developer is now completing the project plan and said that it will be “cutting edge” in concept and design. The units planned for this project will be built according to the buyers’ needs, said Quek Kon Hui, executive of Hong Leong Holdings.
Hong Leong Holdings acquired the 99-year leasehold site in October in a tender by the URA. It placed the leading bid of $529 per sq ft of gross floor area for a total of $221 million.
To address the concerns about ‘shoebox’ units, Mr. Quek stated that Hong Leong aims to provide value without compromising the functional living space.
The said project is expected to be launched by next year.
Meanwhile, sales at the 175-unit Lincoln Suites along Khiang Guan Avenue have been brisk after being soft launched the previous week, according to the project developers.
Out of 56 units launched in phase one, 46 units — comprising of 31 one- to three-bedroom units and 15 studio units — were sold before the week ended.
The said project is being jointly developed by Lian Beng Group, Koh Brothers, KSH Holdings and Heeton Holdings.
The group paid a total of $243 million for the site at District 11 during the peak of the property boom in June 2007. This translates to a selling price of around $1,200 psf per plot ratio.
The developers stated last week that the units would have an average price of $1,680 psf during the first phase. However, the price could increase in later phases.