Around 60 apartments were sold the previous weekend by the City Developments Ltd (CDL) at The Arte at Thomson.
Units at the 336-unit project went to an average price of $880 per square foot (psf), according to the developer the previous day. CDL also launched 100 units during the “private preview”, and additional units will be expected in the coming weekend.
CDL’s freehold project is consisted of four-, three- and two- bedroom apartments, and penthouses as well. The majority of the homes sold the previous weekend were the smaller three- and two-bedroom apartments.
On the other hand, The Arte possesses larger units compared to other recently opened projects. Therefore, buyers have to pay more.
For instance, three-bedroom apartments have a price of around 1,399 square foot to 1,625 square foot and two-bedroom apartments are 1,055 square foot. If the average price of a two-bedder is $880 psf, then the smallest unit will cost $928,400.
However, Chia Ngiang Hong, CDL general manager, said “The Arte offers superb value for a prime freehold property in the Thomson area. Buyers get a luxurious condo without paying a premium price”.
An interest absorption scheme is being offered by the CDL.
As developers attempt to take advantage on a latest surge in buying interest, launching of more projects in the following weeks is being expected by analysts. About 1,323 new units were sold the previous month, which has increased more than eleven times in the month of January. Sales are anticipated to remain robust for the month of March, with sales at The Arte on the back of it, as well as at UOL Group and Kheng Leong’s Simei condominium Double Bay Residences, where over 200 homes were sold within the month.
In the midst of the surge in selling interest, BT knows that Far East Organization will be launching Mi Casa, a mass market project with 457 units nearby Choa Chu Kang MRT.
Individually, Hup Soon Global and Tee International revealed their collaboration with a Bangkok-based company to launch a freehold luxury condominium in Singapore, to be positioned in the Thai capital.