Kheng Leong and UOL Group sold no less than 80 units the previous day, during their first-day preview of their new project, Double Bay Residences in Simei, as stated by the companies.
Liam Wee Sin, UOL group chief operating officer, said that the 99-year leasehold project consisting of 646-unit offered at an average price of $600 to $650 per square foot (psf) for every unit. In January 2008, Kheng Leong and UOL paid around $296 psf per plot ratio for the site.
The optimistic Mr. Liam expects take-up for their project in the near future. “The response to the preview has been terrific and if the same momentum is sustained, we expect to sell at least 200 units by this weekend,” Mr. Liam said.
During the previous day’s soft launch, UOL offered 250 units. The project is set to be officially opened by March 14. Apparently, the transaction prices offered yesterday were a bit lower than the property agents’ indicative prices given out a week ago, which ranged from $650 to 680 psf. Mr. Liam assured that they will maintain their selling price to $600 to $650 psf. “We are happy with the pricing and we have no intention of raising prices,” he said.
Four-bedders in the project range from $930,000 to $1.02m; three-bedroom apartments were priced at $740,000 to $850,000; two-bedroom at $570,000 to $620,000; and one-bedders at $420,000 to $480,000.
An interest absorption scheme is also being offered by UOL to buyers, similar with other projects, though this one’s a bit higher by 2 percent. It is expected that by 2013, the project will acquire its temporary occupation permit.
Knight Frank’s executive director for residential marketing, Peter Ow, said that HDB upgraders were the majority of the buyers. He also added that units located on higher floors were quite popular among other units. Knight Frank was responsible for marketing the project.
Mister Liam also mentioned that it has been a decade since Simei had welcomed a condo project. “So we believe there’s pent-up interest for condo living in the area,” Mr. Liam said, commenting that executive flats and HDB five-room owners in Bedok, Tampines, Pasir Ris, Sengkang and Punggol raises a potential demand.
Kheng Leong UOL also announced that “elegant finishings comparable to district 10 condos” will be set in their apartments. The companies are expecting it to be a selling point.
Landscape features (like an elevated Jacuzzi, sports deck and a five-storey high waterfall) and four swimming pools occupy almost two-thirds of the whole project. Additionally, six shop units priced at $1,150 psf were also sold by Kheng Leong and UOL Group to a sole buyer.