Alexis @ Alexandra proved to resist the downturn as it successfully attracted buyers at the project’s preview.
Almost 90 percent of the project with 293 units, which is situated at the corner of Commonwealth Avenue and Alexandra Road, has been sold. The sales were done on Thursday and yesterday at an average price between $850 per sq ft (psf) and $1,100 psf. The majority of the buyers were Singaporeans.
The average prices of about $820 psf were compared to the 99-year leasehold, The Metropolitan, which was sold in the Q4 last year.
The nearly sold-out preview followed similar success of the 712-unit Jurong condo Caspian, which was sold last week. The first 250 units of Caspian had been sold on Sunday afternoon.
Alexis is a joint venture of Fission Group and Yi Kai Development, which purchased the site way back in 2007. No less than 80 percent of the project is two- and one-bedroom apartments. The developers opted to modify the mixture by including more inexpensive units since the market is currently weak.
Prices of the units started around $450,000 for one-bedders, having measurements of approximately 400 sq ft. The prices have escalated to around $650,000 for two-bedders, which are roughly 630 sq ft. Meanwhile, around one-third of the project’s 50 penthouses are still available. Prices start at $1 million.
But the robust take-ups at Caspian and Alexis do not mean that the market has already recovered, said a DBS group research. The DBS also said that the market appears to favour developments where there is an absolute pricing “that does not break the bank” or below $800,000.