United Overseas Land Limited (UOL) sold 180 out of 250 available units at the private preview of its condo, Meadows@Peirce.
According to UOL, flats in the project located in Upper Thomson Road were purchased at an average price of $880 per square foot. Out of the 180 units sold, 87 three-room flats were transacted at $1.1 million to $1.5 million apiece.
The 479-unit development, which stands on the former site of Green Meadows, has a 14-storey high tower and three blocks with five storeys each. The flats range from one-room apartments, approximately 517 square feet in size, to five-room penthouses measuring 3,068 square feet. Out of 49 penthouses available, 10 were sold during yesterday’s preview.
Only 150 units were initially planned for release during the preview. However, they raised the number to 250 since demand was high, according to Liam Wee Sin, UOL Group’s chief operating officer.
At the scheduled official launch this coming Tuesday, UOL will release 100 additional units at $880 per square foot. The company is offering interest absorption scheme (IAS) to buyers.
Home sales have been picking up strongly these past few months, Liam noted. “The successful preview demonstrates the pent-up demand in the Thomson area for a new development,” he explained.
Developers TID and Far East Organization are scheduled to release units at their 99-year leasehold condos – Optima@Tanah Merah and Centro Residences at Ang Mo Kio, respectively – next week.