Property developer Wing Tai Holdings has announced the re-launch of the remaining luxury apartments in its Belle Vue Residences located at Oxley Walk, with prices ranging from $2,300 psf to $2,800 psf.
Edmund Cheng, deputy chairman of Wing Tai Holdings, also said that he believed the government measures introduced last week to cool down the real estate market are “very timely”.
“Prices have really gone up so much, it is not sustainable,” said Mr. Cheng. “I think that it is good that we have these measures to cool off a little bit.”
Mr. Cheng added that the company will not be greatly affected since its exposure to the residential sector in Singapore is mainly in the high-end and luxury segments.
Currently, approximately 62 percent of the 176-unit Belle Vue Residences have been snapped up, with more than half of the units purchased by foreigners. The apartments were sold for between $2,000 psf to $2,700 psf, said Wing Tai, adding that the new batch of apartments which are being released are “choice units”, thus are priced even higher on a psf basis.
The size of a three-bedroom apartment at Belle Vue Residences starts from 1,600 sq ft, while a four-bedroom apartment begins at 2,000 sq ft.