Roxy-Pacific Holdings sold about 170 units of Spottiswoode 18 at the project’s Tuesday launch, at an average price of S$1,900 psf.
The project’s small units proved to be popular among investors. The majority of the apartments — 150 of the 251 units — are only 387 sq ft each, while the other units can go up to 1,324 sq ft in size.
Teo Hong Lim, CEO of Roxy-Pacific, said the company had initially planned to sell only about 100 units but released all choice units because of the strong response. However, the property cooling measures announced by the government last week have affected sentiment, as not many units were contested for, he added.
Roxy-Pacific’s news comes a day after Oxley Holdings’ announcement that it sold 22 of the 36 residential units at Vibes@Kovan over the weekend.
Vibes@Kovan also offers small apartments, with 22 units ranging between 377 sq ft and 1,001 sq ft, fetching an average selling price of S$1,255 psf.
The transactions surprised industry players, with one industry veteran, saying: “The thinking now is that small units are mostly sought after by speculators, which is the segment that the government targeted with its measures, so it’s surprising that these projects are still selling so quickly.”
However, United Engineers reported that its 540-unit executive condominium project Austville Residences saw slower sales due to the latest curbs. It has sold around 20 percent of its units since its first day of sales on January 13 — the day the government also announced the new measures.
“Our sales are affected by the government’s announcement on the new set of cooling measures. We are observing a dip in buying interest as most home buyers are still trying to digest the changes introduced to the property market,” said a spokesperson for the group.