High-end condominium Pollen & Bleu in the Farrer Road precinct has sold less than 10 units in Singapore and Hong Kong, revealed media reports.
The developer Singapore Land held previews for the project in Singapore on 1 to 3 May with a soft launch on 9 May, releasing about 30 units in its first tranche.
It offered a 15 percent discount on units, bringing average prices to between $1,900 and $2,000 psf after discount.
Prices of the 549 sq ft one-bedroom units start from $1.05 million, the 872 sq ft two-bedders are priced from $1.58 million, while the 1,184 sq ft three-bedders are in the range of $2.18 million, said an agent.
The prices of four-bedrooms and penthouses are available upon request at the showflat along Ganges Avenue.
Commenting, Michael Ng, group general manager of United Industrial Corp (which privatised Singapore Land in 2014), stated: “We are not too disappointed. We clearly think that the product will be appealing when people get on-site. Right now, this is not possible because of the construction going on.
“At this stage of the launch, we hope to sell 10-20 units, perhaps by the next month or so. We’re just going into the third week, and I think we should be able to hit our target.”
Chesterton Singapore managing director Donald Han attributed the project’s muted response to a function of the market and its pricing, which falls within a range that buyers find hard to stomach.
According to Ku Swee Yong, chief executive of Century 21, projects have to be attractively priced in a market where people expect discounts.
“For any new product launches these days, to move fast, you either have to show major product differentiation or you have to price it slightly lower,” he noted.
The boutique condo is a short drive from Holland Village, Dempsey Hill and Orchard Road, and is located near reputable schools including Anglo Chinese School (International), Hwa Chong Institution and Nanyang Primary School.
Pollen & Bleu is being marketed by three agencies in Singapore – Savills, CBRE and Huttons. Centaline is marketing the project in Hong Kong.
Image: Artist’s impression of Pollen & Bleu.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
