Large crowds turned up at the Stars of Kovan showflat over the weekend, but this didn’t translate into strong sales. (Photo: Cheung Kong Property)
Hong Kong developer Cheung Kong Property sold 15 percent, or 60 of the 395 residential units at its much talked about Stars of Kovan mixed-use development over a two-day VIP pre-sale event last weekend.
The one- to three-bedroom units, which range in size from approximately 506 sq ft to 1,023 sq ft, were sold from $666,400 to $1.41 million. The 99-year leasehold project has an average price of $1,408 psf.
These figures include a five percent early-bird discount and up to $20,000 off the price list, which was only made available on both days. But it may be extended depending on demand.
“We may revisit the offer and discontinue it at any time as we see fit,” said Francis Wong, Director of Property Enterprises Development, an arm of Cheung Kong.
Buyers consisted mainly of home upgraders, while the rest were long-term investors in the property leasing market.
“There were a few multiple-unit buyers purchasing for both family use and investment purposes,” added Wong.
Stars of Kovan is the developer’s first residential-cum-commercial development in Singapore, and is slated for completion by 2020.
Located at the junction of Upper Serangoon Road and Tampines Road, the development is made up of four high-rise blocks with 390 residential apartments and five strata terrace units, as well as 46 British-inspired commercial shops on the ground floor.
Although the developer seems pleased with the response so far, the number of transactions is much lower than Sturdee Residences in the Jalan Besar area, which sold twice the number, or 122 of its 305 units in one day during a VIP preview in April, at an average price of $1,550 psf.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
