SINGAPORE – Amber Park sold 115 units at an average early bird price of $ 2,425 per square foot, after the East Coast 592 condominium project launched over the weekend. This accounted for 77 per cent of the 150 units released by City Developments Limited (HLF) and its joint venture partner Hong Realty.
The number used was "the strongest launch weekend sale for this year's freehold project", said HLF in a statement to the media on Sunday (May 5).
The units sold – which included penthouse – totaled over $ 240 million and included all flats.
HLF said that about 85 percent of the buyers were in Singaporeans, while the rest were mainly foreigners from China, Malaysia, Indonesia, India and others.
Early bird prices of $ 1.088 million for a one bedroom apartment and more study, $ 1.608 million for a two-bedroom study and more, $ 1.628 million for two-bedrooms, began $ 2.18 million for a four-bedroom bedroom t Additional study, $ 3.438 million for four bedrooms and $ 4.98 million for a five-bedroom premium.
The size of the units ranges from 463 square feet for a one bedroom study along with 5,005 square feet for the penthouse studying six largest bedrooms as well as studying.
General manager of HLF group, Mr Chia Ngiang Hong said: "Sales for this project are a good start, showing a healthy demand for projects that have been well positioned. As a freehold project in Area 15 t is located so close to A MRT station, Amber Park draws buyers looking for projects with good investment value. "
ZACD Group head of research and consultancy, Nicholas Mak, said about the early bird pricing: "Reflecting the quality of the location, freehold tenure as well as the reliability of a brand name developer, which will give a premium on the price."
He added that the East Coast area was a popular residential location with residents and investors as it was one of the few locations in Singapore offering views of the sea and access to the city. .
The launch follows 2,989 new private homes to the market in the first quarter of this year, around 80 per cent more than in the previous quarter. The claim rate for these new units remained broadly the same over both periods, with developers selling 1,838 units in the first quarter of this year compared to 1,836 in the previous quarter.
Amber Park's 213,675 sq ft site was purchased in October 2017 for $ 906.7 million, which at that time was a dollar value record for freehold properties sold en bloc. This was equivalent to a land price of a ratio of $ 1,515 psf per plot.
The condo project, which is due to be completed in 2024, is a three-minute walk from the imminent Katong Tanjong Katong station on the Thomson-East Coast Line. Schools within a 2km radius include Ysgol Tao Nan, CHIJ (Katong) Primary and Katong Tanjong Girls School.
Having been designed by chief architect SCDA Architects Chan Soo Khian, the leisure deck development has 32,507 square feet recreation connecting three 21-storey towers.
Being called Stratosphere, it includes a 600m air jogging track, has been touched by HLF as the first for a condo in Singapore, as well as a yoga deck, gym and spa pool, among other facilities.