HONG Leong Group yesterday sold 65 units at Bartley Residences at an average price of $1,240 per square foot after a discount of up to 20 per cent.
During yesterday's preview, it released 120 units in the 702-unit, 99-year leasehold private condo next to Bartley MRT Station. According to Hong Leong, 90 per cent of the buyers at yesterday's preview were Singaporeans and permanent residents.
The absolute price of a one-bedroom unit ranges from approximately $610,000 to $670,000; a two-bedroom unit ranges from $970,000 to $1.1 million; a three-bedroom unit is between $1.2 million and $1.4 million; a four-bedroom ranges from approximately $1.65 million to $1.9 million; and a dual-key unit ranges from around $1.8 million to $2.1 million.
The average price psf of $1,240 is after absorption of 18 per cent (including the standard 3 per cent buyer's stamp duty discount, and 3 per cent early bird discount), and an additional 2 per cent district discount.
The figures are encouraging because the launch is in the middle of the week. This development is likely to gather pace towards the end of the week, and that might give a truer reflection. The developers may have launched it (on Tuesday) more to get a sense of ground sentiment.
In addition, at $1,240, the developer is aware of market conditions and is clearly pricing the project at the right level.
The project - developed by Bartley Development, a joint venture between Hong Leong Holdings, City Developments, and TID Residential - is located next to Bartley MRT Station, and offers a range of unit types, from one-bedroom units (463 sq ft) to four-bedroom units (1,345-1,377 sq ft), and dual key units (1,603 sq ft).
In January, the consortium won a 99-year leasehold private condominium housing plot at Mount Vernon Road. Their bid came in at $388.1 million, or $495 per square foot per plot ratio.
The developer is certainly in a good position to capitalise that segment of the market. There are not many new residential projects being launched in the area, so pent-up demand is expected to be coming in from potential upgraders from the vicinity.
Last month, the 992-unit, mixed-use development, Watertown, which is located in Punggol Central, saw more than 160 of the 250 units released during its preview snapped up. The 689-unit, 99-year condominium Parc Rosewood, in Woodlands sold 165 of the 236 units up for grabs during its preview launch.
Source: Business Times – 22 February 2012
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