Chinese developer Qingjian Realty will open its first mixed-use development - Le Quest in Bukit Batok West - for preview this weekend.
The average selling price for private homes at the 516-unit project is about $1,280 per sq ft, the developer said yesterday.
Le Quest, a 99-year leasehold development, will also have more than 6,000 sq m of retail space on the ground floor, with about 30 per cent of the space already leased.
"We think this is a fair price. It is the first mixed development in the area... Looking at the market now, we are optimistic about response for the project," noted Ms Yen Chong, deputy general manager at Qingjian Realty (South Pacific) Group.
Get The Straits Times
newsletters in your inbox
Le Quest will be launched for sale on Aug 5, with hopes that 150 apartments will go.
Sales of new private homes have been robust this year, boosted by positive market sentiment following the slight easing of certain cooling measures in March.
The homes at Le Quest - from studios to four-bedders - will be spread across five 12-storey blocks. There are 132 studio and one-bedroom units with sizes ranging from 431sq ft to 614sq ft.
Indicative prices for the studios start at $588,000, with one-bedders at $648,000, Qingjian said at a briefing yesterday.
Two-bedroom units, which span 592 to 829 sq ft, account for about 28 per cent of the development. They will cost at least $758,000.
Prices for the 192 three-bedders (818 to 1,206 sq ft) will start at $990,000, and the 48 four-bedroom apartments (1,130 to 1,528 sq ft) will start at $1.38 million.
Some analysts told The Straits Times that the prices seem to be on the high side.
"The average selling price is a bit rich for the neighbourhood and it is not near the MRT station. Buyers will be paying a premium," said International Property Advisor chief executive Ku Swee Yong.
On the commercial component, Ms Chong said despite the challenges facing the retail industry, Le Quest is drawing good response from prospective tenants.
Anchor tenant FairPrice Finest supermarket is set to take up more than 1,200 sq m, while foodcourt operator Koufu will occupy about 500 sq m.
The developer, which will be managing a mall for the first time here, is in talks with potential tenants, including fast-food joints and cafes, on leasing for another 20 per cent of the commercial space.
Ms Chong said the mall will have a "hipster/contemporary" theme, with 40 per cent of the retail space for food and beverage outlets and the remaining area going to other offerings.
Le Quest, which will feature smart-home technologies, is expected to be completed at the end of 2021.
This will be Qingjian's final new project launch this year.
The developer plans to launch a new development on the site of Shunfu Ville, which it acquired for $638 million via a collective sale last year, in the third quarter of next year.