Newton Imperial apartment units put up for bulk sale

A group of 21 apartment units at Newton Imperial in Newton Road has been put up for bulk sale, according to marketing agent Savills.

Ten of the units are 1,938 sq ft each in size, while the rest are 1,711 sq ft each in size. All units come with their own private lift lobbies.

While Savills did not indicate an asking price, the property firm said the other units sold in the 36-unit freehold development have fetched an average price of $1,850 per sq ft (psf).

"Despite the current cooling measures in place... gross yields between 3.0 per cent to 3.25 per cent are still achievable for this project as a result of its attractive price point," said Mr Arun Sugumaran, senior manager of Savills Regional Capital Markets.

Savills noted that recent sales of new launches in the Newton vicinity have been transacted at levels north of $2,000 psf.

It added that units in nearby projects, such as Wing Tai's L'Viv and Novelty Group's 26 Newton, have been sold at $2,100 to $2,600 psf, although that could partly be due to the units being smaller.

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