EL Development is launching 99-year leasehold condo 200-unit Rosewood Suites at $580 per sq ft (psf) on average.

The developer held a sneak preview to test the market a fortnight ago and then a soft launch last weekend, when it sold half of the 60 launched units.

Launches have been few and far between in recent months as most developers continue to hold off given volatile markets and poor sentiment.

'We tested the market ... and we were pleasantly surprised that the response was good so we are going ahead with the launch,' said Mr Lim Yew Soon, managing director of El Development, a unit of local builder Evan Lim & Co.

'If we had waited till next year, there will be a lot of competition. It's better to have a first-mover advantage.'

Rosewood Suites is a five-storey development with one- to four-bedroom apartments. It is in Rosewood Drive, next to the 99-year, 478-unit Casablanca condo and opposite Innova Junior College. The popular suburban mall Causeway Point and Woodlands MRT station are both within walking distance.

Read the full story in Friday's edition of The Straits Times.