SINGAPORE - The property market continues to draw interest amid the pandemic, with over 90 per cent of 120 units released for The Landmark condominium snapped up on its launch weekend.
About 110 units were sold as of Sunday, representing some 30 per cent of the total number of units at the 99-year leasehold project in Chin Swee Road.
The units went for at an average price of $2,250 per sq ft (psf). About half of them are one-bedroom units with a starting price of $1,955 psf.
Most of the buyers are Singapore citizens and permanent residents, said developer Landmark JV on Sunday (Nov 29).
Located on the northern foothills of Pearl's Hill, The Landmark comprises a single 39-storey tower of 396 one- to three-bedroom units, five decks of lifestyle facilities, as well as views of the city skyline and southern coastline.
It is expected to obtain a Temporary Occupation Permit in March 2025.
Landmark JV is a joint venture between MCC Land, SSLE Development and ZACD Group. The partners bought the site through a collective sale of the former Landmark Tower in May 2018 for some $286 million or $1,406 psf per plot ratio. This includes a lease upgrading premium of $57 million. They also had to buy some adjoining state land, reported The Business Times.
In the light of the Covid-19 pandemic, sales bookings were done virtually from five locations, such as the project's sales gallery as well as the offices of marketing agencies ERA Singapore, Huttons Asia, PropNex and SLP International.
Mr Ken Chew, general manager of SSLE Development, said: "The positive response from home buyers on the launch day bears testimony to our commitment to price the project to sell.
"We hope that a higher live-in population within and around the Central Business District will add more vibrancy to this neighbourhood."