A third of units sold at Sengkang EC OLÁ on first weekend at average price of $1,135 psf

The total average price of the units sold on a per square foot basis (psf) was $1,135.
The total average price of the units sold on a per square foot basis (psf) was $1,135.PHOTO: ANCHORVALE

SINGAPORE (THE BUSINESS TIMES) - A third of all units in executive condominium (EC) OLÁ in Sengkang have been snapped up within the first weekend of sales on March 22, property developer Anchorvale said in a statement on Monday (March 23).

One executive said these figures were encouraging despite a lower-than-expected turnout.

Buyers purchased 167 of the 548 units in the Spanish-themed EC, which is located near Sengkang MRT and slated for completion by December 2023.

Three of the nine penthouses sold at above $2 million each.

The total average price of the units sold on a per square foot basis (psf) was $1,135.

Anchorvale - a joint venture between Evia Real Estate and Gamuda Land - said that around 30 per cent of all three-bedroom, three-bedroom premium, four-bedroom and five-bedroom units were sold, as well as 10 per cent of all two-bedroom units.

It added that 102 units were sold to first-time buyers, while second-time buyers looking to upgrade their homes bought the remaining 65 units. The majority of buyers - 107 - lived in the same District 19.

Close to 40 per cent of the units sold were on a deferred payment scheme, while the rest were on normal progressive payment, it added.

Describing the turnout as "lower than expected", Evia Real Estate director Vincent Ong said the higher proportion of buyers opting for deferred payment reflected the economic and job uncertainty here brought on by the continued spread of the novel coronavirus.

"OLÁ is probably the only sizeable residential project to proceed with its sales launch after the impact of Covid-19 situation began to be felt across Singapore's economy. Under such exceptional circumstances, we are encouraged by the sales after the first weekend," he added.

 
 
 

"We remain convinced that this project has set a new standard for ECs in Singapore, and has been priced at affordable rates."

The luxury property will feature paintings by artist Eva Armisen and handmade ornaments by Spanish porcelain maker Lladro, including a chandelier with 200 fairies. Other features and services at the EC include lounges and clubhouses, telehealth services and complimentary classes such as dance, yoga and baking.

Mr Ong said the developer would continue vigorous marketing efforts for the property and keep its showroom open for the coming months.

It will also facilitate private viewings for buyers concerned about crowds amid the pandemic.

Other health and safety measures it implemented in its showroom include the installation of advanced air filters, stringent cleaning schedules, visitor temperature screening, and a minimum distance of one metre between those queuing to view show units.