SINGAPORE (THE BUSINESS TIMES) - Some 77 units of the 107-unit freehold strata landed housing project Belgravia Ace were sold at the weekend.
The development comprises 104 semi-detached houses and three terrace houses, with 85 units being released for sale so far.
It sits on a 290,520 sq ft, freehold plot in Belgravia Drive, off Ang Mo Kio Avenue 5, and is developed by Fairview Developments, a joint venture between Tong Eng Group and Yeap Holdings.
Of the three terrace houses, two were sold at an average price of above $4 million, while most of the semi-detached houses were sold at between $4.3 million and $4.6 million, said a report by EdgeProp.
"The strong demand for reasonably priced landed homes is largely unaffected by the cooling measures because the buyers are predominantly Singaporeans who can avoid paying the ABSD (additional buyer's stamp duty) if they are buying their only residential property," said Mr Nicholas Mak, head of research and consultancy at ERA.
"In addition, there's limited new supply of all types of landed houses. Plus, the landed housing market doesn't depend on foreign demand. Hence, the sales performance of the landed housing market doesn't necessarily mirror that in the condominium market."
Located in District 28, Belgravia Ace is a 20-minute drive to Orchard Road, Marina Bay Sands and the Central Business District area. It is also close to educational institutions like Ai Tong School, and nearby shopping malls such as Seletar Mall and Greenwich V.