SINGAPORE (THE BUSINESS TIMES) - Bukit Sembawang Estates' condominium project Liv @ MB in the Mountbatten area has sold more than 75 per cent of its 298 units, at an average selling price of $2,387 per square foot (psf).
More than 90 per cent of buyers were Singaporeans residing in the immediate neighbourhood, Bukit Sembawang said in a statement on Sunday (May 22).
Located on Arthur Road, Liv @ MB, which was launched on Saturday (May 21), is a 99-year leasehold project with units spread across four blocks.
It sits on 140,000 sq ft of land - with 80 per cent dedicated to recreational facilities and lush landscaping - and is a three-minute walk from the future Katong Park MRT station.
The project opened for preview on May 6, with indicative prices ranging from $1.08 million for a one-bedroom unit to $3.63 million for a four-bedroom deluxe one.
The range encompassed $2,190 psf for one-bedroom units (from 495 sq ft), $2,292 psf for two-bedroom units (from 624 sq ft) and $2,288 psf for two-bedroom deluxe (from 753 sq ft) to $2,080 psf for three-bedroom units (from 1,119 sq ft).
The four-bedders start from the 12th floor, with earlier indicative pricing ranging from $2,233 psf (from 1,518 sq ft) to $2,177 psf for the deluxe version (from 1,668 sq ft).
Huttons Asia chief executive Mark Yip said: "Another major project launch in 2022 has achieved more than 70 per cent sales on launch day. This is truly remarkable against the backdrop of cooling measures in December 2021, rising interest rates, rising inflation and global uncertainties.
"Regardless of government interventions in the housing segment, the market believes that today's pricing is acceptable as construction costs have risen considerably," he added.
Piccadilly Grand, the first major private residential development to come on the market since cooling measures were introduced, sold 77 per cent of units during its launch weekend earlier this month.
The joint residential project by City Developments and MCL Land recorded an average selling price of $2,150 psf.
Mr Lee Sze Teck, senior director of research at Huttons, said: "We foresee the positive sentiments from Piccadilly Grand and Liv @ MB to spillover to other project launches in the months ahead."