SINGAPORE (THE BUSINESS TIMES) - About a third of the residential units offered at Normanton Park were sold at an average price of $1,750 per square foot on the first day of sales, developer Kingsford Huray Development said on Sunday afternoon (Jan 17).

Of the 600 residential units sold, 80 per cent are one- and two-bedroom units, it said in a press statement. Three commercial units were also taken up.

The development, which is expected to obtain Temporary Occupation Permit (TOP) in 2023, consists of 1,840 apartment units, 22 two-storey strata terraced units and eight commercial units.

Most of the home buyers are Singapore citizens and permanent residents who are either "owner-occupiers or property investors", Kingsford added.

Normanton Park is likely the last mega project to be launched for a while. Its show gallery saw a heavy turnout of some 12,000 visitors during its 13-day preview this month, despite the heavy rain over the first two weekends.

Kingsford was slapped with a no-sale licence for nearly two years for the project for failing to meet the requirements for a sale licence.

This was lifted on Nov 30, according to the Urban Redevelopment Authority's website, after which a sales licence was issued.