Sengkang EC OLA sells a third of units on first weekend

Buyers of OLA purchased 167 of the 548 units in the executive condominium, which is located near Sengkang MRT station and slated for completion by December 2023. The total average price of the units sold on a per square foot basis was $1,135.
Buyers of OLA purchased 167 of the 548 units in the executive condominium, which is located near Sengkang MRT station and slated for completion by December 2023. The total average price of the units sold on a per square foot basis was $1,135.PHOTO: EVIA REAL ESTATE

Three in 10 of all units in executive condominium (EC) OLA in Sengkang have been snapped up within the first weekend of sales on Sunday, property developer Anchorvale said in a statement yesterday.

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

Buyers purchased 167 of the 548 units in the Spanish-themed District 19 EC, which is located near Sengkang MRT station 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 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 - live 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, the firm added.

Evia Real Estate director Vincent Ong said the proportion of buyers opting for deferred payment reflected the economic and job uncertainty here brought on by the continued spread of the coronavirus.

"OLA is probably the only sizeable residential project to proceed with its sales launch after the impact of the 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.

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 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 its vigorous marketing efforts for the property and keep its showroom open for the coming months.

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

Other health and safety measures implemented in its showroom include the installation of advanced air filters, stringent cleaning schedules, visitor temperature screening, and a minimum distance of 1m between those queueing to view show units.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on March 24, 2020, with the headline 'Sengkang EC OLA sells a third of units on first weekend'. Print Edition | Subscribe