SINGAPORE - Midwood condominium at Hillview saw a take-up rate of just under 50 per cent on its weekend launch.
The 564-unit condo sold 24 of the 50 apartments released at an average of $1,560 to $1,750 per sq ft, one of the developers Hong Leong Holdings said on Sunday (Oct 27).
More than 3,500 visitors had dropped into the show suites before Saturday's launch with many pre-registering their interest in the one- and two-bedders.
A property analyst told The Straits Times that the take-up rate was below expectations.
Apartment sizes range from 484 square feet for a one-bedroom to 1,259 sq ft for a four-bedder. Early-bird prices start from $750,000 for a one-bedder, $1.015 million for a two-bedder, $1.420 million for three bedrooms and $1.999 million for the four-bedroom units.
All units at the 99-year leasehold estate, which is being jointly developed by Hong Leong Holdings and Hong Realty, come with balconies.
Ms Betsy Chng, head of sales and marketing at Hong Leong Holdings, was upbeat: "We are very pleased. While our attractive pricing might be one of the reasons for the strong turnout, we believe that Midwood's location and unique condo facilities are part of its mass market appeal.
"A majority of our buyers are Singaporeans while others see this as a good investment due to its close proximity to the MRT station."
Midwood is in Hillview Rise, a five-minute walk to Hillview MRT station and between two nature enclaves - Little Guilin and Bukit Timah Nature Reserve.
Nearby schools include CHIJ (Our Lady Queen of Peace), Assumption English School, St Francis Methodist School and German European School Singapore. A childcare centre will also be built on the site.
Midwood is the first condominium to be launched on a Government Land Sales (GLS) site by a two-envelope system. This involves the winner being selected based on the concept and subsequently the price.