Robust weekend sales of mass-market condominiums

Buyers made a beeline for recently launched mass-market projects over the weekend.

The new projects high on the shopping list included Stratum in Pasir Ris, Whitehaven in Pasir Panjang and Corals at Keppel Bay, which were all launched or previewed last week.

The Straits Times understands that the 380-unit Stratum moved about 190 apartments on Saturday and Sunday of the nearly 250 units released in the first phase.

Units at the 99-year leasehold development were launched at around $900 psf. Sizes range from 432 sq ft for a studio to 2,446 sq ft for a five-bedroom duplex penthouse.

The Elias Road project is being developed by Elitist Development, which is related to the Lim family behind the Sin Soon Lee Group.

Whitehaven, which has 121 units and is being developed by Roxy-Pacific Holdings, sold nearly 70 units over the weekend, said the firm's chief executive, Mr Teo Hong Lim, yesterday.

The average price at the five-storey freehold project was between $1,470 and $1,480 psf, he added.

Sales were also robust at the preview of the 99-year leasehold Corals at Keppel Bay by Keppel Land, which is near Harbourfront MRT. More than 80 of the 100 units released were snapped up after the preview began on Friday, Keppel Land said yesterday.

Buyers are believed to be mostly Singaporeans.

Prices at the 366-unit project are said to have ranged from $1,800 to $3,000 psf.

Keppel Land said most units sold have been one- to three-bedders. There are also four-bedroom units and eight penthouses. Sizes range between 600 sq ft and 3,500 sq ft.

The lease for Corals starts from 2007. It is not subject to rules that stipulate that the developer has up to five years to build the project and then has to sell all the units within two years of obtaining the temporary occupation permit.

Corals is the third residential project by Keppel Corporation and Keppel Land on the former Keppel Harbour site, after the 969-unit Caribbean at Keppel Bay and the 1,129-unit Reflections at Keppel Bay.

Corals at Keppel Bay will be officially launched this weekend.

Upcoming launches expected this month include the 142-unit KAP Residences at King Albert Park, which is being built by Oxley Holdings, and the 64-unit Liv on Sophia near Dhoby Ghaut MRT station, which is by Roxy-Pacific. Both are freehold.

Liv on Sophia at 14 Adis Road has 64 two-bedroom units from 527 sq ft. They are expected to be priced from $2,500 psf.

Other projects that may go on the market soon include the mixed development NeWest on West Coast Drive, at the former site of Hong Leong Garden Shopping Centre. The 12-storey residential and commercial development is on a 999-year lease.

A 118-unit cluster housing development called Belgravia Villas in Ang Mo Kio is also expected to be launched at the end of next month or the beginning of July. Prices for the houses are expected to start from $2.9 million.

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