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Singaporeans Flock to New Launch Condo Units

Singaporeans are now, more than ever, in the market for luxury housing. Locals snapped up over 88 per cent of the one- to five-bedroom condos for sale offered by North Park Residences at its soft launch last April. The developer, Frasers Centrepoint, said in a statement that sales were evenly spread across the different types of unit.

The units, which are available through New Launch Condo, attracted a large number of home-seekers. The developer’s statement added that the condos for sale, which comprise the residential component of Frasers’ upcoming Northpoint City mixed development, sold 313 of 430 available units.

Anthony Wong, general manager for marketing at UOL Group, which launched its 797-unit Botanique at Bartley in Upper Peyar Lebar (also available through New Launch Condo) around the same time as Northpoint City, said that they, too, sold more than 50 per cent of their units. Their condos for sale went for an average of $1290 per square foot.

Condos for sale at the 920-unit NorthPark Residences project in Yishun were discounted by about 11 per cent, and sold at an average of price of $1300 per square foot, with studio units going for $612,000, and five-bedroom units selling for almost $2 million.

The developer’s shopping mall unit sweetened the deal by offering shopping vouchers for between $2000 and $4000 to New Launch Condo customers and other buyers. They condos were generating traffic even before the soft launch: the developers said over 5000 people visited its show suite, which had opened three weeks prior.

In comparison, Botanique at Bartley’s one- and two-bedroom units accounted for around 70 per cent of sales. Like North Park Residences, Singaporeans bought most of the condos for sale, while foreigners purchased around 20 per cent of the units. Prices start at $598,000 for a one-bedder, with three-bedders going for $1.68 million. Botanique also offers “flexi-units:” two- and three-bedders that can be converted to dual-key apartments.

The Botanique at bartley condos for sale are, on average, less pricey than those offered by North Park Residences. At a briefing held before the Botanique at bartley launch, president of property at UOL Group, Liam Wee Sin, said that over 70 per cent of its units were priced below $1 million.

Chief executive of development and property at Frasers Centrepoint, Cheang Kok Kheong, said the strong demand for North Park Residences suggests that purchasers are savvy about being part of an integrated development, in addition to the benefits of its Yishun locality. Cheang added that the general public has been hearing about the Yishun’s makeover: its regeneration from that of a mature city to one with new services for education, medicals, recreation, transport, and other practical needs.

Yishun Integrated Transport Hub, which houses a subway leading to Yishun MRT station, and an air-conditioned bus interchange, links to Northpoint City. Botanique, on the other hand, is located within walking distance to Bartley MRT Station, and is near Maris Stella High School, Paya Lebar Methodist Girls’ School, and the Australian International School.

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