http://www.businesstimes.com.sg/archive/tuesday/specials/property/buy-pledges-bagged-40-cluny-park-residence-20140307
Published March 07, 2014
Buy pledges bagged for 40% of Cluny Park Residence
Developer Tuan Sing attributes interest to project's location, investment potential
By lee meixian
[email protected]
http://i.imgur.com/5SDHbTU.jpg
Deluxe feature: Each ground floor unit of Cluny Park Residence comes with a private pool
CLOSE to 40 per cent of the 52 units at upmarket freehold condominium Cluny Park Residence have received purchase commitments ahead of its official launch tomorrow.
These commitments - by mainly professionals and businessmen - were made at private previews since its soft launch last August. Of the buyers, 70 per cent are Singaporeans, William Liem, chief executive officer of the developer Tuan Sing Holdings, told reporters at a media preview yesterday.
The strong interest comes amid an uncertain residential property market still reeling from cooling measures implemented last year.
Mr Liem attributed this to the development's excellent location and long-term investment potential, thanks to its freehold status at a prime location.
The District 10 condominium, nestled in an enclave of good class bungalows in Bukit Timah, overlooks the Singapore Botanic Gardens and is next to the French Embassy.
Incidentally, this brought about several development and design constraints as the embassy was "very strict" about the facing of its units.
As a result, a "really painful" compromise was made to do away with balconies for certain units overlooking the embassy, Mr Liem said.
Cluny Park Residence is also within close proximity to popular schools such as Nanyang Primary School, Raffles Girls' Primary School, Singapore Chinese Girls' School and Hwa Chong Institution.
The development sits on a 49,000 square foot plot of freehold land and houses two to four-bedroom units, including eight penthouses.
Each unit comes with a private entrance foyer, and every ground floor unit also has a private pool.
Units are priced from $2.3 million for an 800 sq ft two-bedder to $4.5 million for a 1,400 sq ft four-bedder. Penthouse units come in compact (about 1,200 sq ft) and large (about 2,800 sq ft) sizes, costing about $5 million and $8 million, respectively.
All these work out to a price range of about $2,860 to $4,170 per square foot.
Mr Liem, who lives in a ground floor unit of Botanika, a Holland Road condominium also developed by Tuan Sing, revealed that he has also bought "one of the bigger" units at Cluny Park Residence.
"I like to stay at our own condos to experience and see what we can do to improve. Certainly, I will stay here (at Cluny Park Residence) when it is completed.
Chief financial officer Chong Chou Yuen said: "We want to sell and design our property to the extent that we ourselves feel comfortable (in them). We will not sell a property that is not comfortable, too restrictive or too cramped."
The project is expected to receive its temporary occupation permit in the third quarter of 2016.
Its showflat at Dempsey Road will be open from Saturday between 10am and 7pm daily.