About 10% of One North Residences sold: sources

Published March 8, 2007

About 10% of One North Residences sold: sources

Prices range from $800 to $900 psf during preview

By UMA SHANKARI


ABOUT 10 per cent of apartments at the 405-unit One North Residences have been sold so far this week at prices of $800 to $900 per square foot, BT understands.

Sources say that units in the project, which is a joint venture between UOL Group and privately held Kheng Leong, started previewing to invited guests earlier this week, and since then, about 10 per cent have been snapped up.

Prices can be expected to climb slightly during the official launch, market watchers said.

The good response means that United Engineers (UE), which was originally planning to launch its nearby 368-unit One Rochester later this month, can now be expected to push out the project quite soon.

Right now, the showflats for One Rochester are being built, and UE will launch the project once everything is ready, BT understands.

One Rochester is part of a mixed development that includes a hotel, serviced apartment block and a retail complex. It has units ranging from 770 square feet to 2,900 sq ft, though most are 1,500 sq ft three-bedders.

Industry players had earlier speculated that both UE and the UOL-Kheng Leong partnership were waiting for the other to launch its project, with the second project taking its pricing cue from the first.

This was especially important for the developers when it comes to the $15 billion 200-ha research hub one-north, which is relatively untested when it comes to its residential potential. One-north can accommodate about 20,000 residential units in all.

With One North Residences setting the tone, One Rochester will likely be launched at prices higher than the $800-$900 range, said one observer.

Also this weekend, Bukit Sembawang Estates will launch the final phase of Mimosa Terrace on Mimosa Road in the Yio Chu Kang/Seletar area.

Some 44 units are available in this phase, with 'intermediate' units going for $1.3 million each, and corner terraces offered at $1.5 million apiece.

check jtc's old press release. the residence here were supposed to be targeted at "economy" condo prices. 400plus psf. now it's double.

if it's for investment, who's going to rent ? researchers (mostly from china and india) won't pay a few thousand dollars to stay in overpriced apartments.

Developers are overpricing the projects , i see a ridiculous bubble in the property market . Which biotech company would pay more than $6,000 for housing each of their staff . If the cost in Spore is too high , how is the Biotech industry going to fly ????? This market is going to give a backlash to foreign companies in the long run . The bubble is going to burst soon .

one-north is the next pillar and the place. MDA and EDB know and are moving there. One-North Residences sits beautifully in the middle of one-north. This is great! The highest psf done for One-North Residences is $1,100 psf.

Is $1,100 psf too high? Should One-North Residences sold out?
Analysts could still be working on the answer. Why not wait 2 weeks for the answer. One Rochester launch will provide the answer.

Will One Rochester launch at $1,200 psf or higher.
Analysts are still guessing the number. Why not wait 2 weeks?
The launch will provide the answer.