Newton One almost sold out in 6 months

Property
Published September 14, 2006

Newton One almost sold out in 6 months
Nearby projects such as Park Infinia, Residence @ Evelyn also selling well


By ARTHUR SIM



NEW residential developments in the Newton area are proving to be highly popular with one close to be fully sold in just several months.


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Newton One: Singaporeans and permanent residents accounted for 75-80% of the buyers, and they were mostly young families and some young singles


Newton One, launched about six months ago by Lippo Realty, has only three units and one penthouse left out of 91 units for sale. And the developer has not decided to sell the penthouse yet.

On a much larger scale, Keppel Land's Park Infinia, launched around Q4 2005, has sold 90 per cent of 392 units launched out of a total of 486 units. City Developments, which launched the 208-unit Residence @ Evelyn in June, have sold about 85 per cent of the 106 units launched.

Lippo in particular appears to be right on the mark with its formula for Newton One, despite being located close to the flyover at Newton Circus. A Lippo spokeswoman said most of its buyers had highlighted design and the fittings provided as a deciding factor. 'A lot of people actually compared our design with other developments and then came back to buy Newton One.' And most of the buyers are Singaporeans or permanent residents. 'They make up about 75-80 per cent,' she said, adding that the profile of buyers were mostly that of young families, with some young singles.

Savills Singapore senior manager of research and consultancy, Wallace Chu, said the appeal of the Newton area is that it represents the 'best of both worlds', explaining that it was close to Orchard Road, yet set in a leafy neighbourhood.

Prices are also attractive as the public perception is that 'Newton is not as prime as Orchard', he said. Mr Chu also noted that there are potentially more redevelopment sites in the area, with a variety of projects to choose from. Prices for Newton One average $1,250 psf while the average price for Residences @ Evelyn is $1,225 psf and Park Infinia cost about $950 psf.

One development that will be launched this weekend is The Merlot by Fragrance Properties. The 15-storey development on Keng Lee Road is comparatively small - there are only 42 units. It will be priced competitively starting at $680 psf. Units are between 517 sq ft and 1,098 sq ft.