Published April 24, 2007

Bukit Sembawang sells 90% of condo at Woodleigh Close

BUKIT Sembawang has sold about 90 per cent of its 100-unit freehold Parc Mondrian condo at Woodleigh Close since April 10, achieving an average price understood to be just below $700 per sq ft.

Parc Mondrian: The architecture of the freehold condo is inspired by the cubist paintings of Piet Mondrian

Marketing agent DTZ Debenham Tie Leung said prices achieved range from $650 to $720 psf.

Mainboard-listed Bukit Sembawang is developing the project on the 41,694 sq ft Woodleigh Grove site it bought through a collective sale in July last year.

It paid $29.8 million, reflecting a unit land cost of $280 psf of potential gross floor area including an estimated $3 million development charge at the time.

Analysts put the breakeven cost for the new project at $580-600 psf ppr.

Parc Mondrian will be a 17-storey block with two-bedders, three bedders, three-bedders plus study and four-bedroom penthouses. Unit sizes range from 904 to 2,378 sq ft.

The architecture is inspired by the cubist paintings of Piet Mondrian, based on lines and planes.

Parc Mondrian is Bukit Sembawang's first residential release this year. Projects it is expected to launch this year include two freehold District 9 condos - the 102-unit Paterson Suites and the 123-unit The Vermont on Cairnhill.

Last year, Bukit Sembawang bought the Carlton Terrace site in Holland Road in a collective sale. It plans to develop a five-storey freehold condo of about 75 units there.