UOL sells 276 units at Avenue South Residence

[reporter2]

UPDATE: UOL sells 276 units at Avenue South Residence

By Cecilia Chow / EdgeProp Singapore

September 7, 2019 7:33 PM SGT


On the first day of launch, as at 7.45 pm on Sept 7, UOL Group sold 276 out of 300 units released at Avenue South Residence. The sales translates to 26% of the total 1,074-units in the residential project developed jointly by UOL Group, UIC and Kheng Leong Co.

The buyers were mostly Singaporeans, comprising a mix of investors and owner occupiers, according to Jesline Goh, chief investment and asset officer of UOL Group. The most popular units were the one- and two-bedroom units, she adds. The three- and four-bedroom units also saw healthy take-up.

“Buyers are particularly attracted to the growth potential of this precinct as well as the strong product attributes,” continues Goh. The project is located at the junction of Kampong Bahru Road and Silat Avenue, on the doorstep of the Greater Southern Waterfront. It’s also near the Rail Corridor.

Units in the Heritage Collection were also among the most sought after, according to Bruce Lye, managing partner of SRI, joint marketing agents of Avenue South Residence, with ERA Realty Network, Huttons Asia and PropNex. The Heritage Collection comprises just 86 units in five conserved blocks that were built by the former Singapore Improvement Trust (SIT), the predecessor of HDB.

The units were built around the same era as those in the Tiong Bahru conservation area. “Many buyers took the Tiong Bahru flats as an example, as these have leases of less than 50 years and yet, prices are holding at around $1,000 psf,” says Lye. “The attraction of the units in the Heritage Collection is that they come with a fresh 99-year lease.”

In terms of average prices, units at Heritage Collection are around $1,780 psf, while those of the Horizon Collection are at $1,980 psf, and the Peak Collection has prices from $2,250 psf.

Due to the overwhelming response, the developer is releasing another 200 units on September 8. These units include those in the Peak Collection, located on the 37th to the top floors of the twin 56-storey towers. The majority of these units are south-facing with prime waterfront views, says UOL’s Goh.

"Thereafter, we are launching the project overseas, as we are receiving enquiries from foreign buyers,” adds Goh.

[reporter2]

More than 90% of 300 Avenue South Residence units launched on first day sold

Mon, Sep 09, 2019

CLAUDIA CHONG


MORE than 90 per cent of the 300 launched units in Avenue South Residence were snapped up on Saturday, the first day of sales.

UOL Group, which is part of the consortium behind the 1,074-unit development at Silat Avenue, said buyers were mostly Singaporeans, comprising both investors and homeowners.

The other members of the developer consortium are UOL subsidiary United Industrial Corporation, and Kheng Leong Company.

Jesline Goh, UOL's chief investment and asset officer, said: "The more popular units were the one- and two-bedroom units. The three- and four-bedroom units also saw healthy take-up. Based on what we saw, buyers are particularly attracted to the growth potential of this precinct as well as the strong product attributes."

One-bedroom units (474 to 527 square feet) started from S$858,000 and two-bedroom units (657 to 883 sq ft), from S$1.15 million.

Another 200 units, including the Peak Collection, were launched on Sunday, with majority of the units south-facing with waterfront views. Units categorised as the Peak Collection - from the 37th storey onwards - offer unblocked views of the city skyline and are going at more than S$2,250 per square foot (psf).

UOL said it will launch the project overseas, as it is receiving enquiries from foreign buyers.

Units in the project span two 56-storey towers, as well as five conserved four-storey blocks dubbed the Heritage Collection. There are 223 three-bedroom units ranging in size from 947 to 1,302 sq ft, and 104 four-bedroom units from 1,496 to 1,668 sq ft.

Its Heritage Collection units are going at an average price of S$1,780 psf, and the Horizon Collection - or units from the third to the 35th floor - at S$1,980 psf.

Avenue South Residence will also feature nearly 10,000 sq ft of commercial facilities, including F&B outlets and a childcare centre.

The developers secured the land parcel via government tender in May last year at S$1.035 billion or S$1,138 psf, based on gross floor area.