Avenir sells 20 units on first day of its launch

Mon, Jan 13, 2020


HONG Leong Holdings Ltd (HLHL) said it moved 20 units of its joint venture "ultra-luxe" condominium project, The Avenir, at an average selling price of S$2,960 to $3,560 per square foot (psf) on the first day of its launch on Saturday.

Only 40 units were released during its weekend launch. Seven out of the 20 units sold were premium apartments, said HLHL in a press release on Sunday.

Jointly developed by HLHL, mainboard-listed GuocoLand, and Hong Realty (Private) Limited, apartment sizes in the 376-unit freehold condominium range from 527 square feet (sq ft) for a one-bedroom apartment to 2,411 sq ft for a four-bedroom unit.

Prices begin from S$2,930 psf for one-bedroom to three-bedroom units, while four-bedroom units start from S$3,030 psf.

Two-thirds of buyers are locals while one-third are foreigners from China and the United States.

According to Betsy Chng, head of sales and marketing at HLHL, more units are likely to be sold, pending telegraphic transfers of deposits and issuance of options.

"We are very encouraged by the positive response to The Avenir. It is a good indicator of a healthy appetite for luxury condominiums with larger units in Singapore's prime residential market," she said, adding that the project is built on an "expansive" site area of about 129,648 sq ft, which the trio of developers had acquired in March 2018 for S$980 million in the biggest collective sale in a more than a decade.

The Avenir is a short distance away from the upcoming Great World MRT station and the Great World City mall.

The project, in District 9 of River Valley, is near the Eton House Pre-School, Odyssey The Global Pre-School and River Valley Primary School. Its sales gallery is located at the junction of Upper Cross Street and Chin Swee Road.

Shares of GuocoLand were down one cent to S$1.940 on Friday.