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Published November 29, 2006

The Ford @ Holland sold out on launch day


(SINGAPORE) Another new housing project has been entirely sold on the day of its launch. All 85 units of Hoi Hup Realty's The Ford @ Holland were sold out within a few hours of its launch yesterday, with the most expensive unit - a 4,000 sq ft townhouse with basement and attic - going for just over $4 million.

They came, they bought: All 85 units were snapped up within a few hours

More than 200 people turned up for the launch that started at 11.30am yesterday, and within hours, the 10 townhouses and 75 apartments had been snapped up.

'More than 80 per cent of the buyers are locals,' said Ms Margaret Thean, executive director, DTZ Debenham Tie Leung (SEA). 'Of course, there were some expats too, who bought the units for investment and for their own stay.'

The smallest studio units - about 420 sq feet - were sold for just over $500,000, which makes the average selling price of The Ford @ Holland about $1,218 per sq ft.

The smallest townhouse, of about 3,300 sq ft, went for about $3.7 million.

Recent new projects in prime areas have been snapped up, fuelled by a recovery in the real estate market.

Katong's Grand Duchess at St Patrick's sold out within 36 hours of its launch, even after its price was raised twice over last Friday and Saturday to $740 per sq ft, or about $1 million for a three-bedroom unit.

The first phase of the 99-year leasehold Metropolitan at Redhill - 250 apartments - also sold out in a weekend, with prices going up to $780 per sq ft.

The Ford @ Holland's appeal was its location, said Wong Sjew Hung, director in charge of residential projects at Hoi Hup. The project is situated at the junction of Ford Avenue and Holland Road, near the future Holland Village MRT station.

The project also has a 25-metre pool.

'Our studio units also came with kitchen fittings and some furniture, so most buyers bought these to invest in, as it's easier to get tenants,' said Ms Wong.

Following this launch, Hoi Hup will have two new projects for sale early next year. One is at River Valley and the other at Cairnhill.

The River Valley project will have 118 units and will be launched in January and the Cairnhill one, with 48 units, is likely to be launched in March, Ms Wong said.

These will be luxury developments, she said, but she cannot say for now how much the projects will fetch. Both, like The Ford @ Holland, are freehold estates.

'It's still a few months away so nobody can tell how the market will move,' she said.