March 9, 2007

Over 80% of One North Residences sold in 3 days

Prices for units up as high as over $1,000 psf, with average cost now at $885 psf

By Joyce Teo, Property Correspondent

NEW KID ON THE BLOCK: The 99-year leasehold condominium (above) is the first to be marketed at the 200ha research hub one-north at Buona Vista. Coming up next in the area is the 368-unit One Rochester, which developer United Engineers expects to release for sale in mid-April.

ALL but 70 units of the 405-unit One North Residences have been snapped up in just three days at private previews.

It is the first condominium to be marketed at the $15 billion 200ha research hub one-north at Buona Vista.

Units were sold at prices ranging from about $550,000 to $2.4 million. The highest transaction was done yesterday at over $1,000 per sq ft (psf), market watchers said.

On average, prices are now hovering around $885 psf, up from $850 psf on Tuesday.

Most of the buyers - possibly around 80 to 90 per cent - are Singaporeans, market watchers said.

As of last night, around 70 units were unsold, most of them one-bedroom units, now priced at about $950 psf.

The soft launch of One North Residences was planned for tomorrow. Sales started on Tuesday with a staff preview, when directors, staff and other buyers picked up 60 units and prices were raised by 2 to 5 per cent, said market sources.

These buyers included those on an elite list, such as senior civil servants and prominent businessmen.

Wednesday was reserved for the bulk purchasers, including funds interested in buying several units at one ago.

Invited home buyers packed the show-flat yesterday, picking up many more units of the 99-year leasehold condo.

All the nine penthouses ranging from 1,970 sq ft to 3,251 sq ft, as well as all the two-bedroom units have been sold.

The condo will be developed by a joint venture between UOL Group, Low Keng Huat and privately-held Kheng Leong.

While its apartments come in a wide range of sizes, most of them are the one- and two-bedroom apartments, ranging from 592 sq ft to 1,259 sq ft.

There are also 85 single-level and duplex small-office, home-office units, which range from 517 sq ft to 1,281 sq ft, and 20 shops.

Market watchers say some home buyers bought to speculate, while others bought into the area's prospect as a thriving research hub.

The condo is marketed by Knight Frank and Savills Singapore.

Next up at one-north is the 368-unit One Rochester, which developer United Engineers expects to release for sale in mid-April.

The condo is part of a mixed development that includes a block of about 300 hotel rooms and service apartments, and a retail podium with about 100,000 sq ft of space.

The hotel rooms, service apartments and shops are only for lease.

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