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Thread: All but 1 [email protected] options exercised

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    Default All but 1 [email protected] options exercised

    Published March 10, 2007

    All but 1 [email protected] options exercised

    By UMA SHANKARI


    ALL options except one to buy units at 273-unit [email protected] have been exercised, the Thomson condominium's developer, Singapore Press Holdings (SPH), said yesterday.



    At its launch in January, all the 273 units of [email protected] were snapped up within 30 hours at an average price of $975 psf.

    When the condo was launched in January, all 273 units were snapped up within 30 hours at an average price of $975 per square foot (psf), although some buyers sought an immediate resale at a higher price.

    The pattern was notably different to that with the high-profile launch of Shenton Way condo One Shenton, where most apartments in the 341-unit project were sold in 30 hours at prices of between $1,500 and $2,200 psf.

    This was then followed by dozens of newspaper ads offering units for resale, although agents said there were few takers.

    In the end, more than 30 options - or about 10 per cent of the units sold - were not exercised when the deadline passed. Market watchers said this amounted to about 10 times the average proportion of lapsed options in a typical residential development.

    At [email protected], on the other hand, options for all units except one four-bedroom apartment were exercised, SPH said. The one unclaimed unit will now be resold, with SPH still deciding on the price.

    In another sign of strong interest in new projects, about 85 per cent of the 405-unit One North Residences has been snapped up since the project started selling on Tuesday. The development, which is a joint venture between the UOL Group and privately held Kheng Leong, is the first condo to be launched at the $15 billion, 200ha research hub one-north.

    Units were sold at an average price of $880-$890 psf, with the price in one case hitting $1,100 psf. Most of the buyers are Singaporeans.

    Of the 60 units left, most are one-bedroom units, which will now sell for about $870 psf.

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    Default SPH sells last remaining [email protected] unit

    Published March 13, 2007

    SPH sells last remaining [email protected] unit


    SINGAPORE Press Holdings (SPH) has sold the last remaining unit at its freehold Thomson condominium [email protected] at 'above the average price', the media giant said yesterday.

    When the condo was launched in January, all 273 units were snapped up within 30 hours at an average price of $975 per square foot (psf). Subsequently, all but one option to purchase units in the project were exercised, SPH said.

    The one 'unclaimed' unit was sold last week at above the average price, SPH said. The company did not reveal the exact price at which the apartment, a 2,700 sq ft four-bedder, was sold. But units at [email protected] have been fetching upwards of $1,000 psf on the resale market. During the launch, the highest price recorded was $1,200 psf.

    Based on the average transacted price of $975 psf, total revenue from the project is estimated to exceed $650 million. SPH said after the project was sold out that the financial impact could not be ascertained then as it is dependent upon a number of factors including total construction costs.

    Located at Thomson Lane off Thomson Road, the 43-storey high [email protected] is the tallest development in the area. When completed at end-2009, the project promises great views of the reservoirs and the city skyline. Residents will also enjoy top quality finishes and fittings, luxurious condominium facilities and lush landscaping, SPH said when launching the project.

    SPH shares closed 8 cents up at $4.42 yesterday. The company's stock price has climbed 3.3 per cent since the start of the year.

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