Published March 10, 2007
All but 1 Sky@eleven options exercised
By UMA SHANKARI
ALL options except one to buy units at 273-unit Sky@eleven have been exercised, the Thomson condominium's developer, Singapore Press Holdings (SPH), said yesterday.
At its launch in January, all the 273 units of Sky@eleven 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 Sky@eleven, 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.