The Palette residential development at Pasir Ris Grove saw a brisk take-up of 200 units at its preview launch last weekend.
City Developments Ltd (CDL) released a total of 300 units in the 99-year-leasehold development at the preview.
The average selling price of the 892-unit residential project, located within walking distance to Pasir Ris MRT Station, was in the range of $870 per square foot, with prices beginning at $561,000 for a 495-sq-ft one-bedder on a low floor and $1.8 million for a 2,217-sq-ft penthouse.
Unit layouts in the 12-block project range from one-bedders (up to 700 sq ft) to four-bedders (up to 1,798 sq ft).
The residential development also has a total of 10 penthouses (from 2,217 sq ft to 2,562 sq ft), of which all four units launched last weekend have already been taken up.
Warm responses have also been noted in other project launches located primarily in the heartland regions.
Notably, Sim Lian's 99-year-leasehold residential project, Parc Vera, has met with keen interest from local buyers and has sold about 200 out of 240 units since its launch on Oct 28 at an average price of $800 per sq ft.
Located along Hougang Avenue 7, the 452-unit development is also close to recreational sites such as the Serangoon Park Connector and Punggol Park.
According to a property consultant, most of the buyers of Parc Vera already reside in the North-Eastern part of Singapore, with many citing proximity to their parents' homes as a priority.
Despite concerns that residential prices are near a top, continues to expect healthy sales in the heartland regions on the back of real demand from local buyers.
As HDB prices continue to soar, there is a narrow price differential between public and private homes.
Source: Business Times – 15 November 2011
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