SINGAPORE - There was strong interest for a new private condominium project in Potong Pasir as buyers snapped up close to three-quarters of its first units released for sale over the weekend.
The Poiz Residences on Meyappa Chettiar Road, developed by MCC Land, sold 260 units out of 350 released for sale since Saturday, which is also 35.57 per cent of the total number of 731 units in the project. Prices are set at an average S$1,380 per square foot.
The units sold were evenly distributed among all unit types, with one-bedroom units forming 33 per cent, two-bedroom units at 36 per cent, and three- and four-bedroom units were at 31 per cent. Singaporeans formed 98 per cent of buyers.
Some 65 per cent of the residential units are one and two-bedroom units ranging in area from 420 sq ft to 1,259 sq ft.
The project forms part of a mixed-use development that includes retail component The Poiz Centre, which will be connected to the adjacent Potong Pasir MRT station.
It has three distinct zones - hotel-like "Suites" suitable for renting out, "Urban" units for price-sensitive young professionals and "Habitat" units for families looking for bigger spaces.
"The sales at our launch weekend were encouraging and we attribute its success to our strategic differentiation of the units into Urban, Habitat and Suites which are each targeted at different market segments," said Tan Zhiyong, managing director of MCC Land.
The Poiz Centre will span a gross floor area (GFA) of 50,000 sq ft and house 84 shops. About 10 per cent of the space is allocated to food and beverages. While MCC Land plans to lease out the retail units, it does not rule out selling some of these strata units if there is strong demand.
MCC Land's development pipeline includes a private condominium site on Tampines Avenue 10, which is expected to be launched in the third quarter of next year.
It is also undertaking project management for the private condominium project of HY Realty on Dundee Road, which is likely to be launched in the third quarter of next year.