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Property News09 Sep 2019

More than 90% of 300 Avenue South Residence units launched on first day sold


[Get Insights Report] Avenue South Residence amenities, pricing comparisons, and potential rental yield.

MORE than 90 per cent of the 300 launched units in Avenue South Residence were snapped up on Saturday, the first day of sales.

UOL Group, which is part of the consortium behind the 1,074-unit development at Silat Avenue, said buyers were mostly Singaporeans, comprising both investors and homeowners.

The other members of the developer consortium are UOL subsidiary United Industrial Corporation, and Kheng Leong Company.

Jesline Goh, UOL's chief investment and asset officer, said: "The more popular units were the one- and two-bedroom units. The three- and four-bedroom units also saw healthy take-up. Based on what we saw, buyers are particularly attracted to the growth potential of this precinct as well as the strong product attributes."

One-bedroom units (474 to 527 square feet) started from S$858,000 and two-bedroom units (657 to 883 sq ft), from S$1.15 million.

Another 200 units, including the Peak Collection, were launched on Sunday, with majority of the units south-facing with waterfront views. Units categorised as the Peak Collection - from the 37th storey onwards - offer unblocked views of the city skyline and are going at more than S$2,250 per square foot (psf).

UOL said it will launch the project overseas, as it is receiving enquiries from foreign buyers.

Units in the project span two 56-storey towers, as well as five conserved four-storey blocks dubbed the Heritage Collection. There are 223 three-bedroom units ranging in size from 947 to 1,302 sq ft, and 104 four-bedroom units from 1,496 to 1,668 sq ft.

Its Heritage Collection units are going at an average price of S$1,780 psf, and the Horizon Collection - or units from the third to the 35th floor - at S$1,980 psf.

Avenue South Residence will also feature nearly 10,000 sq ft of commercial facilities, including F&B outlets and a childcare centre.

The developers secured the land parcel via government tender in May last year at S$1.035 billion or S$1,138 psf, based on gross floor area.

Source: The Business Times
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