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Property News13 Jan 2020

Luxury River Valley condo sells half of 40 units launched

ST 20200113 BIZAVENIR3 5376814
The Avenir, which has a total of 376 units, was officially launched on Saturday with apartment sizes ranging from 527 sq ft for a one-bedroom unit to 2,411 sq ft for a four-bedroom unit. Two-thirds of the buyers at the weekend were Singaporeans while a third were foreigners from China and the United States.PHOTO: HONG LEONG HOLDINGS

An upmarket freehold condominium in River Valley has sold half of the 40 units released over the weekend at an average per square foot (psf) price of $2,960 to $3,560.

Hong Leong Holdings said seven of the 20 The Avenir units sold as of 6pm yesterday were premium apartments like four-bedroom units with private lift access.

Two-thirds of the buyers were Singaporeans while a third were foreigners from China and the United States.

The Avenir, which has a total of 376 units, was officially launched on Saturday with apartment sizes ranging from 527 sq ft for a one-bedroom unit to 2,411 sq ft for a four-bedroom unit.

"We are very encouraged by the positive response to The Avenir. It is a good indicator of healthy appetite for luxury condominiums with larger units in Singapore's prime residential market," said Ms Betsy Chng, head of sales and marketing at Hong Leong Holdings.

She said more sales from the launch were likely to be booked, pending telegraphic transfers of deposits and issuance of options.

She cited the development's freehold tenure, location, design aesthetics, and luxury offerings such as concierge service and private lifts among its selling points.

The district 9 condo is a short distance away from the upcoming Great World MRT station and Great World City mall. It is designed by Frenchman Jean Francois Milou, who was National Gallery Singapore's principal architect.

The Avenir is jointly developed by Hong Leong Holdings, GuocoLand and Hong Realty. The development is coming up on the 129,648 sq ft site of the former Pacific Mansion condo, which the trio acquired in March 2018 for $980 million in what was then the biggest collective sale in more than a decade.

The Business Times reported last week that some developers are wasting no time in launching their projects at the start of this year, with Huttons Asia expecting 40 to 50 projects this year, with roughly half located in the core central region (CCR), which comprises districts 9, 10 and 11, as well as the Downtown Core and Sentosa.

Among them are two luxury freehold condominiums in district 10 that launched public sales on Jan 11: the 69-unit Van Holland along Holland Road whose prices start from $2,600 psf and the 52-unit Sloane Residences in Balmoral Road.

The recently launched 296-unit, 99-year leasehold One Holland Village Residences has sold 87 of 126 units at a median price of $2,606 psf.

Official flash data show prices of non-landed homes fell 0.7 per cent in the fourth quarter after rising 1.3 per cent in the third quarter, led by a 3.7 per cent drop in the core central region, which saw slower demand and a supply overhang from existing launches.

Source: The Straits Times
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