Majority of buyers S'poreans; most popular were 2- and 3-bedroom units
Published September 30, 2010
By KALPANA RASHIWALA
HOI HUP and Sunway sold nearly 90 units at their Vacanza @ East condo by the end of Tuesday, when the project previewed to those who had registered interest with the appointed marketing agents DTZ and Huttons. A VVIP preview was held on Monday for staff/directors of Hoi Hup and Sunway as well as their special guests.
Buyers were mostly Singaporeans and the most popular units were two- and three-bedroom units, said Hoi Hup Realty director Wong Sjew Hung. 'The majority of buyers are Singaporeans looking for a home for their own occupation or as long-term investment. This is a freehold project in a quiet estate amidst a landed housing enclave,' Ms Wong added.
In absolute-price terms, units sold range from nearly $550,000 for a 484 sq ft one bedder to slightly above $2 million for a three bedder penthouse of over 1,900 sq ft.
Initially two blocks comprising 141 units were released but as potential buyers started requesting for apartments in other stacks in the 473-unit project, the developers began releasing more units.
The project comprises one- to four-bedroom units as well as penthouses. It will have a clubhouse, gymnasium, a tennis court, a lap pool, fitness station and lawn.
Market watchers point out that the project, located at Lengkong Tujoh, is next to the Pan Island Expressway, near the Singatronics Building and Bedok Industrial Estate. It is about a kilometre away from Kembangan MRT Station.
Hoi Hup and Sunway are developing Vacanza on a 207,000 sq ft site which they bought in October last year for $158 million, or about $445 per square foot of potential gross floor area, including an estimated development charge of about $36 million at the time.
The site, which was vacant at the time, was sold by Lee Tat Development. The residential site has a 2.1 plot ratio (ratio of maximum potential gross floor area to land area) and a 12-storey maximum height under Master Plan 2008.
Source: http://www.businesstimes.com.sg
