ALL 281 units at what is billed as Singapore's first retirement resort were snapped up within five hours yesterday. About 1,000 prospective buyers, who had earlier indicated their interest in the 60-year leasehold The Hillford, thronged the launch hoping to secure a unit.
Prospective buyers that BT spoke to cited affordability as the main driver for their decision to purchase a unit. Fifty-five year old Desmond Tan, who was the first in line to get a unit, opted for a pool-facing two-room unit (506 square feet). He paid $601,000 for his unit.
"The lease is only for 60 years, but the main consideration is affordability," said Mr Tan, who is self-employed. While his four children live with him, he hopes to live at The Hillford with his wife when his unit is ready. The project is expected to get its Temporary Occupation Permit in November 2017.
Units at The Hillford were sold at an average of $1,100 per square foot. The majority of the units - 186 - are in one-bedroom configurations (398-431 sq ft) and had a starting price of $388,000. The 52 two-bedroom units (506-560 sq ft) had starting prices of $498,000 and the remaining 40 two-bedroom dual key units (657 sq ft) had starting prices of $648,000.
The theme of affordability was echoed by another buyer who picked up a one-bedroom unit, stressing it was the price quantum, and not so much the facilities provided by The Hillford, that drew him to the project. A mix of middle-aged buyers as well as younger buyers in their 20s were seen at the showflat yesterday morning.
According to the developer, World Class Land, a substantial proportion of buyers were over 50 years of age. "We are very excited that The Hillford has sold out within the first day of sales," said Koh Wee Seng, chief executive officer of World Class Land. "The response to Singapore's first retirement resort has been spectacular, with many buyers responding very positively to The Hillford's wide range of elder-friendly features, services and facilities specially introduced to serve their needs."
The project promises elder-friendly features such as non-slip floor finishes, wider corridors and doorways for wheelchairs, and grab bars in common areas and in the units as an option. It also boasts a 24-hour concierge service and a dedicated, full-time resort manager to take care of residents' well-being. The Hillford is located on Jalan Jurong Kechil, in Bukit Timah.