CONSTRUCTION group Tiong Seng : BFI 0% on Thursday (Dec 22) announced that it has obtained a temporary occupation permit (TOP) for its residential project, Sloane Residences, and has sold close to 90 per cent of the units.

The property has seen a “sharp uptick” in buyer interest since achieving TOP on Nov 18, selling eight units within four weeks, said the mainboard-listed company.

Prices of the units sold ranged between S$2,677 and S$3,366 per square foot (psf), with an average overall selling price of S$2,907 psf. Singaporeans made up 54 per cent of the buyers, while permanent residents and foreigners accounted for the remaining 46 per cent.

Sloane Residences is a 12-storey freehold condominium located at 17 Balmoral Road in Singapore’s prime District 10. It is 70 per cent owned by TSKY development, a joint venture between Tiong Seng and Ocean Sky International, in which Tiong Seng holds a 60 per cent stake in the joint venture. (*see amendment note)

The project is located close to Bukit Timah Road, Stevens Road and Orchard Road, and is a 10-minute walk to both Stevens MRT and Newton MRT stations. There are several malls, restaurants and schools nearby.

“We are pleased with the strong response received for Sloane Residences... Despite the difficult challenges of Covid-19 that has adversely affected the construction industry, we have continually strived to ensure consistent quality construction and thoughtful design for this project,” said Pek Zhi Kai, executive director for Tiong Seng.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up

“We will continue unrelentingly to deliver... all of our current projects, and look forward to procuring more projects in the new year,” he added.

Shares of Tiong Seng closed flat at S$0.096 on Thursday before the announcement.

*Amendment note: An earlier version of the article wrongly stated that Tiong Seng owns a 60 per cent stake in Sloan Residence.