Brisk sales at Commonwealth Towers on Day 1

[SINGAPORE] Commonwealth Towers, Hong Leong Holdings' high-rise condominium project, took off on its first day of sales yesterday. As at 8pm yesterday, out of the 300 units initially launched, 175 units had been snapped up, with more than 100 buyers in the process of having options issued.

In view of the demand, developers extended yesterday's sales hours and added another 100 units to the launch, said Betsy Chng, head of sales and marketing at Hong Leong Holdings. The units are priced between $1,635 per square foot (psf) for a one-bedroom apartment to $1,690 psf for a four-bedroom unit. The strong sales followed the keen initial interest the project drew on its first-day preview on April 13. More than 1,500 people visited the showflat, prompting Hong Leong to extend the preview time by two hours.

The sales of Commonwealth Towers may help boost market sales figures for this quarter as the first quarter of the year saw a slide in the number of launches and sales.

According to the Urban Redevelopment Authority, developers launched 1,964 uncompleted private residential units for sale and sold 1,744 in the first three months this year, fewer than the 2,631 units launched and 2,568 sold in the previous quarter.

Jointly developed by members of the Hong Leong Group - Hong Leong Holdings, City Developments Limited and Hong Realty - Commonwealth Towers sits on 130,101 square feet of land and is linked to Queenstown MRT Station by an overhead pedestrian linkway.

The lure of Commonwealth Towers, located on Commonwealth Avenue, is city-edge living as it is a short drive away from the Ayer Rajah Expressway and Pan Island Expressway, and is within easy access of amenities such as shopping malls like Anchorpoint, Ikea and the upcoming Alexandra Central.

"Commonwealth Towers is located in a well-established residential estate. It is close to the upscale Tanglin precinct and a short drive to Singapore's premier shopping district, Orchard Road. It is ideal for buyers who are discerning of location," said Ms Chng.

The 99-year-leasehold condominium development comprises 845 units in two blocks of 43-storey buildings. With full condominium facilities, this latest Hong Leong development has one to four-bedroom apartments with unit sizes ranging from 441 sq ft for a one-bedroom unit, priced at $721,000, to a 1,302-sq-ft four-bedroom apartment, costing $2.2 million.

Commonwealth Towers features four sky terraces centred on lifestyle themes - wellness, relaxation and dining - and a clubhouse with a 50-metre lap pool, a lifestyle free-form pool, a hydrotherapy pool with an aqua gym, as well as an outdoor fitness area. The Temporary Occupation Permit for the development is expected in December 2017.