Pasir Ris 8 sells 85% of units at up to S$2,000 psf; developer confirms 'several' price reviews
CONDOMINIUM Pasir Ris 8 has sold 415 units or 85 per cent of the total inventory of 487 apartments over its launch weekend, developer Allgreen Properties disclosed in response to queries from The Business Times on Sunday.
Prices for the units sold ranged between S$1,400 per square foot (psf) all the way up to a whopping S$2,000 psf. The average price was close to S$1,600 psf.
BT further understands that there were six rounds of price increases for the units on Saturday itself. At 8pm, the price of a two-bedroom unit was said to have been increased by up to S$360,000, translating to over S$2,000 psf. Likewise, a 710 sq ft unit was said to be selling at S$1.5 million, or S$2,116 psf at 10.30pm, up from S$1.145 million at 9am.
In response to queries, an Allgreen spokesperson said: "We reviewed the prices several times according to the different attributes of the units and stacks available and the demand at that point of sales."
Interest was strongest for the two-bedroom units, the spokesperson added, while there was a "good spread of take-up" across all unit types. Buyers included a mix of HDB upgraders looking to occupy the units, as well as investors.
The condominium, which is situated in a mixed-use development with a 260,000 sq ft retail mall, is developed by Allgreen and Kerry Properties. In early-July, the developers' joint venture companies bagged an S$861.8 million green loan for the project.
Allgreen chief executive Lee Yew Kwung said that he is happy about the "strong support" for the condominium launch. A key reason is the good retail infrastructure and connectivity with Pasir Ris MRT Station and a bus interchange, he said. There is pent-up demand among buyers in Pasir Ris as it has been several years since the launch of a major residential development in this estate, reckoned ERA head of research Nicholas Mak. He added: "The work-from-home culture has also increased the preference for living within an integrated development."
Mark Yip, chief executive of Huttons Asia, noted that this is the "first significant launch of a private condominium in the suburbs or Outside Central Region (OCR) this year". Despite the reversion to tighter Covid-19 restrictions, ground sentiment is still positive thanks to strong economic performance, Mr Yip said, adding that in percentage terms, Pasir Ris 8 is the best-selling project thus far in 2021. The recent land bids under the Government Land Sales programme further boosted confidence, said PropNex chief executive Ismail Gafoor. Eye-popping bids were lodged last week for 99-year leasehold residential plots in Tampines and Lentor Central.
READ MORE:
