Sales bookings to start on Saturday at The Landmark; about 120 units for Phase 1 launch

SALES bookings will begin at The Landmark condominium along Chin Swee Road on Saturday, with the developer releasing an initial batch of about 120 units in the 396-unit project.

The average price has yet to be finalised but it will be somewhere between S$2,000 and S$2,300 per square foot, said a spokesman for Landmark JV Pte Ltd, the developer of the 99-year leasehold project.

Perched on the northern foothills of Pearl's Hill, the development will comprise a single 39-storey tower with one to three-bedroom units.

Indicative prices start from about S$970,000 for a one-bedder of 495 sq ft and around S$1.29 million for a two-bedroom unit of 678 sq ft. Prices of three-bedders will begin from about S$2.32 million for a unit of 1,076 sq ft.

Landmark JV is a joint venture between ZACD Group, SSLE Development (part of the Sin Soon Lee Group) and MCC Land, part of Metallurgical Corporation of China, a Fortune Global 500 company listed in Hong Kong and Shanghai.

The partners acquired the site via the collective sale of the former Landmark Tower in May 2018 for some S$286 million or S$1,406 per square foot per plot ratio (psf ppr), including a lease upgrading premium of S$57 million for the site. They also had to buy some adjoining state land.

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Savills Singapore executive director of research and consultancy Alan Cheong estimates the project's breakeven cost at about S$2,000 psf. At S$2,000-S$2,300 psf average price for Saturday's launch, he describes The Landmark as "being priced to sell".

The closest comparable for the project would be One Pearl Bank. CapitaLand, the developer of One Pearl Bank, has moved 363 units in the project at a median price of S$2,405 psf since sales began in July 2019 up to Nov 15, 2020, according to data from URA Realis. The 99-year leasehold project has 774 units.

"One Pearl Bank is a stone's throw from Outram Park MRT station, at the doorstep of Chinatown and near the CBD. That said, The Landmark is still within walking distance of Chinatown MRT station and being close to the Robertson Quay area, may have greater appeal for expat tenants when they eventually return to Singapore," said Mr Cheong.

Upper-level units at The Landmark will have views of Robertson Quay/Singapore River and the southern coastline where the Greater Southern Waterfront will come up, he added.