Mi Casa’s 97 units sold

In Singapore, more evidence arises that there is still demand for various attractively priced condominiums in the segment of mass-market. The Far East Organization, owned by property tycoon Ng Teng Fong, has sold a total of 97 units at Mi Casa condominium, which is located near the Choa Chu Kang MRT Station, after it started its sales in the previous week.

The 99-year condo held under lease is worth $625 per square foot (psf) on average. Interested buyers, who desire to opt for a scheme with interest absorption, need to pay 3 percent more.

The condo comprising 457 units is being constructed and developed on a site next to Choa Chu Kang Drive, and diagonally facing the Lot One mall.

In last night’s news release, Mi Casa is considered as the first new private condominium project in the town centre of Choa Chu Kang in eight years. It is also the first one to give an ’attractive value proposition’ to private homeowners and HDB upgraders in the area.

According to Far East, HDB upgraders have accounted for 80 percent of the buyers of Mi Casa. Several buyers possess landed residences in the area and purchased units at Mi Casa intended for investment, as well as for their children. Mi Casa also attracted numerous foreign buyers, such as Malaysian and Chinese nationals.

In May last year, Tian Hock Properties of the Far East Organization has purchased Mi Casa site at a government tender for $116.01 million or $203 psf per plot ratio.

At the area of the Balestier Road, City Developments have vended another 30 units at The Arte at Thomson freehold condominium between Friday and Sunday.

This takes total sales to almost 90 units in the project. The project, comprising of 336 units and two 36-storey blocks, is being sold at a selling price of almost $880 to 890 psf on average.

At Somerville Road, HLH Group vended eight of its 25 units at D'Almira condo after it started previews for the last three weeks.

According to Andrew Soh, divisional director of ERA, the development of a freehold apartment with five storeys has a selling price of about $750 psf on average.
Any interest absorption scheme is not being offered by the HLH Group; interested buyers need to pay normal progress payments on their own units after the developer has given the bills, in harmony with the construction stage.

In the area of River Valley, Fortune Group vended another five units at The Mercury located in Shanghai Road. The freehold project is being sold at an average price of $1,200 psf or more, according to Victor Soh, general manager of Fortune Development.

The interest absorption scheme is obtainable to purchasers in exchange for a 3% premium. So far, 64 out of 67 units have already been sold.