Since Friday, Frasers Centrepoint sold more than 90% of its 330-unit 8@Woodleigh condo. The 99-year leasehold project, which is located near Potong Pasir MRT Station, sells at $780 per square foot, but the prices are 3 percent higher under the interest absorption scheme (IAS).

The 15-storey building is made up of five blocks. Around 40% of the units are designed for studios and two-room apartments, while the rest of the 60% are 3- and 4-bedroom units.  A studio unit sells at $400,000 on average, while a two-bedder is available at $650,000–$670,000.

Most buyers are local residents who will be using the units to have a place where they can work. The project, which the DTZ and ERA have marketed, has also attracted numbers of speculative investors who foresee profitable returns owing to the building’s location near the forthcoming Stamford American International School. One market observer said that some buyers are planning to lease their units to expatriates and teachers.

Another sales success is the Allgreen Properties in Devonshire Road, which sold 130 units last week. It sells at $1,800 psf on average under a normal progress payment scheme. Prices are 2% and 3% percent higher under IAS and deferred payment scheme, respectively.

Chip Eng Seng Group is expected to unveil The Oasis @ Elias condo as early as this week. Boasting 388 units, the 99-year leasehold project is poised to compete with City Developments’ Livia condo.

Another condo project to be launched is The Gale by Tripartite Developers. The eight-story building has nine blocks with a 329 total units.