149 units at Park Place Residences sold at average $2,000 psf

Romesh Navaratnarajah10 Apr 2018

Phase 2 sales launch of Park Place Residences resized

A large crowd of buyers at the Phase 2 sales launch of Park Place Residences at PLQ. (Photo: Lendlease)

Two residential projects launched over the weekend (7-8 Apr) drew an overwhelming response from buyers, further boosting property market sentiment.

Lendlease’s Phase 2 sales launch of Park Place Residences at Paya Lebar Quarter (PLQ) saw 149 of the final 219 apartments snapped up over two days at an average price of $2,000 psf.

This brings the total number of units sold at the 429-unit condo to 359 (84 percent).

More: 315 Units At The Tapestry Sold, Strong Turnout At Park Place Residences Preview

“This outstanding response is testament that discerning buyers and investors recognise the value and unique offering of the units at Park Place Residences at PLQ,” said Tony Lombardo, Lendlease CEO for Asia.

The 99-year leasehold project comprises a mix of one- to three-bedroom units from 480 sq ft to 1,350 sq ft, with prices ranging from $900,000 to $2.2 million.

First launched for sale in March 2017, Park Place Residences sold 210 units during the initial phase, or 50 percent of the available units within one day before the showflat was closed. Prices at the time were lower at around $800,000 to $2.1 million.

However, pricing wasn’t an issue as buyers said they were drawn to the project’s location within an integrated development and its sustainable design.

Future residents of Park Place Residences will have direct access to PLQ’s 340,000 sq ft mall, which contains anchor tenants such as an NTUC FairPrice Finest supermarket, Kopitiam food court and Shaw Theatres.

Meanwhile, the three Grade A office towers with nearly one million sq ft of workspaces are over 50 percent committed. Notable tenants include transport operator SMRT, which is moving its headquarters to PLQ next year, while property consultancy CBRE recently announced it is taking up 32,000 sq ft of space to house up to 600 of its employees.

The $3.3 billion project is directly linked to Paya Lebar MRT station, and is scheduled to complete in phases from end 2018.

Separately, The Verandah Residences by Oxley Holdings sold 76 percent or 129 of its 170 units over the weekend at an average price of $1,815 psf.

Located at the junction of Pasir Panjang Road and South Buona Vista Road, the freehold development comprises 167 apartments and three two-storey strata townhouses. Its design is inspired by Singapore’s black and white colonial bungalows.

Unit sizes start from 452 sq ft for a one-bedroom up to 1,596 sq ft for a four-bedroom, while the townhouses are 2,153 sq ft each.

All unit types had a good take-up rate, especially the one- and two-bedders. All one-bedroom, one-bedroom with study, two-bedroom and two-bedroom premium units were sold out.

In a statement, Oxley said that 85 percent of the buyers are Singaporeans, while the remaining 15 percent are permanent residents and foreigners.

Oxley’s executive chairman and CEO Ching Chiat Kwong said the response from buyers “has been very encouraging”.

“There were a lot of enquiries for the project before the launch, and the sales progress proved that the pent-up demand was real,” he noted.

Oxley purchased the 89,620 sq ft site in July last year for $121 million, or $964 psf per plot ratio. The project is expected to be completed in Q4 2023.

The Verandah Residences is Oxley’s first launch, among several residential projects that it plans to launch in 2018.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


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