A crowd of buyers at the launch of The Tre Ver over the weekend. (Photo: UOL Group)
UOL and SingLand’s move to offer substantial discounts to entice home buyers to The Tre Ver condominium amidst the new property curbs appears to have worked after a large crowd turned up to the project’s official launch on Saturday (4 August).
“We saw a strong take-up of more than 140 units within our first three hours of launch, which is more than 70 percent of the 200 units released,” said Jesline Goh, UOL’s senior general manager for asset management and marketing.
She noted that most of the buyers looking at the 99-year leasehold development in Potong Pasir comprised Singaporeans and those aspiring to own their first house.
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Expected to be completed by 2022, the 729-unit condominium situated near Potong Pasir MRT station comprises one- to four-bedroom units spread across nine blocks. Unit sizes are between 484 sq ft and 1,378 sq ft, while prices range from $738,000 for a one-bedder and $2.08 million for a four-bedroom apartment.
“We believe the buyers saw the strong value proposition of the product and the realistic pricing. Riding on this success, we are immediately releasing Phase 2, with more units offering dual view of the amenities and the river,” Goh added.
Meanwhile, UOL Group’s net profit jumped by 21 percent year-on-year to $132.67 million during the second quarter due to a 59 percent surge in revenue to $635.45 million, which is primarily attributed to its consolidation with UIC Group. In particular, revenue from its property development business rose 27 percent to $280.6 million.
However, UOL’s Deputy Group CEO Liam Wee Sin expects the new property curbs to impact not only their business but the market at large. “The recent cooling measures will moderate both the sales take-up and prices for the rest of the year.”
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