Queens Peak, Hao Yuan Investment’s 736-unit condominium project at Dundee Road, has been warmly received by buyers, with 242 units sold during its launch on Saturday (5 November).
One- and two-bedroom units accounted for 90 percent of all the units sold, while the project’s average price stands at $1,632 psf. The lowest transacted price was $1,406 psf.
The developer attributed the encouraging sales to the project’s good connectivity to the nearby Queenstown MRT station, as well as the fact that all units are at least eight storeys above ground.
“We have received feedback from buyers that Queens Peak is an attractively priced city fringe project made affordable for mass condominium buyers,” said Tan Zhiyong, Managing Director of MCC Land, the project manager for Queens Peak.
Meanwhile, the 752-unit Parc Riviera at West Coast Vale sold more than 100 units on Saturday, offering a “one-tier pricing scheme” for units found on the lowest floor to the 15th floor, reported The Business Times.
With the average price at $1,150 psf, more than 95 percent of units sold are those that come under the one-tier pricing scheme. Around 80 percent of buyers opted for the one- or two-bedroom units.
The scheme, which was originally planned to be offered only on Saturday, did not generate further interest when it was extended to Sunday, with only a few more units sold.
While location may have played a role in the project’s sales performance, EL Development Managing Director Lim Yew Soon noted that the manner by which smaller units were distributed in the project may have also been a factor.
The smaller units at Queens Peak are concentrated on the lower floors to keep the quantums low for investors, while Parc Riviera has similar unit types from the lowest to the highest floors. The developer kept the unit-type composition consistent on each floor due to the use of prefabricated prefinished volumetric construction (PPVC).
Lim explained that it would be challenging for a project using PPVC to have different unit types stacked on top of another as this would require transfer beams and columns to be erected on each floor.
He also revealed that the project will revert to its original price list.
“We took quite a steep discount for the units on the higher floors so we can’t keep doing it all the time,” he said. “We are not planning for further discounts now. Based on the original pricing, it’s still attractive.”