Developers contented despite lower sales rates

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As the property continues to remain subdued, property developers for some of the latest new launch projects appeared to be somewhat satisfied with the lower sales rates.

Over last weekend, Oxley Holdings managed to move around a third of its new launch project, 1953. It is a 6-storey mixed residential and commercial freehold development at the junction of Tessensohn Road and Balestier Road.

Out of the 58 private residential units, Oxley sold a total of 19 units at an average price of $1,875 psf, and another 3 out of 14 commercial units an average psf price of $3,185.

It was noted that the most popular residential unit types were the 1-bedroom plus study and 3-bedroom configurations.

Oxley Holdings has made quite a few headlines in recent weeks with its astounding sales figures from their other two existing projects – Riverfront Residences and Affinity at Serangoon.

Over at Meyer Road, a consortium led by property developer Sustained Land has managed to sell 9 out of 66 residential units at its latest new launch, One Meyer (former The Albracca condo) over the weekend.

One Meyer Condo Showflat Aerial
One Meyer Showflat

It was mentioned by Sustained Land that sales were split evenly between the 2-bedder and 3-bedder units within One Meyer. It was unable to provide the median prices of those units sold.

However, a spokesman from the developer said that the sales result is positive, considering the fact that it was the opening sales weekend and they did not advertise much for One Meyer.

When being questioned why there weren’t many advertisements done for this new launch at Meyer Road, the spokesman clarified that the developer believes that it is a good product which will draw the right prospects in time to come and are not in a rush to sell off its units.

The third new launch project introduced over the weekend was Boulevard 88, a freehold luxury mixed development along Orchard Boulevard. It is being developed by a consortium led by property developer City Developments Ltd (CDL), Hong Leong Holdings together with Lea Investments.

Boulevard 88 Singapore Edition Hotel at Orchard
Boulevard 88 by CDL

It comprises of 154 private homes across 2 residential towers sitting above the 8-storey Singapore Edition Hotel. The sales figure hasn’t been announced yet, but reports indicated that the start prices at Boulevard 88 are expected to start from $3,300 psf.

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