Five Chancery nears completion but only 6 out of the 12 detached units were sold so far in a year

The slow take up could be due to the following: "[The negative points are] it is strata title, in an already heavily traffic congested area and too near the road," said a market watcher via e-mail while noting a high risk of road widening in the future.

But still, Straits Development Group raised the selling price by 13% as the developer awaits release of Temporary Occupation Permit for Five Chancery probably in the fourth quarter.

A source which requested anonymity said that the selling price of a unit at the freehold strata bungalow development now starts at $1,250 per square foot (psf) compared with just $1,104 psf when it started holding preview July last year.

Data from the Urban Redevelopment Authority show that the first transaction made for a 5,737 sft unit in July 2010 cost $6,334,080 million. The remaining saleable area now is approximately 4,960-6500 sft, which translates to a starting price of about $6.2 million.

Five Chancery is located in Prime D11, next to ACS ( Barker ).

Major selling points of the property according to marketing agents include:
• Located in one of the most sought after addresses in Singapore,
• Located just next door to Anglo Chinese School plus many other elite schools such as Saint Joseph's Instituition and Singapore Chinese Girls School.
• its close proximity to orchard road as well as major expressways like PIE makes Five Chancery an investor's choice.

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