RESIDENTIAL PROPERTY | Krisana Gallezo-Estaura, Singapore

Five on Shenton sold over 150 units in just four days

Brisk sales however could be abated with the recent collapse at a construction site leaving one worker injured.

Sources from Savills said that over 150 units were sold four days after this 99-year-leasehold project was launched on July 30. This accounts for nearly 80% of the 190 total units released so far.

Market obsers said that the property launching was actually delayed in two weeks before it materialized.

Although, agents said that UIC actually started selling the project 10 days before launch.

The 510 residential unit property at Shenton was sold at $2,200 per square foot (psf) on the averahe.

Absolute prices, meanwhile, start from $1M for a city-facing studio unit of 441 sq ft on the 17th floor. Prices range from $2000 to $2800 psf depending on size and floor and facing.

This project has an office tower with 23 floors and a residential tower with 54 flrs.  But for now , only the residential tower is for sale, the office block is not released for sale yet.

So far, the developer has released 15 floors out of the 54 floors in the residential block for sale.

Market observers however cautioned that strong sales might slow in the coming days following the collapse at the property's construction site.

"TOP maybe delated especially if there's casualty. A work oder for at least 2 weeks could be issued to developer UIC. Also, work can only commence after the investigation and that safety at the worksite is reinstated. That may take atleast 2-3 mos," he said.

Another observer said that buying momentum maybe restrained by superstition.

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