The 2-bedroom units are the most popular, CGS-CIMB said.
The take-up rate for UOL’s Amber 45 showflat has risen from 55-50% (139 units) in Mid-May to 65% at present, CGS-CIMB revealed. The brokerage said there is continued buyer interest in the development, which is slated for completion in 2021.
CGS-CIMB analyst Lock Mun Yee noted that smaller-sized 2-bedroom units (614-872 sqft) are the most popular. “Designed by ADDP Architect, Amber 45 is impressive with high-quality finishing and well thought and efficient layout, in our view,” she added.
Meanwhile, the 3-bedroom units range from 1,130-1,324 sqft whilst the largest configurations are the 4-bedroom units with 1,346-1,798 sqft. Buyers are largely Singaporeans and prices hit the average of $2,200 psf.
Lock said that following this success, UOL plans to release The Tre Ver (former Raintree Gardens en bloc site) in the third quarter of 2018. The 563,941-sqft site can house about 729 condos.
This land parcel was acquired in late-2016 at a lower-than-current land cost. “We estimate a breakeven cost of $1,200psf. Based on an estimated selling price of $1,400psf, UOL should generate a healthy PBT margin of c.15%,” she added.
This will continue to extend UOL’s residential income visibility, Lock said.
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