City Developments Ltd (CDL) and joint-venture partner Hong Realty, sold 115 units at Amber Park as at 5pm on Sunday, May 5. The figure translates to 77% of a total of 150 units released for sale on launch weekend. Based on an average selling price of $2,425 psf after an early bird discount, total sales over the weekend amounted to more than $240 million. It was considered “the best-selling new, freehold property launch this year”, says CDL.
The 592-unit project was launched for sale just one week after its sales gallery opened for viewing on April 27. Unit sizes range from 463 sq ft for a one-bedroom-plus-study apartment to 5,005 sq ft for the largest six-bedroom-plus-study penthouse.
Prices started from $1.088 million for a one-bedroom-plus-study; $1.608 million for a two-bedroom-plus-study; and $2.18 million for a three-bedroom. Prices for a four-bedroom-plus-study started from $3.068 million and a five-bedroom premium from $4.98 million.
“All apartment types enjoyed a good take-up rate”, and units sold included one of the penthouses, according to CDL in a release. About 85% of the buyers are Singaporeans, with the remaining made up of foreigners, predominantly from China, Malaysia, Indonesia and India.
Many of the buyers are homeowners and savvy investors who took advantage of the “attractive early-bird pricing”, says CDL group general manager Chia Ngiang Hong. These included existing residents in the East looking to purchase “an iconic property”, he adds.
The freehold project’s location in prime District 15, and proximity to the Tanjong Katong MRT station on the Thomson-East Coast Line, were also factors that drew buyers looking for projects with “good investment value”, he notes.
“We are very encouraged by the strong take-up at Amber Park’s first weekend launch,” adds Chia. “Sales for this project are off to a good start, indicating healthy demand for well-located projects that are exceptionally designed.” Amber Park is designed by acclaimed architect, Chan Soo Khian, principal of SCDA Architects, who is known for many of his luxury residences and resorts.
Selling 115 units is “an amazing feat in the current market conditions”, says Ismail Gafoor, CEO of PropNex. “We witnessed strong turnout during the preview stage in the lead-up to the launch over the weekend.” Beyond the iconic design and freehold status, the large land plot of over 213,000 sq ft and reputation of the developers, CDL and Hong Realty, were key considerations for both homebuyers and investors, he adds.