Property highlights of the week from June 4 to June 8:
1) Projects see mixed results at launch weekend
Four projects were launched over the weekend of June 2 – 3. They were 120 Grange by Roxy-Pacific Holdings, Margaret Ville by MCL Land, Affinity at Serangoon by a consortium led by Oxley Holdings, and The Garden Residences, a joint development by Keppel Land and Wing Tai Holdings.
In prime district 10, Roxy-Pacific saw 37 out of 56 units at 120 Grange – a boutique development – sold during the weekend. Prices of the freehold 120 Grange averaged above $3,100 psf.
In Queenstown, the 309-unit Margaret Ville sold 102 of the 120 units released at an average price of $1,880 psf. The leasehold project is a 40-storey tower, with a mix of one- to four-bedroom units sized from 463 sq ft to 1,464 sq ft.
Meanwhile in Serangoon, 613-unit leasehold The Garden Residences along Serangoon North Avenue 1 sold over 60 units at an average price of $1,660 psf. Nearby, the 1,052-unit Affinity at Serangoon sold 112 of the 300 units released on balloting day. The leasehold Affinity sold at an average price of $1,475 psf.
2) Gilstead Court and Spanish Village launches collective sale
Owners of the 48-unit Gilstead Court have launched the freehold development for collective sale at the reserve price of $168 million. The asking price reflects a land rate estimate of $1,590 psf per plot ratio (ppr). Completed in 1978, Gilstead Court is located on Gilstead Road in prime district 10. It is a 10-minute walk from Novena MRT station.
Also in prime district 10, owners of the 226-unit Spanish Village have launched the freehold residential site for collective sale, at $882 million. The asking price reflects a land rate of $1,721 psf ppr. Completed in 1987, Spanish Village is located on Farrer Road. The development is a six-minute walk from Farrer Road MRT station.
3) Far East Hospitality unveils The Barracks Hotel brand
Hotel operator Far East Hospitality Holdings has unveiled a new brand under its portfolio - The Barracks Hotel.
The first hotel under The Barracks Hotel brand will be launched in Sentosa, Singapore, in mid-2019. The hotel will bear the same name as its brand. The Barracks Hotel in Sentosa, with 40 keys available, features colonial architecture.
4) WeWork opens its largest regional space in Singapore
WeWork, the New York-based co-working space giant, has opened its regional flagship space - its largest in Southeast Asia - in Singapore, at 71 Robinson Road.
The co-working space operator will occupy three floors in the 15-storey office building, catering 1,400 seats for entrepreneurs and businesses to work in. This is the second office space the company operates in Singapore.
In January, WeWork launched its first co-working space at Beach Centre on Beach Road, occupying the first three floors and spanning more than 690 desks.
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