Close to 22% of units at Ki Residences taken up on launch weekend

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/ EdgeProp Singapore
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December 6, 2020 8:36 PM SGT
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SINGAPORE (EDGEPROP) - Ki Residences at Brookvale sold 143 out of a total of 660 units on its launch weekend, according to joint venture partners Hoi Hup Realty and Sunway Development in a statement on the evening of Dec 6. This translates to 22% of the units in the 999-year leasehold private condominium project located on Brookvale Drive, off Sunset Way in District 21.
Ki Residences - EDGEPROP SINGAPORE
The 660-unit, 999-year leasehold Ki Residences where 143 units were sold on the first weekend of launch (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The project has a mix of two- to five-bedroom units. Average price of units sold was $1,790 psf, although starting prices were from $1,668 psf.
According to the joint venture partners, 60% of the units sold were the four- and five-bedroom units, which make up the “Luxury Collection” at Ki Residences. Four-bedroom units account for 58 units, with sizes from 1,245 to 1,711 sq ft. Premium five-bedroom apartments, with sizes from 1,819 to 2,239 sq ft, make up just four units in the entire development. Prices of these units are upwards of $2.15 million ($1,707 psf).
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The predominantly large units sold point to owner occupiers “looking for generously sized, well-designed, 999-year leasehold, luxury product at a reasonable price range,” says a spokesman on behalf of the joint venture partners.
BLD-KI-RESIDENCES-4BRM-SHOWFLAT - EDGEPROP SINGAPORE
About 60% of the units sold were the four-bedroom (pictured) and five-bedroom units, which make up the Luxury Collection (Photo: Samuel Isaac Chua/EdgeProp Singapore)
There are also two-bedroom and two-bedroom-plus-study units from 700 to 883 sq ft, which make up 180 units. These are priced from $1.238 million ($1,768 psf). Three-bedroom, deluxe and premium units make up 418 units. Sizes range from 861 to 1,410 sq ft, with prices from $1.428 million ($1,658 psf).
The 22% take-up rate at Ki Residences reflects “a strong showing for a new project on the first weekend of launch”, says Ismail Gafoor, CEO of PropNex.
At The Linq at Beauty World, 115 out of a total of 120 units in the freehold, mixed-use development were snapped up at an average of $2,150 psf on Nov 14. This was followed by the launch of The Landmark on Nov 28, where 110 out of 396 units in the 99-year leasehold development at Chin Swee Road, were taken up at an average of $2,250 psf.
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“In terms of absolute numbers, Ki Residences sold more units than The Linq or The Landmark,” points out Gafoor. The larger units sold at Ki Residences were also a contrast to The Linq and The Landmark, where the smaller units were more sought-after, he notes.
Indeed, Ki Residences is the third project to be launched after the October lull. “All three launches sold more than 100 units,” says Lee Sze Teck, director of research at Huttons Asia. “These sales is a testament of the depth of demand in the housing market. There are many buyers who are on the lookout for attractive projects.”
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Ki Residences is a redevelopment of the former Brookvale Park which Hoi Hup and Sunway had purchased in a collective sale for $530 million in February 2018. The project is located in District 21, within the established, landed housing estate of Sunset Way.
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Next weekend, will see the launch of the 640-unit Clavon, which previewed on November 28. Located at Clementi Avenue 1, the 99-year leasehold Clavon has a starting price from $1,475 psf.

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