Leedon Residence records strong sales after attaining TOP

By Feily Sofian,

Esther Hoon

/ GuocoLand, The Edge Property |

July 30, 2015 5:35 PM SGT

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Step into a ground floor unit at Leedon Residence and you would feel you are in an upscale bungalow. And it is all for the right reasons. The lush 4.9 hectare site for Leedon Residence is right next to the Leedon Park and Cornwall Gardens Good Class Bungalow (GCB) areas at prime district 10. A full-height glass façade separates the living room and the unit's very own private pool. The unit also features a living room ceiling height of up to 6m and an open dry kitchen concepts where guests can mingle over cocktails and canapé.

Developer GuocoLand Limited announced an uptick in the rate of sales for the 381-unit Leedon Residence following the issuance of its Temporary Occupation Permit (TOP) on 15 June 2015. GuocoLand also has had a rise in enquiries about the project and has recorded sales of 24 units in the last six weeks, translating to an average of four sales per week.

It was quite an achievement given the slow activity in the high-end market. Mr Cheng Hsing Yao, Managing Director, GuocoLand Singapore said, “Considering how the high-end residential market has been tepid, and how each apartment costs an average of $4.5 million, it is actually quite a significant investment.” He was not totally surprised, however, as he had a similar experience with Goodwood Residence, which similarly experienced a surge in purchases after TOP.

“Astute buyers can recognise quality and great value, and these become much more evident once the project is completed,” explained Cheng.

Renowned architect Chan Soo Khian helmed the project’s design from site planning, architecture, landscaping, interior design, art works, right down to details such as lighting, kitchen and vanity fittings. It ensured that the development would be designed seamlessly with quality finishes such as kitchen appliances and bathroom fittings, wardrobes, timber cladding, marble finishes, right down to the low emittance glass used for privacy and sound proofing.

Alan Cheong, head of research at Savills Singapore, expects a strong capital upside for the project. “It feels like buying a $3,000 psf luxury home on Orchard Road by Chan Soo Khian for just $2,200 psf,” he commented. Chan is no stranger to designing luxury projects with projects such as The Ladyhill on Orange Grove Road, The Boulevard Residence (BLVD) at Cuscaden Walk, The Marq on Paterson Hill, Nassim Park Residences and TwentyOne Angullia Park under his belt.

The project’s rare freehold status is also an added advantage. Meanwhile, high-net worth buyers appreciate the units' clean and efficient layout so that spaces are aesthetically clear and flexible to use. “We put in a lot of investments in the structure design to make most of the units column-free,” said GuocoLand’s Cheng.

A total of 181 units have been sold per caveats lodged with the Urban Redevelopment Authority (URA), representing 80% of the units marketed by the developer. Three- and four-bedrooms units ranging from 2,100 sq ft to 2,600 sq ft were said to have garnered the most interest. GuocoLand noted that a majority or 70% of the buyers were Singaporeans, most of whom purchased for own-stay. Most of the buyers resided in District 9, 10 and 11 and in the neighbouring GCB areas or have family and friends living in the area.

In the high-end segment, the number of transactions involving luxury properties priced $4 million and above surged 52% from 109 caveats in 1H2014 to 166 caveats in 1H2015, according to caveat record by the URA. Permanent Residents accounted the bulk of the increase. The number of Singaporean purchasers grew by 46% while foreign purchasers rose by 9%.

More units will be released progressively for sale by the developer, including two-, three- and four-bedroom units as well as three-storey penthouses. Leedon Residence's host of amenities include three clubhouses, gym, tennis courts, Olympic size swimming pool and a separate pool as well as a concierge service.

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