Mori sells 45% of units; Cairnhill 16 moves three units on launch day

SINGAPORE (EDGEPROP) - Singapore-listed property group Roxy-Pacific Holdings sold 61 out of a total of 137 units at Mori as at 6pm on Dec 4. This translates to a sales rate of 45% for the project. It is a redevelopment of 15 terraced houses at Guillemard Road and Jalan Molek in the eastern region of District 14.

Average price of units sold is said to be from $1,680 psf to $2,000 psf, according to Teo Hong Lim, executive chairman of Roxy-Pacific. Buyers are said to be a mix of singles, couples, and investors. Teo reckons about 90% of them are Singaporean.

Units sold were a good mix of one-bedders from 484 sq ft, two-bedders from 710 sq ft and three-bedders from 958 sq ft. Prices ranged from $859,000 ($1,775 psf) for a one-bedroom unit to to upwards of $1.603 million ($1,673 psf) for a three-bedder. There are also three-bedroom-plus-guest, with sizes from 1,022 sq ft and priced from $1.682 million ($1,646 psf) and four-bedders of 1,259 sq ft tagged at $2.117 million ($1,681 psf).

“Such units cater to a mix of singles and young families,” says Lee Sze Teck, senior director and head of research, Huttons Asia. He attributes the strength of the sales to the prime city fringe location, unit mix, and pricing by the developer. “It is rare to find a project of such scale in the Guillemard area,” he adds. Most developments in the area are boutique apartment or condominium blocks with fewer than 100 units.

Meanwhile, in prime District 9, TSky Development says three units were reserved at the 39-unit Cairnhill 16 at the close of the first day of launch yesterday (Dec 4). TSky Development had released 14 units for sale in the first phase.

These are mainly a mix of two-bedroom to three-bedroom-plus-study types with sizes from 775 sq ft to 1,292 sq ft on the first five floors. Prices of these units ranged from $2.216 million ($2,859 psf) to $3.84 million ($2,970 psf). Also released were two units of four-bedders on the 11th floor. These 1,744 sq ft units were priced at $5.74 million ($3,291 psf) and $5.878 million ($3,370 psf) respectively.

The 15-storey, boutique condominium at Cairnhill Rise previewed a fortnight ago, and TSky Development offered a 5% discount, with an additional 5% off for units released in the first phase. Prices started from $2,789 psf. A redevelopment of the former Cairnhill Heights, TSky Development is a joint venture between two listed construction and civil engineering firms turned property developers, Tiong Seng Holdings and Ocean Sky International.