Price divide at prime districts

At 120 Grange, 37 out of a total of 56 units have been sold since the launch on June 1 (Source: Roxy-Pacific)
Roxy-Pacific Holdings’ 56-unit boutique development 120 Grange saw a total of 37 units sold over the launch weekend on June 1 and 2. Given its prime District 10 location and freehold tenure, the average price of units sold was $3,148 psf, according to caveats lodged.
The units are compact, with one-bedroom lofts of 420 sq ft, two-bedroom units of 570 sq ft, and dual-key, two-bedroom units of 678 sq ft. The absolute prices of units sold therefore ranged from $1.35 million ($3,213 psf) for a unit on the second level to $2.18 million for a dual-key, two-bedroom unit on a high floor.
“We’re not seeking premium prices,” says Teo Hong Lim, executive chairman and CEO of Roxy-Pacific. In the Core Central Region, unlike the suburban areas of Outside Central Region, developers are not constrained by the rule requiring average unit sizes in a development to be at least 70 sq m (753.5 sq ft), he adds.
As such, Roxy-Pacific is developing compact sizes that appeal to investors and young couples who want a prime District 10 address but whose budget is $2 million and below, says Teo. In terms of absolute prices, units at 120 Grange are also affordable. Therefore, the majority of buyers — about 70% — at 120 Grange are locals, he adds.
Units at 120 Grange are compact, with two-bedroom dual key units at 678 sq ft (Source: Roxy-Pacific)
Anecdotal evidence shows there was a bulk purchase by an Indonesian buyer, who scooped up four units of compact two-bedroom apartments — one for each of his four children. These 570 sq ft, two-bedroom units were sold at prices ranging from $1.73 million ($3,031 psf) for a low-floor unit to $1.84 million ($3,232 psf), according to caveats lodged. This brings total sales of these two-bedroom compact apartments to 18 out of 24 units.
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