More than 140 units of The Tre Ver, a new 99-year leasehold condominium in Potong Pasir, were sold within the first three hours of its launch on Saturday.
The sales represent over 70 per cent of the 200 units released in Phase 1.
The project, designed by Woha Architects, is developed by UVD (Projects), a 50:50 joint venture between UOL group and United Industrial Corporation (UIC).
Jesline Goh, senior general manager for asset management and marketing at UOL, said the group was "very pleased" with the response as it was "stronger than the Phase 1 launches" for UOL's previous projects such as Thomson Three, Principal Garden and Botanique at Bartley.
"We believe the buyers saw the strong value proposition of the product and the realistic pricing."
The first phase of The Tre Ver's launch achieved an average transacted price of S$1,550-S$1,600 per sq ft (psf), The Business Times has learnt. According to UOL, a one-bedder starts at S$738,000 while a two-bedder costs S$898,000 or higher. A three-bedder and four-bedder costs upwards of S$1.54 million and S$2.08 million, respectively.
Most buyers in Phase 1 were Singaporeans and first-time home owners, Ms Goh noted. "Riding on this success, we are immediately releasing Phase 2, with more units offering dual view of the amenities and the river," she said on Saturday.
A total of 150 units were released in Phase 2 on Sunday. No new numbers on take-up or average transacted prices were offered as at Sunday.
The Tre Ver, slated for completion in August 2022, fronts the Kallang River and is a 10-minute walk to Potong Pasir MRT Station. It is located on the site of former HUDC (Housing and Urban Development Company) estate Raintree Gardens, which in October 2016 was sold en bloc to UVD (Projects) for S$334.2 million.
The condominium will comprise three 20-storey blocks, two 19-storey blocks, and four 8-storey blocks comprising seven levels of residential units and a facilities deck. It includes a two-storey carpark, a basement carpark and facilities such as a 50-metre lap pool and outdoor spas.
Speaking on The Tre Ver's launch figures, ZACD group executive director Nicholas Mak told BT: "This is a fairly good performance and within expectations."
He noted that The Tre Ver has a price advantage over other projects in the Bidadari area, a result of lower land price. Park Colonial, for instance, recorded an average transacted price of S$1,730 psf at its early-July launch.
Mr Mak added that The Tre Ver is popular among homeowners as it is river-facing, close to the MRT station, and away from the traffic noise of Upper Serangoon Road. "It remains to be seen what will happen (to the residential landscape and prices) in Bidadari with the launch of more new projects, such as The Woodleigh Residences."
The latter, a 680-unit residential-cum-retail development, is being jointly developed by Singapore Press Holdings and Japanese developer Kajima Development. The mixed-use project marked its ground-breaking in March this year.
Adapted from The Business Times, 6 August 2018.