Property Market News: Katong Regency is 70% sold out
Katong Regeny response was overwhelming with about 70% of units at UOL Group’s Katong Regency (pictured) were snapped up on the first day of its launch, despite the "high prices". The developer noted that at least 170 options in the mixed-use development were issued to buyers. Of these, bigger units comprising two-bedders to penthouses were already sold out.
Located at Paya Lebar, the freehold project offers a total of 244 residential units, of which over 50% are 1RM and 1+1 units. On average, the units cost between S$1,500 psf to S$1,600 psf. A 550 sq ft 1RM unit starts from S$950,000 while a 1,970 sq ft 3RM penthouse goes for S$2.5 million.
All residential units are located atop One KM, an ‘edutainment’ mall that forms part of the integrated development that’s set to be completed by 2014.
Kam Tin Seah, Senior General Manager for Investment & Strategic Development at UOL, said they “initially planned to maybe have more than one phase at launch. But because of the good take-up at the soft launch, we have made the decision to launch the whole project.”
Buyers expressed mixed views over the prices. Raymond Chai, 49, held off buying as he felt the price was steep, but Cheryl, a 37-year old housewife, reckoned the prices were reasonable.
“The location is good and it's freehold. The price is reasonable, compared to projects like Sky Habitat,” she said.
Meanwhile, analysts noted that prices were around five to 10 percent higher than nearby developments.
However, buying will likely remain robust, backed by the government’s plans to rejuvenate the area.
Lee Sze Teck, Senior Research Manager at DWG, said he sees “a certain growth being ramped into the area by the government, so people might buy into the growth story in the area. Also this is a freehold project, and it is a mixed development with retail shops and residential units.”
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