November 16, 2016

More Units Sold After Queens Peak Launch!

Since the project previewed on Oct 22 and 23 Queens Peak has been attracting crowds to its sales gallery and show flats. When the project was found for sale on Nov 5, 242 units transferred by 5pm. Over the weekend of 6 and Nov 5, the developer sold 250 out of a total of 736 units, reaching sales that was 34%. The typical cost of units sold was $1,632 psf.

The developer is going to have direct connection from the overhead bridge of the station to Queens Peak, and the site sits next to the Queenstown MRT station, says the project manager, MCC Land.

Based on property brokers, interest has awakened in neighbouring projects with unsold units, particularly the Commonwealth-Alexandra neighbourhood between Redhill MRT stations and the Queenstown.

Next door to Queens Summit is Commonwealth Towers, an 845- 43, unit -storey twin tower project by Hong Leong Holdings. Established in May 2014, the 99-year leasehold 175 units snapped up on the first day of sales, at costs ranging from $1,635 to $1,690 psf. were seen by private condominium

Having sold only two units in September, Commonwealth Towers found at least 13 units sold in October, based on caveats lodged. Costs of units ranged from $1,530 to $1, 806 psf.

Commonwealth Towers wasn’t the only one to reap the benefits of the start of Queens Peak. Principal Garden, situated on Prince Charles Crescent, off Alexandra Road, was another beneficiary. Having sold 14 units in September at a median cost of $1,651 psf, it transferred a similar amount of units in October, based on caveats lodged.

Based on caveats lodged as at Nov 1, 49% out of a total of 663, or 326 units, had been sold. The project is jointly developed Kheng Leong Co. and by UOL Group

Across the road from Principal Garden is Wing Tai Holdings’ 373-unit Ascentia Sky, finished in 2013. The 99-year leasehold condominium consists of a single 45-storey tower. The unit was first bought by the buyer for $2.14 million ($1,453 psf) in April 2011. Both seller and the buyer are HDB upgraders.

Besides Ascentia Sky and Principal Garden, the Alexandra neighbourhood also found the recent conclusion of the 508-unit Echelon. Next door to Echelon is the 429-unit Alex Residences by United Industrial Corp, which is anticipated and over 65% sold to be finished next year.

By Wing Tai Holdings Garden is also the 469-unit The Crest next to Principal. The 99-year leasehold condominium that is private is anticipated to be finished next year. About 145 units have been sold by the project to date, with the most recent trade costs ranging $1, to from $1,726 on caveats based 775 psf, lodged as at end-October.

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